Bank5 Connect is a uniquely favorable financial institution for those intending to open a certificate of deposit—for a few reasons. Its return rates are highly competitive, its early withdrawal penalties are less severe than some of its competitors, and its 100% deposit insurance is incredibly generous. Read on for what you need to know about Bank5 Connect CD rates.
Rates are current as of Aug. 6, 2025 and are subject to change.
Bank5 Connect CD rates and products
Bank5 Connect offers two categories of CD: standard high-APY CDs and “investment” CDs. You won’t find specialty options such as bump-up, flexible, or IRA CDs.
Between all account types, you’ve got a total of eight term lengths to choose from, ranging from three months to three years. No matter the CD, you’re required to deposit at least $500 to open an account.
Standard CDs
Several Bank5 Connect CD terms deliver respectable APYs—in some cases, above 4.00%.
When you access your money before your account matures, you’ll be charged an early withdrawal penalty between three and six months’ interest depending on your term length.
Bank5 Connect standard CD rates
| Term length | APY |
|---|---|
| 3 months | 4.00% |
| 6 months | 4.40% |
| 12 months | 3.95% |
| 15 months | 3.95% |
| 18 months | 4.15% |
| 21 months | 3.20% |
| 36 months | 0.85% |
| 3 months | |
|---|---|
| APY | 4.00% |
| 6 months | |
| APY | 4.40% |
| 12 months | |
| APY | 3.95% |
| 15 months | |
| APY | 3.95% |
| 18 months | |
| APY | 4.15% |
| 21 months | |
| APY | 3.20% |
| 36 months | |
| APY | 0.85% |
Bank details checked Aug. 6, 2025
Investment CDs
Bank5 Connect offers a 24-month investment CD. This comes with the ability to deposit additional money into your CD throughout its term—so if you decide to invest more money later, you’ll benefit from the high APY you secured upon account opening.
You can make as many deposits as you like. You can also make withdrawals of interest you’ve earned before your account matures.
Bank5 Connect Investment CD
| Term length | APY |
|---|---|
| 24 months | 3.95% |
| 24 months | |
|---|---|
| APY | 3.95% |
| APY |
Bank details checked Aug. 6, 2025
Compare Bank5 Connect to competitors
If you’re strategic with selecting your CD term, you can earn some of the highest APYs on the market with Bank5 Connect. Here’s a look at Bank5 Connect’s CDs compared to two competitors.
 Bread Savings |  Discover |  Northern Bank Direct |
|---|---|---|
| 3 months | 3 months | 3 months |
| 4.00% | 2.00% | N/A |
| 6 months | 6 months | 6 months |
| 4.40% | 4.20% | 4.50% |
| 9 months | 9 months | 9 months |
| N/A | 3.50% | 4.35% |
| 12 months | 12 months | 12 months |
| 3.95% | 4.00% | 4.30% |
| 18 months | 18 months | 18 months |
| 4.15% | 3.80% | 3.50% |
| 24 months | 24 months | 24 months |
| 3.95% | 3.80% | 3.50% |
| 36 months | 36 months | 36 months |
| 0.85% | 3.60% | 3.50% |
| Learn more | Learn more | Learn more |
| View offer at Bankrate | View offer at MoneyLion | View offer at Northern Bank Direct |
Bank details checked Aug. 6, 2025
Learn more about Bank5 Connect
Bank5 Connect is the digital banking division of financial institution BankFive, headquartered in Massachusetts. In addition to CDs, it offers high-interest checking accounts, high-yield savings accounts and money market accounts.
Bank5 Connect even offers mortgages and issues a collection of rewards credit cards. While not technically a full-service bank, you can do most things through Bank5 Connect. And with its generous 100% deposit insurance, it should be a safe place to store your money—no matter the amount. Read our full Bank5 Connect review for more details.
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Frequently asked questions
What is the minimum deposit required for Bank5 Connect CDs?
The minimum deposit required for Bank5 Connect CDs is $500.
Can you add money to a Bank5 Connect CD after opening?
You can only add money to a Bank5 Connect CD before your account matures if you’ve opened an “investment” CD. Standard CDs do not allow this.
What are the early withdrawal penalties for Bank5 Connect CDs?
If you withdraw your money before your CD matures, you’ll pay three months’ interest for terms less than a year—and six months’ interest for terms of a year or more.
Does Bank5 Connect offer IRA CDs?
Bank5 Connect does not offer IRA CDs.
How does Bank5 Connect’s 100% deposit insurance work for CDs?
With most banks, your deposits are insured by the FDIC up to $250,000 per depositor per ownership category (e.g. single accounts, retirement accounts, etc.). But Bank5 Connect offers Depositors Insurance Fund (DIF) protection, which covers every penny of your deposits above the FDIC maximum.