About Bank5 Connect
Massachusetts-based Bank5 Connect is the online banking division of Bank Five, which was founded more than 170 years ago.
Featured Offers
Bank5 Connect Overview
Bank5 Connect is an online-only bank that offers a wide range of CDs with varying terms and highly competitive APYs, a checking account, and a high-yield savings account. Customers have fee-free access to more than 7,500 SUM ATMs nationwide.
| Highly competitive APYs. | Only available online, no physical branches. |
| Available to all US citizens. | High-yield savings account requires a high $25,000 minimum opening deposit. |
| Low minimum opening deposit on CDs. | |
| No monthly service charges on all accounts. | |
| Competitive APYs on checking and savings accounts. |
Bank5 Connect Product Offerings
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. Bank5 Connect offers CDs with terms varying from six months up to three years. Most CDs offer APYs that are above their respective national averages, with a minimum opening deposit of only $500 for all CDs. Here are some of their best CD offerings for the month! and 2025:
Checking Accounts
A checking account is a transactional bank account for everyday expenses. Checks and debit transactions can be carried out to pay bills, withdraw funds, and pay bills. Bank5 Connect offers one high-yielding personal checking account. Here are the latest account details for April 2025:
Savings Accounts
A savings account is a type of bank account that allows you to save your money while earning interest. Bank5 Connect offers two personal savings accounts, both of which offer above-average yields. Here are the latest savings account details for April 2025:
Bank Fees
Account closure fee: None
Monthly service charge: None
Early withdrawal penalty: 90 & 180 days of interest depending on the term length
Paper statement fee: $1
Stop Payment fee: $15
CD Closeout fee: $30
Bank5 Connect Features
Bank5 Connect's customer service line is available according to the following schedule:
Monday - Wednesday: 7:30 am to 5:00 pm ET
Thursday - Friday: 7:30 am to 7:00 pm ET
Saturday: 7:30 am to 3:00 pm ET
Sunday: 11:00 am to 3:00 pm ET
The bank also offers live chat Monday - Friday 8:00 am to 4:30 pm ET., as well as video chat Monday - Friday 9:00 am to 5:00 pm ET.
Bank5 Connect FAQs
Our Take
Bank5 Connect is the online-only banking division of Massachusetts-based Bank Five. The bank offers a variety of CDs with highly competitive yields. Most of its CDs offer yields that are higher than those of many banks and only require a low $500 minimum opening deposit. Unlinking many banks, Bank5 Connect offers a high-yield checking account with an APY much higher than the national average for checking accounts. There is also a high-yield savings account with a highly competitive APY that requires a high $25,000 minimum opening deposit. As with other online banks, Bank5 Connect is a good option for those who do not mind dealing with an online-only bank and can meet the minimum opening deposit and balance requirements.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.