Bank5 Connect High-Interest Checking Account

An online-only checking account with:

  • low to no fees on banking services,
  • very competitive APY rates,
  • convenient digital banking features.

securely on the bank's website

If you're looking for a checking account that would give you the flexibility and convenience to manage your money as you please, while earning interest on your balance AND paying low-to-no fees, then you should certainly consider opening a Bank5 Connect High-Interest Checking account!

While it's true that, with a 0.25% APY, one can't earn much in a year, the rate is still better than what some other banks, both digital, and brick-and-mortar offer. So, for example, if you keep an average monthly balance of $10,000, you'll earn $25 in a year. Given that many banks apply a 0.01% APY, 0.25% doesn't seem as bad, does it? At least you'll get your first batch of checks free of charge.

On the bright side, this checking account comes with a Visa debit card you can use wherever Visas are accepted, and get rewarded for your purchases through the Purchase Rewards program! You'll earn cash back at certain retailers and restaurants when you activate offers you're interested in that are available under the "Purchase Rewards" box in Online Banking. Based on your purchasing history, you'll receive targeted offers, and the more often you use your Bank5 Connect Visa debit card, the more offers you'll see - and the more you'll earn. Another great thing about this program is that it's totally free, and requires no prior enrollment.

Since this is an online-only checking account, there aren't any physical branches you can visit in case you want to talk to a Bank5 Connect banker. Everything's done online instead. And it's totally safe and legit - Bank5 Connect works as an division of well-established BankFive, which has been in business since 1855. Additionally, Bank5 Connect banking products are all both FDIC and DIF-insured. This means that, not only are your deposits insured up to the FDIC $250,000 limit, but even above that amount. This further implies you can never lose a single penny if you choose to bank with Bank5 Connect, and it goes bankrupt. It's quite rare to find a checking that comes with both types of coverage (but this only matters to really wealthy people).

So, should you apply for High-Interest Checking? There aren't any special why-nots. To the contrary, this checking account is way above the average. However, we cannot but notice lots of things are handled by phone, which is quite awkward for an online-only bank. Be cautious if you ever receive a call from them (always check the phone numbers they mention on their website), and never give away your account details just like that.



Checking account details

Checking account fees

  • Monthly Fee
  • APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

Bank5 Connect High-Interest Checking Account FAQ

1. Who is eligible to open a Bank5 Connect High-Interest Checking Account?

Any U.S. resident aged 18+ can apply for the Bank5 Connect High-Interest Checking, with the exception of those living in Massachusetts or Rhode Island, because it's where BankFive, its "mother" institution, operates. If you're from either of the two states, you are welcome to bank with Bank Five!

2. What is Bank5 Connect's routing number?

Bank5 Connect's routing number is 211370642.

3. How can I deposit money into my Bank5 Connect High-Interest Checking Account?

You can fund your Bank5 Connect High-Interest Checking in several ways:

  • Direct deposit, by setting up direct deposit with your employer.
  • External transfers, by sending money from your external bank account to your Bank5 Connect checking using Online Banking.
  • Mobile deposit, using the Bank5 Connect mobile app for mobile check deposits.
  • By phone, calling Bank5 Connect at (855) 552-2655.
  • By mail, by sending a signed check with a "For Deposits Only" on the back of the it, and your account number to Bank5 Connect to Bank5 Connect, 79 North Main St. Fall River, MA 02720.

ATM deposits aren't possible.

4. How do I find a SUM ATM?

To find one out of thousands SUM ATMs across the States, you can use SUM's ATM Locator.

Currently, SUM ATMs are located only in the United States and Puerto Rico.

5. Will Bank5 Connect charge me if I use out-of-network ATMs?

While Bank5 Connect won't charge you any fees for using out-of-network ATMs, other banks or ATM networks may still charge you a fee. However, Bank5 Connect will reimburse you up to $15 each month in case that happens.

6. Does my Bank5 Connect debit card have a daily purchase limit?

Yes, your Bank5 Connect debit card has a daily purchase limit, set at $1,000. If you'd like to extend it, you can contact Bank5 Connect at (855) 552-2655.

7. Is there a minimum balance required to earn interest on my High-Interest Checking balance?

Yes, to earn interest on your Bank5 Connect checking account, you need to keep at least $100 in your High-Interest Checking account balance.

8. Is there Overdraft Protection included in my Bank5 Connect High-Interest Checking?

If you open a savings account with Bank5 Connect, you'll be able to link your checking to your savings account, and avoid overdraft fees in case you spend more than you have in your checking account.

You can link the two by contacting Bank5 Connect at 1-855-552-2655.

9. Do I need to enroll to receive eStatements?

No, if you're a new Bank5 Connect customer, you'll be automatically signed up for eStatements, so no action required on your side.

10. Where can I download the Bank5 Connect mobile app?

You can download the Bank5 Connect mobile apps from the iTunes App store for your iOS device or the Google Play store, in case you have an Android device.

Check Out Other Products From Bank5 Connect
Bank Monthly Service Charge Minimum Deposit to Open APY
Bank5 Connect High-Interest Checking Account $0 $10 0.25%
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