Summary: Bank5 Connect is the online division of BankFive, a Massachusetts-based community bank that was first founded in 1855. Bank5 Connect operates exclusively online and has no physical branches. It offers a range of banking products and services including high-interest certificates of deposit (CDs), checking accounts, high-yield savings accounts, and more.

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Bank5 Connect offers certificates of deposit (CDs) with terms ranging from three months to 36 months and interest rates as high as 4.25%. A minimum opening deposit of $500 is required.

If you withdraw funds before the end of the term, you’ll incur an early withdrawal penalty equal to three months’ interest if the CD term is less than one year, or six months’ interest if the CD term is one year or greater.

Bank5 Connect’s high-interest checking account requires a minimum opening deposit of $10. Once your account is open, you can earn 2% APY as long as you maintain a minimum balance of $100. There are no monthly maintenance fees, and you can earn cash back on purchases with your Bank5 Connect debit card.

The high-interest savings account earns 1.5% APY with a minimum opening deposit of $10. However, you must maintain at least $100 in your account to earn this rate.

Bank5 Connect also offers a jumbo savings account, which earns 4.05% APY on, balances of $25,000 and up. There are no monthly fees associated with either account.

The Connect Money Market account offers 1% APY with a minimum opening deposit and minimum balance of $100. There are no monthly maintenance fees, and the account comes with checks and debit card.

Bank5 Connect offers a number of credit cards, including rewards credit cards, cash-back credit cards, and secured credit cards.

For customers traveling abroad, the bank offers the ability to order foreign currency ahead of time at a competitive rate with next-day delivery.

Here’s a breakdown of the fees you might encounter as a Bank5 Connect customer:

Read more: What are bank fees, and how do I avoid them?

Here are some of the pros and cons to consider before becoming a Bank5 Connect customer:

Pros:

• No monthly account fees: Bank5 Connect does not charge monthly maintenance fees for its accounts.

• Overdraft protection: Customers can take advantage of free overdraft protection services by linking two Bank5 Connect accounts. Funds from one account can be used to cover overdrafts in the other.

• Competitive interest rates on deposits: Bank5 Connect offers competitive interest rates on its savings accounts, CDs, and money market accounts.

Cons:

• No physical branches: Bank5 Connect is the online division of BankFive; it does not have physical branch locations for customers to visit.

• Does not offer CD terms beyond three years: CD are available up to 36 months, while many other banks offer CD terms up to five or more years. This may be a drawback for customers with long-term savings goals.

Customer service and mobile banking experience

Bank5 Connect prides itself on its stellar customer service. Representatives are available to chat via telephone at 1-855-55BANK5 (855-552-2655) during the following hours:

• Monday through Wednesday from 7:30 a.m. to 5 p.m. ET

• Thursday through Friday from 7:30 a.m. to 7 p.m. ET

• Saturdays from 7:30 am to 3 p.m. ET

• Sundays from 11 a.m. to 3 p.m. ET

You can also reach a representative via live chat Monday through Friday from 8 a.m. to 4:30 p.m. ET, or video chat Monday through Friday from 9 a.m. to 5 p.m. ET.

Customers can also email a customer service representative at any time.

Bank5 Connect’s mobile app is available for download on the App Store and Google Play and has a rating of 4.9 and 4.2 stars, respectively. Customers can use the app to review account balances and transactions, transfer funds between accounts, deposit checks, pay bills, and more.

As part of its commitment to reducing its environmental impact, Bank5 Connect combines checking, savings, and money market accounts with the same account owner(s) into a single monthly paper statement to reduce paper waste and fuel consumption.

Yes, Bank5 Connect is an FDIC-insured bank.

Bank5 Connect's routing number is 211370642.

Yes. You can add your Bank5 Connect debit card to Apple Pay and make purchases with any compatible Apple device.