Bank5 Connect Review
BankFive is a Massachusetts-based community bank that has been operating since 1855. 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. Discover Bank is a well-known bank in the United States, famous for its credit cards, online banking, and student loans. It started in 1985 and is part of Discover Financial Services. The bank offers savings accounts, checking accounts, and certificates of deposit (CDs) with competitive interest rates. Customers can manage their accounts online or through a mobile app, making it convenient to bank from anywhere. Discover Bank is also known for its excellent customer service, with 24/7 support available. They don’t have physical branches, so everything is done online or by phone. In addition to banking services, Discover provides personal loans and home equity loans. They are committed to security and use advanced technology to protect customers’ information. Overall, Discover Bank is a popular choice for people looking for easy-to-use and reliable banking services.
Account Basics
Savings
The High-Interest Savings account gives you 1.50% APY on balances of $100 or more, and you only need $10 to open it. There are no maintenance fees. You can link this account to a Bank5 Connect checking account for overdraft protection, and there are no fees for overdraft transfers.
Bank5 Connect also offers a high-interest jumbo savings account with a 5.10% APY on balances of $25,000 or more. This account also has no maintenance fees and requires a $25,000 minimum deposit to open. Like the regular savings account, it can 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 gives cash-back rewards on certain purchases. There are no maintenance fees, and you can open the account with just $10. Electronic statements are free, but if you prefer mailed statements, there’s a $1 fee per statement each month. The first order of basic checks is free.
Transferring money between your Bank5 Connect Checking account and your other accounts at different banks is free. You can get free overdraft protection by linking your checking account to a Bank5 Connect savings account. The account has a daily purchase limit of $1,500.
Access on the Go
Bank5 customers can use thousands of surcharge-free ATMs in the SUM nationwide ATM network. Bank5 doesn’t charge fees for using ATMs outside its network and reimburses up to $15 per statement cycle for out-of-network ATM fees. There is a $500 daily limit for checking account ATM withdrawals.
Bank5 Connect has a mobile app for Apple and Android devices, rated 4.9 stars on the App Store and 4.2 stars on Google Play. The app offers mobile deposit, bill pay, peer-to-peer money transfer, an ATM locator, and Quick Balance updates that you can view without logging in. You can also connect your debit card to Apple Pay.
The bank’s online banking platform lets you 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 customer service.
Bank5 Connect has a customer service team based in Massachusetts, available online and by phone, with several representatives speaking multiple languages.
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 provides competitive rates for its accounts, making it a great choice for your checking and savings needs, especially with its high-yield checking account. The bank’s customer service is a standout, as each staff member has a detailed bio available online, offering a personal touch for those who need assistance. However, the limited service hours might be better suited for customers who are comfortable with a self-service digital banking experience.
Frequently Asked Questions (FAQs)
Bank5 Connect offers checking accounts, savings accounts, and CDs, including high-interest options.
No, Bank5 Connect accounts generally do not have maintenance fees.
The High-Interest Checking account offers 2.70% APY on balances of $100 or more.
Yes, Bank5 Connect reimburses up to $15 per statement cycle for fees charged by out-of-network ATMs.
Yes, Bank5 Connect has a mobile app for both Apple and Android devices, which includes features like mobile deposit, bill pay, and peer-to-peer money transfers.
