Bank5 Connect


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Bank5 Connect operates as an online division of BankFive, a FDIC-insured bank based in Massachusetts.

Thanks to its competitive APY rates and low fees, Bank5 Connect has been rated as one of the best U.S. online banks, offering checking accounts, savings accounts, and certificates of deposit since 2013.

What distinguishes Bank5 Connect from other online-only bank is that it's one of the few online banks providing Depositors Insurance Fund (DIF) protection, which applies to all Bank5 Connect banking products. This free and automatic coverage insures all deposits above the FDIC limit ($250,000), so Bank5 Connect customers can bank safely, knowing they can't ever lose a single dollar in case the bank fails.

Since Bank5 Connect work as a digital bank, it's particularly dedicated to ensuring great customer experience, which is why they take pride in their customer service. There's a dedicated team of experts always available to answer any questions, and solve any issues their customers may have.

Any person aged 18+, and residing in the United States can open an account with Bank5 Connect, unless they live in Massachusetts or Rhode Island, because it's where BankFive takes over.

Currently, Bank5 Connect offers only 1 checking account:

  • High-Interest Checking Account,

with all that's required for daily banking included - a Bank5 Connect Visa® debit card, great ATM access, online banking tools, and more.

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