Bank5 Connect

Bank5 Connect
Online Savings Account - 5.50% 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(a penalty may be imposed for withdrawals before maturity): The penalty will equal three months interest on the amount withdrawn subject to penalty.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

Savings Account
Interest Rate
APY 5.50%
Term Length 6 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
Monthly Maintenance Fee N/A
Foreign ATM Fees N/A
Insufficient Funds Fee $15.00
Incoming Wires N/A
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 (11)

  • July 17, 2021 |

    I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd recommend this bank.

  • June 27, 2020

    Online CDs 12 Month Rates

    Agree with "Cannot recommend", this is a bricks and mortar bank with a very limited online presence.

  • September 15, 2018 |

    Online Savings Rates

    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).

  • July 21, 2018 |

    Online CDs 12 Month Rates

    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.

  • May 7, 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.

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