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Bank5 Connect Banks Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
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Bank5 Connect is an online bank that offers three types of accounts to its customers: certificates of deposit (CDs), checking and savings accounts. The bank is an online division of Massachusetts-based BankFive MHC,a bank that has been in service for more than 150 years. Bank5 Connect offers high, competitive interest rates for its banking accounts, including a 2.05% APY for its savings account, 0.76% for checking, an 2.55% for CDs.
 
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How is Bank5 Connect rated?

Breakdown

4.0/5
Availability/Customer Service
4.5/5
Accounts Performance and Fees
4.5/5
Financial Strength

Overall Rating: 4.3 / 5 (Excellent)

Bank5 Connect is a solid option for customers who are looking to switch to an online bank. All of the company's accounts have little restrictions, fees, and come with free digital banking services, free ATM withdrawals, and high interest and APY rates. Bank5 Connect and its parent company, BankFive MHC, receive high ratings on Trustpilot, which shows that they are committed to helping their customers.

Bank5 Connect General Banking Services

Availability/Customer Service - 4 / 5

Bank5 Connect offers three types of accounts for customers: checking and savings accounts, and certificates of deposit (CDs). These come with higher than normal Annual Percentage Yields (APY), meaning customers benefit from increased interest on their accounts. There are a set number of fees for each account, but they are minimal when compared to other online banks. These include $10 in over the 6 withdrawal limit for savings accounts, $25 on garnishments and levies, and a $15 fee for insufficient funds, uncollected funds, and for stopping a payment. For customers looking for a rewards program, Bank5 Connect's checking account offers UChoose Debit Rewards, where you earn 1 point for each $2 you spend on signed card purchases, completed PINless transactions in a store, or when making purchases with your card online. These points can be spent on various items, including vacation packages, electronics and gift cards.

Savings Accounts

Savings Account
Bank5 Connect High-Interest Savings Account
Savings Account APY (Annual Percentage Yield)
2.05%
Savings Account Fees
Insufficient Balance Fee
Passed Monthly Transaction Limit Fee

Checking Accounts

Checking Account
Bank5 Connect High-Interest Checking Account
Checking Account Fees
Stop Payment Fee
Insufficient Funds Fee
Deposited Item Returned Fee

Additional Services

Cards
Debit/ATM Cards
Rewards Programs/Special Offers
UChoose Debit Rewards Program

Other Bank Accounts

CDs
Money Market Accounts
Brokerage Accounts
Retirement Accounts
IRA
Roth IRA
Accounts for Children
Sweep Accounts
Student Accounts
Joint Accounts

Bank5 Connect Digital Banking Services

Accounts Performance and Fees - 4.5 / 5

Being an online bank, Bank5 Connect has free and secure digital banking services, which include 24/7 access online and through their mobile app. Customers can pay bills, set up one-time or recurring fund transfers, set up direct deposit, and even make person to person payments for free. With their mobile app, customers can also deposit checks, view copies of cleared checks, and locate Bank5 Connect-friendly ATMs.
Mobile App
Yes
Mobile Features
Photo Check Deposit
Digital Wallet Synching
Transfer Funds
Bill Pay
Online Banking Features
Direct Deposit
Online Bill Pay
Transfer Funds
Account Alerts (Text/Email)

Bank5 Connect Financial Strength and Reputation

Financial Strength - 4.5 / 5

Bank5 Connect has a strong 8.1 score on Trustpilot, which is based on 195 reviews. These reviews praise Bank5 Connect's customer care, online ease of use, and high APY. Bank5 Connect's parent company, BankFive has a solid BBB score of A+. Bank5 Connect's does not have 24/7 phone support, but the company provides various methods of communication to ensure customer concerns are addressed. Bank5 Connect states that their chat windows and their contact form are not secured forms of communication, so customers must be careful not to include personal information when using them.
Year Founded
2013
Live Help 24/7
No
Customer Support Hours
Mon-Wed: 7:30 am-5:00 pm EST, Thu-Fri: 7:30 am-7:00 pm EST, Sat: 7:30 am-3:00 pm EST, Sun: 11:00 am-3:00 pm EST
Contact Methods
Phone
Email
Chat
Social Media
BBB Rating
A+
BBB Total Complaints
1
BBB Resolved Complaints
1
Trustpilot Rating
8.1 out of 10
Date Collected
2018-09-17

Company Profile

Full Name
Bank5 Connect Banks
Company Website
https://www.bankfive.com/Personal
Headquarters
79 North Main Street, Fall River, MA, 02720

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Top Rated
  • $0 minimum starting deposit
  • Checking account—earn 1% cash back on up to $3,000/m in debit purchases* 
  • No monthly fees
  • Access to 60,000 free ATMs nationwide
  • High-yield money market and CDs

*See website for details

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