Towering APY, a cash back-earning debit card, video chat customer service, and 100% of your account balance insured. It can feel like a win to find a single one of these attributes in a financial institution. Bank5 Connect has them all.
Bank5 Connect is the online banking division of BankFive, a Massachusetts-based bank founded in 1855. It has been providing online banking products and services to customers since 2013. Today, it offers savings, checking, and certificate of deposit accounts with higher-than-average annual percentage yields (APYs), all of which come with customer service available seven days a week.
Here’s what you need to know about Bank5 Connect to decide if it’s the right choice for your money.
All rates and fees are current as of July 31, 2025, and are subject to change.
Bank5 Connect at a glance
Bank5 Connect
| Top checking APY | Up to 2.00% |
| Top savings APY | Up to 4.05% |
- Year Founded: 2013
- Company Headquarters: Fall River, MA
- CEO: Anne P. Tangen
Pros
- 100% deposit insurance (even over $250,000)
- No monthly fees
- Competitive APYs
- Video banking customer service
Cons
- No physical locations
- Residents from some states aren’t eligible
- Fee for paper statements
Who is Bank5 Connect good for?
If you’re looking for a bank that lets you earn interest at generous rates on funds stashed in both your checking and savings accounts, then Bank5 Connect fits the bill. It offers some of the highest yields on the market in both categories, eliminating the need to spread your money out over various banks to chase APYs.
Another reason to choose Bank5 Connect is its 100% deposit insurance guarantee. Most banks cap your insured deposits at the standard $250,000 FDIC max, but because Bank5 Connect has additional DIF insurance, you can store all of your money here without fear. This makes it a great all-in-one option for simplifying your banking experience.
Who shouldn’t use Bank5 Connect?
First things first: If you live in Massachusetts or Rhode Island, you aren’t eligible for a Bank5 Connect account.
Like most online banks, Bank5 Connect doesn’t have any in-person locations. Its parent institution, Bank Five, operates a handful of branches within Massachusetts and Rhode Island, which you’re welcome to stop by to service your account—but again, you’ll have to drive in from out of state since residents of those areas are disqualified from Bank5 Connect services.
All to say, Bank5 Connect isn’t the best choice if you prefer getting in-person help for opening an account or managing your funds. It does offer multiple ways to get in touch with its customer service team, including video calls, so you won’t be entirely on your own if you need help.
Another drawback is that Bank5 Connect’s highest savings APY requires you to deposit at least $25,000 in your account. If you can’t meet this threshold, Bank5 Connect’s standard savings APY is rather forgettable.
Bank5 Connect rates and products
Bank5 Connect offers a high-interest checking account with one of the highest APYs on the market. It also offers two savings accounts with varying APYs depending on how much you deposit. Finally, it provides a range of CD terms that have great short-term APYs but lackluster long-term APYs.
| Bank5 Connect product | APY |
|---|---|
| High-interest checking | Up to 2.00% |
| High-interest savings | Up to 1.50% |
| Jumbo savings | Up to 4.05% |
| CDs | 0.85% to 4.40% |
| MMAs | 3.03% |
| High-interest checking | |
|---|---|
| APY | Up to 2.00% |
| High-interest savings | |
| APY | Up to 1.50% |
| Jumbo savings | |
| APY | Up to 4.05% |
| CDs | |
| APY | 0.85% to 4.40% |
| MMAs | |
| APY | 3.03% |
Bank details checked July 31, 2025.
Bank5 Connect savings rates compared to current top rates
Checking accounts
Bank5 Connect strikes a great balance between respectable APY and absence of fees. Bank5 Connect’s High-Interest Checking account is essentially completely free (unless you engage in activities that incur charges or penalties, such as outgoing wires and debit card replacements).
You can open an account with just a $10 deposit. However, you’ll need to keep at least $100 in your account to earn its 2.00% APY. A lower amount won’t earn anything.
APY is just one way that the Bank5 Connect High Interest Checking puts money back in your pocket. Its debit card also earns cash back—an uncommon offering among checking accounts.
Bank details checked July 31, 2025.
Savings accounts
Bank5 Connect’s “High Interest Savings” account has somewhat of a misleading name. It offers just 1.50% APY, which is notably lower than the rates offered by the many of the best high-yield savings accounts. To open the account, you’ll make a $10 minimum opening deposit and maintain at least a $100 balance to earn interest.
The most impressive APY comes from the Bank5 Connect Jumbo Savings account, offering 4.05% APY. The catch is that you must make a minimum deposit of $25,000—and maintain that balance to earn APY.
Both accounts also offer the same early deposit feature as Bank5 Connect’s High Interest Checking.
Bank details checked July 31, 2025.
Certificates of deposit
If you’re looking for a place to store your money while earning above-average APYs, Bank5 Connect’s high-yield CDs return up to an astounding 4.40% APY.
Bank5 Connect gives you a selection of eight different term lengths—from three to 36 months—each with varying returns. All CDs require a minimum deposit of $500 to open an account.
Notably, Bank5 Connect’s 24-month certificate of deposit is an “investment CD,” an add-on account that gives you the ability to add funds to your account any time you like.
