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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.
| Featured Promotions | ||
|---|---|---|
| Chase Total Checking® + Savings℠ | Chase Premier Plus Checking℠ | Chase Total Business Checking® |
 |  |  |
| $350 Bonus | $300 Bonus | $200 Bonus |
| Review | Review | Review |
| Chase College Checking℠ | HSBC Premier Checking | HSBC Advance Checking |
 |  | |
| $100 Bonus | $750 Bonus. Member FDIC | $350 Bonus. Member FDIC |
| Review | Review | Review |
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:
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- BBVA Compass Bank Promotions: $150, $200, $250 Checking/Savings Bonuses
- Chase Coupon Promo Codes: $200, $300, $350, $500 – September 2018
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Synchrony Bank Online Savings, CD, Money Market Promotions
- Online HSBC Direct Savings Rate Offer: 2.01% APY (Available Nationwide)
- Popular Direct Online Savings And CD Account Promotions
- Marcus By Goldman Sachs Online Savings & CD Offers, Promotions
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- Salem Five Bank Checking, Savings, CD Promotions
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:
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Virtual Bank Checking, Money Market, CD Promotions & Offers
- Popular Direct Online Savings And CD Account Promotions
- Live Oak Bank Online Savings And CD Offers, Promotions
- Synchrony Bank Online Savings, CD, Money Market Promotions
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- 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.