Bank5 Connect
Online Savings Account - 4.50% APY
• Unlimited Protection – Deposits are insured by FDIC and Massachusetts' DIF insurance.
• Low Minimums – Earn interest on balances as low as $500.
• No Maintenance Fees
• Flexibility – Deposit additional funds throughout the term with the special 24-Month Investment CD.
• 500.00 minimum deposit needed to open the account and obtain the APY.
• Interest will be compounded monthly.
• Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity): The penalty will equal three months interest on the amount withdrawn subject to penalty.
Fee and Feature Guide
|
Savings Account |
| Interest Rate |
|
| APY |
4.50% |
| Term Length |
6 Month |
| Minimum deposit amount |
$500.00 |
| Maximum deposit amount |
N/A |
| Balance Requirements |
|
| Minimum Opening Deposit |
$500.00
|
| Minimum Balance to Avoid Fees |
$0.00 |
| Minimum Required Balance |
$0.00 |
| Minimum To Earn |
$0.00 |
| Fees |
|
| Monthly Maintenance Fee |
N/A |
| Foreign ATM Fees |
N/A |
| Insufficient Funds Fee |
$15.00 |
| Incoming Wires |
N/A
|
| Statements |
|
| Paper Statements |
Yes |
| Online Statements |
Yes |
| Online and Telephone Banking |
|
| Online Banking |
Yes |
| Telephone Banking |
Yes |
| Mobile Banking |
Yes |
| Deposit Checks with Mobile Device |
Yes |
| Free Bill Pay |
Yes |
| Online Bill Payments Required |
Yes |
| Account Opening |
|
| Open Online |
Yes |
| Insured by |
F.D.I.C.
|
Recent Rate Changes
|
Date
|
APY
|
|
November 17, 2024 |
4.50%
|
|
October 28, 2024 |
4.85%
|
|
October 16, 2024 |
4.95%
|
|
May 13, 2024 |
5.05%
|
Customer Reviews for Bank5 Connect (11)
BW
July 17, 2021 |
I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd recommend this bank.
Is this review helpful? Yes:4 / No: 1
Savvysaver
June 27, 2020
Agree with "Cannot recommend", this is a bricks and mortar bank with a very limited online presence.
Is this review helpful? Yes:5 / No: 0
Timothy E
September 15, 2018 |
I applied 5 days ago. I have perfect credit. Got a letter back saying that they were unable to verify my credit with Equifax. I have never dreamed of being rejected for a savings account and have nothing more to say (speechless).
Is this review helpful? Yes:7 / No: 0
Cannot recommend
July 21, 2018 |
This is not an online bank. It is a Massachusetts bank discriminating against Massachusetts residents by trying to offer higher rates to outsiders. But, their online capabilities are a joke. Please remove from the online table and return this to the Mass. table.
Is this review helpful? Yes:5 / No: 1
Tumo
May 7, 2018 |
Great rates on CD's, but a big pain in the --- to get through the account opening even when you are a existing customer.
Is this review helpful? Yes:11 / No: 0
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