Bank5 Connect :
Online Certificate of Deposit - 0.40% APY
• Unlimited Protection – Deposits are insured by FDIC and Massachusetts' DIF insurance.
• Low Minimums – Earn interest on balances as low as $500.
• No Maintenance Fees
• Flexibility – Deposit additional funds throughout the term with the special 24-Month Investment CD.
• 500.00 minimum deposit needed to open the account and obtain the APY.
• Interest will be compounded monthly.
• Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity): The penalty will equal three months interest on the amount withdrawn subject to penalty.
Fee and Feature Guide
| Certificate of Deposit | |
|---|---|
| Interest Rate | |
| APY | 0.40% |
| Term Length | 12 Month |
| Minimum deposit amount | $500.00 |
| Maximum deposit amount | N/A |
| Balance Requirements | |
| Minimum Opening Deposit | $500.00 |
| Minimum Balance to Avoid Fees | $0.00 |
| Minimum Required Balance | $0.00 |
| Fees | |
| Early withdrawal penalty | 6 months interest |
| Monthly Maintenance Fee | N/A |
| Foreign ATM Fees | N/A |
| Insufficient Funds Fee | $15.00 |
| Incoming Wires | N/A |
| Statements | |
| Paper Statements | Yes |
| Online Statements | Yes |
| Online and Telephone Banking | |
| Online Banking | Yes |
| Telephone Banking | Yes |
| Mobile Banking | Yes |
| Deposit Checks with Mobile Device | Yes |
| Free Bill Pay | Yes |
| Online Bill Payments Required | Yes |
| Account Opening | |
| Open Online | Yes |
| Insured by | F.D.I.C. |
Customer Reviews for Bank5 Connect (10)
Savvysaver
June 27, 2020
Agree with "Cannot recommend", this is a bricks and mortar bank with a very limited online presence.
Is this review helpful? Yes:1 / No: 0
Timothy E
September 15, 2018 |
I applied 5 days ago. I have perfect credit. Got a letter back saying that they were unable to verify my credit with Equifax. I have never dreamed of being rejected for a savings account and have nothing more to say (speechless).
Is this review helpful? Yes:2 / No: 0
Cannot recommend
July 21, 2018 |
This is not an online bank. It is a Massachusetts bank discriminating against Massachusetts residents by trying to offer higher rates to outsiders. But, their online capabilities are a joke. Please remove from the online table and return this to the Mass. table.
Is this review helpful? Yes:2 / No: 0
Tumo
May 07, 2018 |
Great rates on CD's, but a big pain in the --- to get through the account opening even when you are a existing customer.
Is this review helpful? Yes:7 / No: 0
Jeff
April 28, 2018 | | Replies 1
The rate caught my attention. I see a 1-year early withdraw penalty on a 2-year CD. No go. Wouldn't touch. Good bye.
Is this review helpful? Yes:1 / No: 0
JB Childress | Apr 10, 2021
I read it as saying 6 months. What I see that is ridiculous is that I cannot open it because I live in Rhode Island. Massachusetts residents also excluded.
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