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- Bank5 Connect Checking And Savings
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Bank5 Connect is an online-only bank, and I’ll review their Checking and Savings accounts here, along with any current promotions and bonus opportunities.
Just like other online bank competitors, Bank5 Connect has lower overhead costs compared to traditional brick-and-mortar banks, and that results in better rates and fewer fees for the customer.
Bank5 Connect offers Checking, Savings and CD (Certificates of Deposit) account options. You can do just about everything online, including making deposits and transferring funds.
Bank5 Connect High Interest Checking
The Bank5 Connect High Interest Checking is on top of many “Best Online Checking Account” lists, so let’s see why.
CURRENT RATE FOR BALANCES OVER $100: 0.76% APY
It may not seem like much, but traditional Checking accounts are offering rates like 0.1% APY!
It features most of what you’d expect from traditional Checking accounts:
- Make deposits
- Write checks
- Debit card
- Online bill pay
On top of that, you’re going to get many of the perks you’ll only find with online banking:
- No monthly maintenance fee
- Free online banking/billpay/eStatements
- Free mobile banking
- UChoose Debit Rewards program
- Free first order of basic checks
- Free ATMs anywhere, anytime!
- Bank5 Connect will never charge you for using an ATM and will reimburse other banks’ surcharges up to $15 per statement cycle.
And here’s how the Bank5 Connect High Interest Checking account competes with other online Checking accounts:
- Earns a great interest rate for a Checking account
- Minimum balance to open is only $10
- Minimum balance to earn interest is only $100
| Bank5 Connect Checking Account Fees | |
| First order of checks | Free |
| Cashiers check | Free |
| Overdraft Transfer | Free |
| Incoming Wire | Free |
| Returned Deposited Item | $5.71 |
| Overdraft | $15.00 |
| Uncollected Funds | $15.00 |
| Stop Payment | $15.00 |
| Garnishments | $25.00 |
| Levies | $25.00 |
BBVA Compass and Simple Bank have popular online Checking accounts with no fees. Also take a look at Checking Account bonus offers as well. See all the best free Checking accounts here.
Bank5 Connect High-Interest Savings Account
You can also choose to link the Bank5 Connect Savings account to the Checking account for overdraft protection. Plus, you’ll earn a bit more interest on the funds that you set aside here.
- Current rate for balances over $100: 2.05% APY
- The minimum balance to open a Bank5 Connect Savings account is $10.
- The minimum balance to earn interest is $100.
CIT Bank has great rates on their online Money Market and Savings accounts you should definitely compare to. HSBC has one of the best online Savings options from a big bank. Visit this Savings and Money Market Rates page for a thorough comparison. Be sure to take a look at some Savings account bonuses also, including a top Savings offer from Chase. See more below:
- MySavingsDirect Hield Yield Savings And CD Account Promotions
- BBVA Compass Bank Promotions: $150 To $250 Checking/Savings Bonuses
- CIT Bank Promotions: Online Savings Builder Account Offers 2.15% APY
- Chase Coupon Promo Codes: $200, $300, $350, $500 – November 2018
- Simple Bank Review: Unlimited $20 Bonuses & Top Savings Rate Offer
- Online HSBC Direct Savings Rate Offer: 2.01% APY (Available Nationwide)
- Citizens Access Online Savings And CD Accounts Offers, Promotions
- PurePoint Financial Online Savings & CD Accounts Promotions, Bonuses
- CIBC U.S. Bank Offer: $200 Checking Bonus [IL, MI, MO, WI Residents]
Bank5 Connect High Yield CDs
Bank5 actually has some of the best CD rates in the market. Here are some of the benefits:
- Only a $500 minimum deposit
- There are no monthly maintenance fees associated with Bank5 CDs
- Connect CDs have terms of 6, 12, 18, and 36 months
- Investment CD has a term of 24 months
- All Bank5 Connect CDs are FDIC Insured for up to $250,000
- Once the CD matures, you have the opportunity to deposit additional funds and roll it over into a new term
Bank5 CD Rates
| Term | Min. Deposit | Min. Deposit To Earn APY | APY |
| 6 month CD | $500.00 | $500.00 | 1.45% |
| 12 month CD | $500.00 | $500.00 | 2.55% |
| 18 month CD | $500.00 | $500.00 | 1.75% |
| 21 month CD Special** | $500.00 | $500.00 | 2.40% |
| 24 month Investment CD | $500.00 | $500.00 | 2.70% |
| 36 month CD | $500.00 | $500.00 | 2.90% |
If you’re interested in a CD account, be sure to read my guide on the best CD rates. CIT Bank and BBVA Compass all have popular CD accounts at the moment. More below:
- BBVA Compass Bank Promotions: $150 To $250 Checking/Savings Bonuses
- CIT Bank Promotions: Online Savings Builder Account Offers 2.15% APY
- Live Oak Bank Online Savings And CD Offers, Promotions
- Virtual Bank Checking, Money Market, CD Promotions & Offers
- Popular Direct Online Savings And CD Account Promotions, Offers
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- Synchrony Bank Online Savings, CD, Money Market Promotions
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Salem Five Bank Checking, Savings, CD Promotions
- Crestmark Bank Online CD Account Promotions Available Nationwide
*These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.