Bank5 Connect High-Interest Checking Account

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.