BankFive is a Massachusetts-based community bank that’s been operating since 1855. But even if you’re outside of BankFive’s home region in New England, you can still take advantage of some of the bank’s products and services through Bank5 Connect, the online division of BankFive established in 2013. Bank5 Connect offers a few key products to cover your basic banking needs.
This review focuses on Bank5 Connect’s online products and services for personal banking. Account details and annual percentage yields (APYs) are accurate as of April 24, 2024.
Account Basics
Savings
The High-Interest Savings account offers 1.50% APY on balances of $100 or more. A $10 deposit is required to open an account. There are no maintenance fees. This account can be connected to a Bank5 Connect checking account to serve as overdraft protection. It doesn’t charge for overdraft transfers from the linked account.
Bank5 Connect also has a high-interest jumbo savings account that offers 5.10% APY on balances of $25,000 or more. The account has no maintenance fees and requires a minimum opening deposit of $25,000. It can also be linked to a Connect checking account for overdraft protection.
Checking
Bank5 Connect’s High-Interest Checking account offers 2.70% APY on balances of $100 or more and cash-back rewards on qualifying purchases. The account doesn’t charge maintenance fees, and you can open an account with a deposit of just $10. Electronic statements are free, but you pay $1 per statement per month if you choose mailed statements. Your first order of basic checks is free.
Transferring funds to and from your Bank5 Connect Checking account and your accounts at other financial institutions is free.
Overdraft protection is available for free if you link your checking account to a Bank5 Connect savings account. The checking account has a daily purchase limit of $1,500.
CDs
Bank5 Connect offers certificates of deposit (CDs) with terms ranging from six to 36 months. The minimum deposit is $500. APYs range from 0.35% to 0.85%, depending on the CD term. There are no monthly fees, but there are penalties for early withdrawals.
There’s also the 24-Month Investment CD, an add-on CD that allows you to deposit additional funds at any time during the two-year term. The minimum deposit of $500 also applies to this CD, and the APY is 3.30%.
Access on the Go
Bank5 customers have access to thousands of surcharge-free ATMs in the SUM nationwide ATM network. Bank5 does not charge a fee for using an ATM outside of its network, and it reimburses up to $15 per statement cycle for fees charged by out-of-network ATMs. There is a $500 per day limit for checking account ATM withdrawals.
Bank5 Connect offers a mobile app for Apple and Android devices. It gets 4.9 (out of 5) stars on the App Store and 4.2 stars on Google Play. The app features mobile deposit, bill pay, peer-to-peer money transfer and an ATM locator. It also offers Quick Balance updates, which you can view without having to log in to the app. If you use Apple Pay, you can connect your debit card to your mobile wallet.
Additional features are available on the bank’s online banking platform, which offers the ability to view statements, transfer money between Bank5 Connect accounts or external accounts, request stop payments, view copies of cleared checks and more. You can also chat with a customer service representative.
Bank5 Connect boasts a Massachusetts-based customer service team available online and by phone. Several customer service representatives speak more than one language.
Pros
- Competitive APY for savings accounts and CDs
- Doesn’t charge for internal or external transfers
- Offers free overdraft protection
- No monthly fees
- Low minimum balance requirements
- Reimbursement of out-of-network ATM fees
- Additional insurance on top of FDIC coverage through the Massachusetts Depositors Insurance Fund
Cons
- Live customer service only available during East Coast business hours
- No customer service on federal holidays
- Monthly fee ($1) for paper statements
- No interest accrues on savings balances below $100
How Bank5 Connect Stacks Up
Bank5 Connect offers competitive rates for its accounts, and the availability of a high-yield checking account makes this bank an attractive choice for your checking and saving activity. Its personable customer service (each service staffer has a detailed bio available online) is a major plus for those who seek assistance. Still, its limited service hours may make this bank a better fit for those who are comfortable with a self-serve digital banking environment.
Frequently Asked Questions (FAQs)
Is Bank5 Connect FDIC insured?
Yes, Bank5 Connect is insured by the FDIC (FDIC# 23286). The FDIC covers balances up to $250,000 per depositor, per ownership category. Bank5 Connect also insures amounts above that by offering Massachusetts Depositors Insurance Fund (DIF) protection on its accounts. There is no limit to the balance that is protected.
Who can open an account?
Residents of any state except Massachusetts or Rhode Island who are 18 or older can open an account. If you live in Massachusetts or Rhode Island, you aren’t eligible, but you can open an account with BankFive, a community bank.
How can I deposit money into my Bank5 Connect accounts?
You have several options for moving money into your accounts. You can set up direct deposit for your savings or checking account, request an external funds transfer from another bank or credit union or use the mobile app to deposit a check. You can also deposit a check by U.S. mail or call customer service for deposit assistance. You cannot deposit funds at an ATM.
Are checks included with my checking account?
Yes. Bank5 Connect provides your first order of basic checks for free. You can order additional checks online.
