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
- Bank5 Connect Visa® debit card.
- Online Banking with Online Bill Pay.
- Mobile Banking, with features, such as Pay People and Quick Balance.
- Free access to SUM® Network ATMs nationwide.
- Up to $15 per statement cycle reimbursed when using out-of-network ATMs.
- Free monthly eStatements.
- Free first order of basic checks.
- Free cashier's checks.
- Free incoming wire transfers.
- Free external transfers.
- Purchase Rewards.
Checking account fees
Minimum Deposit to Open$10
Out-of-Network ATM Transaction Fee$0
Out-of-Network ATM Withdrawal Fee$0
Non-Sufficient Funds Fee$15
Foreign Transaction Fee1%
Bank5 Connect High-Interest Checking Account FAQ
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!
Bank5 Connect's routing number is 211370642.
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.
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.
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.
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.
Yes, to earn interest on your Bank5 Connect checking account, you need to keep at least $100 in your High-Interest Checking account balance.
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.
No, if you're a new Bank5 Connect customer, you'll be automatically signed up for eStatements, so no action required on your side.