Bank5 Connect
CD APY Range
Jumbo Savings APY
Our Rating
Jumbo Savings Minimum Deposit
Bank5 Connect, the virtual branch of BankFive, a bank established in Massachusetts in 1855, operates exclusively online.
Bank5 Connect provides customers with a range of financial services, including a savings account, a checking account, and certificates of deposit. Similar to other internet-based banks, Bank5 Connect ensures competitive rates for its offerings.
Bank5 Connect CD Rates
Bank5 Connect provides customers with a diverse range of 6 months – 3 years options, with particularly competitive rates offered on short-term CDs. Specifically, the 6-month CD boasts a highly competitive 5.05% APY, while the 12-month CD offers an equally attractive 4.25% APY, both of which outperform many other financial institutions.
However, it's worth noting that the longer-term CDs, starting from 15 months and beyond, do not offer the most favorable rates. Additionally, there appears to be a limited selection of long-term CDs, which may pose challenges for investors seeking extended investment periods. On the bright side, the minimum deposit required to open a CD account is reasonable, amounting to $500.
A notable feature is the 24-month CD, which functions as an add-on CD. This means that you have the flexibility to continually contribute funds to your account throughout the two-year term, maximizing the benefits of a favorable interest rate.
CD Term | APY |
|---|---|
6 Months | 5.05% (Compare ) |
12 Months | 4.25% (Compare) |
15 Months | 4.25% |
18 Months | 3.20% (Compare) |
21 Months | 3.20% |
24 Months | 3.30% (Compare) |
36 Months | 0.85% |
In the event of withdrawing funds from your CD before the designated term concludes, an early withdrawal penalty will be applied. The penalty amount is determined by the duration of the CD term, and Bank5 Connect penalties are quite high compared to other banks.
If the CD term is less than one year, the penalty will be equivalent to 3 months' interest. For CD terms of one year or longer, the penalty will be equivalent to 6 months' interest.
CD Term | APY |
|---|---|
6 Months | 3 months of interest |
12 Months | 6 months of interest |
15 Months | 6 months of interest |
18 Months | 6 months of interest |
21 Months | 6 months of interest |
24 Months | 6 months of interest |
36 Months | 6 months of interest |
Bank5 Connect Savings
Bank5 Connect provides customers with a choice between two savings plans: High-Interest Savings and Jumbo Savings.
CD Term | APY |
|---|---|
Jumbo Savings | 5.10% (Compare) |
High Yield Savings | 1.50% |
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Jumbo Savings
With a Bank5 Connect Jumbo Savings account, you can earn an impressive 5.10% APY on $100,000 and above balances. This account rewards you for substantial deposits while assuring you that every cent in your account is fully protected, even beyond FDIC limits. The biggest drawback is the very high minimum deposit.
Alongside this competitive rate, you will enjoy the same benefits as the regular High-Interest Savings account, including convenient management through Online Banking and the Bank5 Connect mobile app. The account also offers 100% deposit insurance through a combination of FDIC and DIF coverage and flexible customer support options (chat, phone, or video).
Additionally, the Early Deposit feature allows you to set up direct deposit, giving you the opportunity to receive a portion of your paycheck up to two days earlier directly into your Jumbo Savings account.
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High-Interest Savings
This name is a bit mistaken since the interest rate are not so high – only 1.50% APY, lower than what you can find on top rated bank savings accounts.
The rest of the features are similar to what you can find in the Jumbo savings account, and you need only $10 to open the account and minimum of $100 to get the APY.
How To Deposit And Withdraw Money To Savings Or CDs?
You can deposit money into your Checking or Savings account using the following methods:
Direct Deposit: Set up direct deposit with your employer to have your paychecks directly deposited into your Bank5 Connect account.
Mobile Deposit: Utilize the Bank5 Connect mobile app to deposit checks by taking a photo of the check and following the in-app instructions.
By Mail: Make a deposit by mail by sending us your checks. Sign the check and write “For Deposit Only” on the back, along with your account number below your signature.
However, when it comes to withdrawal, things can be more difficult if you choose a savings account. Currently, the External Transfers service is exclusively offered for Bank5 Connect Checking accounts. If you wish to transfer funds to and from a Bank5 Connect Savings account, you'll need a Bank5 Connect Checking account.
When your CD matures, there are several options available to receive your money. You can either log into Online Banking or contact the bank directly. You have the choice to either roll the funds over into a new CD, transfer the funds to another account of your choice, or have a check mailed to you.
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Top Savings Accounts From Our Partners
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Other Financial Products Of Bank5 Connect
Bank5 Connect's checking account is designed to provide flexibility and a competitive interest rate. With this account, you can earn a decent PAPY by maintaining a minimum balance of $100. There are no monthly maintenance fees to worry about.
By opening this checking account, you'll enjoy various benefits. You can earn cash back rewards, receive your first set of checks for free, and access a wide network of ATMs conveniently. Managing your account is easy with the Bank5 Connect mobile app and Online Banking.
In addition to the above benefits, this checking account also offers perks such as free ATMs, early access to direct deposits, easy fund transfers, and the convenience of online bill payment.
Bank5 Connects also offers a variety of credit cards.
FAQs
How's Bank5 Connect Customer Service?
Customer service is available on any day including weekends. You can also use live chat on weekdays.
Can I make additional deposits to my CD after opening it?
It depends on the type of CD. For our 24-Month Investment CD, you can make unlimited deposits during the term. Other CDs do not allow additional deposits until maturity.
How's Bank5 Connect mobile app?
While the app allows basic account management, it lacks certain features. External transfers, for example, can only be made through online banking, not the mobile app.
Who can open an account?
U.S. residents, aged 18 or above, living outside Massachusetts and Rhode Island, are eligible to open a Bank5 Connect account.
Savings Account Reviews Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
