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Bank5 Connect

Deposits held and insured by BankFive

Overview / Commentary
www.bank5connect.com
1-855-55BANK5
79 North Main Street
Fall River, MA 02720
Deposits held and insured by BankFive

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Reviews (38)

Bunch Of Whiners On Here

Posted by: |

Reading through these reviews I see a common theme: a bunch of people whining that they weren't able to open an account. C'mon people, it's an ONLINE BANK. They don't know you like your local bank knows you. Of course they have to go through stricter ID verification to open an account. And for those whiners saying "oh I have such great credit, why did they deny me?!?", NEWS FLASH. Your credit score doesn't determine whehter you can open a bank account. Banks use reports like Telecheck, Chexsystems, or EWS. You could have an 800 credit score, but if you wrote a bad check when you were 18, or left a negative balance at another bank, you're not going to pass the app. Stop saying it's the bank's fault you didn't pass and get to the bottom of WHY there's an issue with your report. I was a little worried when I saw all these terrible reviews, but then I did my homework and saw that they have hundreds of reviews on other sites from actual customers, which hold more weight than disgruntled peopled who couldn't pass the app. Anyway, glad I gave them a try. Great rates, and no issues yet!

12

Account Opening Challenges

Posted by: |

(Note: Subsequent update to this review posted in comments section underneath the review)

I tried opening an account online and received the following message:

"We apologize for the inconvenience, but there is a problem with the accuracy of the information you provided.

In order to provide the highest levels of security around your personal information, we cannot proceed with the account opening process.

If you have questions please contact us using the information below:

Phone: 855-55-BANK5
Email: [email protected]"

I provided accurate information on the application so it was bizarre to get this message. When I called the customer service number, the representative told me bluntly that I would get a letter in the mail telling me why I was denied an account and that there was nothing that he or I could do to reverse the decision!

I was shocked at this as I am a public servant with unimpeachable credentials and I have never been denied credit or an account before. I suppose it's better that I wasn't able to open an account as the customer service was appalling.

21

Account Application

Posted by: |

At first I was very excited to see if the interest rates were for real and give this bank a trial run with a checking/savings accounts. When I applied I had the same problem as a few other people that are commenting here. I was denied for applicant authentication issues. I knew this was a problem before applying, because I did my research. So I made it a priority to make sure everything was accurate when applying. They asked me if I wanted to re-apply, but for now I'm just annoyed. It shouldn't be this difficult to open an account so unfortunately I will not be trying this bank out. In my experience, If there are issues from the beginning, there will be issues in other areas.
Thanks

27

Easy Account Opening

Posted by: |

On-line application/enrollment was straightforward and as expected - no issues whatsoever. Application process/pages were actually organized better than most.
Note that12m CD has a 180d early withdrawal penalty - larger than normal. But... great rate.
Also, other bank rating agencies give them 5 stars.

1
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Health
B+

Data as of Q2 2022

Data displayed below is for insuring bank: BankFive
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #23286
Year Established1855
Employees217
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.62%
Return on Equity - YTD7.95%
Annual Interest Income$23.3MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.62B$1.33B
LoansQ2 2022vs Q2 2021$1.25B$982.3MM
DepositsQ2 2022vs Q2 2021$1.27B$1.17B
Equity CapitalQ2 2022vs Q2 2021$105.9MM$102.4MM
Loan Loss AllowanceQ2 2022vs Q2 2021$9.6MM$7.6MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$1.9MM$2.2MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Bank5 Connect; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank5 Connect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*$100*$1mHigh-Interest Savings
OTHER TIERS: 1.49% → $1m+

Bank5 Connect Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.70%$100-High-Interest Checking

Bank5 Connect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.80%$500-6 Month CD
3.30%$500-24 Month Investment CD
3.20%$500-18 Month CD
3.20%$500-21 Month CD
3.10%$500-12 Month CD
2.85%$500-15 Month CD
0.85%$500-36 Month CD
Locations

Bank5 Connect is an Internet only bank and does not have branch locations. Its headquarters is located at 79 North Main Street - Fall River, MA 02720

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.