As you’d expect, withdrawing any of your principal before the account matures will result in an early withdrawal penalty. Fees range from three to six months depending on your CD’s term length. You’ll also pay a $30 early closeout fee on top of that.
Bank5 Connect CD rates
| Term length | APY |
|---|---|
| 3-month CD | 4.00% |
| 6-month CD | 4.40% |
| 12-month CD | 3.95% |
| 15-month CD | 3.95% |
| 18-month CD | 4.15% |
| 21-month CD | 3.20% |
| 24-month investment CD | 3.95% |
| 36-month CD | 0.85% |
| 3-month CD | |
|---|---|
| APY | 4.00% |
| 6-month CD | |
| APY | 4.40% |
| 12-month CD | |
| APY | 3.95% |
| 15-month CD | |
| APY | 3.95% |
| 18-month CD | |
| APY | 4.15% |
| 21-month CD | |
| APY | 3.20% |
| 24-month investment CD | |
| APY | 3.95% |
| 36-month CD | |
| APY | 0.85% |
Bank details checked July 31, 2025.
Money market accounts
Bank5 Connect’s MMA gives you the perks of a savings account with the flexibility of spending directly from your account. It’s a hybrid checking/savings account. You’ll get check-writing privileges and a debit card—and no pesky withdrawal limits.
Plus, you’ll earn a substantially better 3.03% APY for your balance. That’s over 1.5 percentage points better than you’d get with a standard High Interest Savings account. Just mind the $100 minimum balance requirement, or you’ll forfeit APY earnings.
Bank details checked July 31, 2025.
Other services Bank5 Connect offers
In addition to the above deposit accounts, Bank5 Connect also offers:
- Credit cards: Choose from cards that earn rewards, offer 0% intro APR periods, help you build your credit, or support your student goals.
- Mortgages: Whether you’re trying to open a new loan or refinance your current loan, you can apply through Bank5 Connect and receive assistance through parent company BankFive. Customers have access to conventional mortgages, VA loans, FHA loans, and more.
The Bank5 Connect platform and customer support
Again, Bank5 Connect doesn’t offer brick-and-mortar locations; it’s an online-only bank. But for a 100% digital experience, you’ll get unusually comprehensive support.
Not only is customer service available seven days a week by phone, but you can also live chat via the Bank5 Connect website—and even video chat if you’d like a more in-person feel. This is an exceptional touch that makes online banking more accessible.
If your question isn’t urgent, you can also reach customer service by email.
Is Bank5 Connect secure?
Bank5 Connect is very secure in terms of data encryption and fraud monitoring. But its crown jewel is its 100% deposit insurance. Thanks to Depositors Insurance Fund (DIF), your money is protected beyond the standard $250,000 in coverage offered by the FDIC. It’s automatic, and it’s free.
Bank5 Connect user reviews
Bank5 Connect gets overall excellent reviews from its customers, with a 4.3 star rating on Trustpilot. Users love the friendly and helpful customer service team, and they also appreciate the high return rates on deposit accounts.
Compare Bank5 Connect to alternatives
 Bank5 Connect |  SoFi® Member FDIC |  Capital One |
|---|---|---|
| Checking account top APY | Checking account top APY | Checking account top APY |
| 2.00% | 0.50% | 0.10% |
| Savings account top APY | Savings account top APY | Savings account top APY |
| 4.05% | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.50% |
| Top CD APY | Top CD APY | Top CD APY |
| 4.40% on a six-month CD | N/A | 4.20% on a twelve-month CD |
| MMA top APY | MMA top APY | MMA top APY |
| 3.03% | N/A | N/A |
| Checking account monthly fee | Checking account monthly fee | Checking account monthly fee |
| N/A | $0 | $0 |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Bank details checked July 31, 2025.
Is Bank5 Connect right for you?
Bank5 Connect is a strong pick for someone interested in earning high APYs without dealing with multiple banks. Bank5 Connect’s accounts typically provide higher-than-average rates with no monthly fees. That said, if in-person customer service is important to you, or if you’re searching for a full-service bank that offers products like personal loans, auto loans, etc., you’d be better served somewhere else.
Check Out Our Daily Rates Reports
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- Discover current ARM mortgage rates report for September 11, 2025.
- Discover the current price of gold for September 11, 2025.
- Discover the current price of silver for September 11, 2025.
Frequently asked questions
Is Bank5 Connect legitimate?
Yes, Bank5 Connect is a legitimate bank that’s been around since 2013. It’s the online division of BankFive, a Massachusetts bank that’s been around since 1855.
What types of accounts does Bank5 Connect offer?
Bank5 Connect offers checking, savings, certificates of deposit, money market accounts, mortgages, and credit cards.
Is Bank5 Connect FDIC insured?
Yes, Bank5 Connect is FDIC-insured. What’s more, it also has DIF insurance to protect your deposits over the standard $250,000 limit. Your deposits will be 100% covered, no matter how high.
How does Bank5 Connect customer service compare to other online banks?
Unlike many other online banks, Bank5 Connect customer service is available seven days a week. You can also live chat or video chat them Monday through Friday—both of which are services that you don’t often find with competitors.
SoFi disclaimer
1:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.