Bank5 Connect started in 2013 and expanded the scope of Massachusetts-primarily based Bank5, which was based in 1855. Despite its roots in New England, Bank5 Connect offers banking items and services in the USA. It provides critical services like high-yield savings, checking, and CDs. Local and distant consumers can get attractive interest rates and no monthly fees on savings and checking accounts from Bank5 Connect. For customers outside Bank5's operating territories, this online platform makes banking easy and convenient.

Bank5 Connect Working

Financial institution Bank5s online-only subsidiary is called Bank5 Connect. Banking options at Bank5 Connect include CDs, savings accounts, and checking accounts. Like many other online banks, its rates are reasonable. Calls to Bank5 Connect are answered every day, but only at some hours. You can reach out:

• Accessible Monday through Wednesday from 7:30 am to 5 pm Eastern.
• Between 7:30 am and 7 pm Eastern Time on Thursday and Friday.
• Saturday, 7:30 am3 pm Eastern.
• On Saturday and Sunday, 11 am3 pm Eastern.

Account Basics

Savings

The High-Interest Savings account pays 1.50% APY on $100 deposits. Moreover, these accounts demand a $10 deposit, and maintenance is free. Overdraft protection is available by connecting this account to a Bank5 Connect checking account. Overdraft transfers from linked money owed are loose. Excessive-interest jumbo financial savings account from the Bank5 Connect review can pay 5.10% APY on balances over $25,000.

The account requires a $25,000 starting deposit and no preservation costs. The account calls for a $25,000 starting deposit and no maintenance charges. Moreover, overdraft protection is available by linking it to a Connect checking account.

Checking

The High-Interest Checking account from Bank5 Connect pays 2.70% APY on $100 balances and cash-back on qualifying purchases. The Bank5 Connect customer service offers great assistance at no additional cost. Moreover, it has no maintenance costs and can be opened for $10. Mail-in statements cost $1 per month, but electronic statements are free.

You can get free basic checks with your first order. Furthermore, you can also avail free money transfers between Bank5 Connect Checking and other bank accounts. Linking your checking account to a Bank5 Connect high-interest checking and savings account provides free overdraft protection. However, the checking account allows $1,500 daily purchases.

CDs

Bank5 Connect provides CDs with durations from 6 to 36 months. To get started, you should know that there is a $500 deposit minimum. Moreover, APYs vary by CD duration from 0.35% to 0.85%. Early withdrawal penalties apply, but there are no monthly fees. The add-on 24-Month Investment CD helps you to deposit extra cash at any point in the course of the two years. This CD has a $500 minimal deposit and 3.30% APY.

Accessing Your Bank5 Account

Users can access thousands of surcharge-free ATMs on the SUM national network. Bank5 does not charge for using an ATM outside its network and reimburses up to $15 for ATM prices in each assertion cycle. ATM withdrawals from checking debts are constrained to $500 in keeping with day.

It has both iOS and Android versions. In the App Store, it has 4.9 stars Bank5 Connect reviews, and on Google Play, it has 4.2. It also provides Quick Balance updates without an app login. Apple Pay also lets you link your debit card to your mobile wallet.

On the bank's online banking platform, you can view statements, transfer money between Bank5 Connect high-interest checking accounts or external accounts, request stop payments, view cleared check copies, and more. Bank5 Connect offers online and phone customer assistance from Massachusetts. Several customer service reps speak multiple languages, which expands their user base.

Pros and Cons of Bank5 Connect

Pros

• Competitive APY for savings and CDs.
• No fees for internal or external transfers
• Free overdraft protection
• No monthly charges
• Low minimum balances
• ATM costs outside network reimbursement
• The Massachusetts Depositors Insurance Fund supplements FDIC insurance.

Cons

• Live support only during East Coast business hours.
• Federal holiday client support is unavailable.
• Monthly $1 paper statement fee
• Savings below $100 earn no interest.

Stacking up of Bank5

The Bank5 Connect has many competitive financial products, making it an excellent banking option. The online division of Massachusetts-based Bank5 offers its typical services to a wider audience outside New England. Bank5 Connect's high-yield checking and savings accounts provide better interest rates than conventional accountscost-conscious customers like its user-friendly accounts with no monthly fees.

The bank also values client service. Customers can see a familiar face and get individualized support from service staffers who have full bios online. Customers who value banking assistance benefit from this transparency and accessibility in customer service. Bank5 Connect review reveals that it has limited service hours, which may be a drawback for those who need more flexibility.

However, the bank's robust digital infrastructure makes it a simple alternative for online money managers. Bank5 Connect customer service is good, and the bank offers competitive rates and an easy-to-use digital banking interface.

Ally Bank vs. Bank5 Connect

Competitive deposit yields distinguish Bank5 Connect review and Ally Bank in online banking. High CD rates make Bank5 Connect a good choice for saving money. Ally Bank offers basic, bump-up, and no-penalty CDs, while Bank5 Connect high-interest checking only offers normal CDs. These CD alternatives from Ally can provide you with additional flexibility. Ally Bank offers greater savings account yields than Bank5 Connect and a wider ATM network, which is important for frequent ATM users.

In addition to deposits, Ally offers money market accounts, personal loans, and investment accounts. Due to its complete portfolio of offerings, Ally is excellent for one-stop financial management. Bank5 Connect doesn't accept Massachusetts or Rhode Island citizens. These consumers can switch to Ally Bank for greater access and more financial solutions.

Final Verdict

Bank5 Connect's competitive savings and CD APYs make it a good high-yield bank. No monthly fees, free overdraft protection, and free internal or external transfers are added to Bank5 Connect customer service to boost its appeal. Its easy-to-use digital banking interface and helpful customer service make banking enjoyable. Limited service hours and geographical constraints for Massachusetts and Rhode Island residents may be downsides..