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Bank5 Connect Checking Account Review

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Bank5 Connect is the online-only division of Bank Five, a Fall River, Massachusetts-based bank that has been in business for over 160 years. Bank5 offers all the same financial products as a traditional brick-and-mortar institution, but at lower rates due to their low overhead costs. Its checking accounts feature no maintenance fees, competitive Annual Percentage Yield, and a debit rewards program.
 
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How is Bank5 Connect rated?

Breakdown

4.3/5
Account Features
4.5/5
Fees and Restrictions
4.5/5
Support, Reputation, and Financials

Overall Rating: 4.4 / 5 (Excellent)

Bank5 Connect is one of the first and most popular online banks. The bank's high-yield checking account stands out due to its attractive rates, low minimum balance, general lack of fees, and ATM surcharge reimbursement. Those looking for physical access to the bank might be disappointed given the lack of branches outside of Massachusetts. However, we can otherwise recommend Bank5 Connect's checking account to anyone looking for solid customer service, a good rewards program, and one of the highest checking Annual Percentage Yield rates in the market today.

Bank5 Connect Account Features

Account Features - 4.3 / 5

Bank5 Connect's checking accounts are high yield, featuring a 0.76% APY. This is one of the highest rates we have seen for checking accounts online. The bank's checking accounts can be linked to their savings accounts for better integration between the two. Additionally, the bank's checking accounts are integrated with Apple Pay for easy mobile payments. Bank5 Connect's debit card can be used to withdraw funds from any SUM ATM. Fees charged for withdrawing at ATMs outside of the SUM network will be reimbursed up to $15 per month. Customers must call to have their debit card blocked. Other features of Bank5's checking accounts include free online bill payments, EMV chip technology on their debit cards, free checks on their first order, and a handy mobile app.
Types of Checking Accounts
Online Checking Accounts
Interest Bearing Checking Accounts
Methods of Deposits
Mail Check
Mobile Check Deposit
Wire Transfer
Online Transfer
Direct Deposit
Integration with Other Online Accounts
Savings
No-Fee ATM
No-Fee at Network ATMs
Reimbursement for Domestic ATMs
ATM Locations
Bank5 checking account owners may withdraw fund at any of the thousands of SUM ATMs across mainland US and Puerto Rico.
Branch Offices
Bank5 Connect is the online division of the Fall River Five Cents Savings Bank. The bank's headquarters are in Fall River, Massachusetts, and it has physical branches all over the state, such as in New Bedford, Dartmouth, Fairhaven, Somerset, and Swansea.

Interest (APY)

0.76%
Integration with Mobile Payment Services
Apple Pay
Card Blocking
No
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
Yes
Mobile App
Yes

Bank5 Connect Fees and Restrictions

Fees and Restrictions - 4.5 / 5

Aside from the fairly common overdraft and paper statement fees, Bank5 Connect's checking account also charges fees for garnishments, stop payments, and levies. Accounts owners with a balance lower than $100 are not eligible for the 0.76% APY. The bank does not charge monthly maintenance fees, regardless of balance.
Maintenance Fee
$0
Minimum Balance
$100
Minimum Monthly Deposit
Unstated
Other Fees
Check Reorder Fee
Stop Payment Fee
Insufficient Funds Fee
Deposited Item Returned Fee

Bank5 Connect Support, Reputation, and Financials

Support, Reputation, and Financials - 4.5 / 5

Bank5 Connect was launched on July 2013 as an online-only extension of BankFive, which itself was founded on April 10, 1855. We could not find any of its financial ratings from major credit bureaus, but the company's strong reputation is well established. On Trustpilot, Bank5 Connect has a great 8.1 score from 195 reviews. Although Bank5 Connect does not have an entry on the Better Business Bureau, its parent company does and currently holds an excellent A+ rating. The company has a good reputation in the industry for their phone support (during EST business hours), and for the convenience of their app, through which customers can deposit checks, pay bills, transfer funds, and find an ATM via LocatorSearch. Additionally, the bank has no complaints with the Consumer Finance Protection Bureau.
BBB Rating
A+
BBB Total Complaints
1
BBB Resolved Complaints
1
Trust Pilot Rating
8.1 out of 5
Consumer Financial Protection Board (CFPB) Complaints
0
Date Collected
2018-09-04
Year Founded
1855
Live Help 24/7
No
Customer Support Hours
7:30/11:00 am to 3:00/5:00/7:00 pm EST, depending on day of the week.

Contact Methods

  • Phone
  • Email
  • Chat

Company Profile

Full Name
Bank5 Connect Checking Account
Company Website
https://www.bank5connect.com/home/home
Headquarters
79 North Main Street, Fall River, MA, 02720

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