Related Posts
7/16 - Bank5 Connect Increased Savings Account Rate To 2.05% APY
7/13 - Bank5 Connect 12-Month CD Rate Leaps Up
7/12 - Bank5 Connect 12-Month CD - 2.55% APY With Full Deposit Insurance
7/12 - Bank5 Connect 2.55% APY 12-Month CD Special
4/26 - Bank5 Connect 24-Month CD Has Unlimited Deposits
10/14 - Bank5 Connect Adds Nationally Available 18-month Special Rate CD
10/10/13 - Bank5 Connect Offers a 6-Month CD Special with a Top Rate
9/13/13 - Bank5 Connect Raises Its Online Checking Account Rate
9/4/13 - Launching of a New Internet Bank - My Interview with a Bank5 Connect Manager
8/10/13 - Has Anyone Has Experience With This Bank Yet?
8/2/13 - New Internet Bank with Savings, Checking and CD Accounts - Bank5 Connect
Bunch Of Whiners On Here
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!
Bank 5 Connect online
i decided to use Bank 5 Connect as a way to put away money into a checking account that i can use, aside from my primary checking account, to minimize security risks and internet fraud as i was primarily going to use this account for internet shopping . i decided to use this internet bank because after some research i heard that it provided a .75% interest on checking accounts if you keep a balance of grater or equal to $100. They also have no minimum to open an account. the setup process for a new account is fairly straight forward; you enter most of the pertinent information, provide supporting documentation and make a deposit to start the account. the hardest part of opening a new account was providing document information to confirm identity, namely, you have to provide a driver's license information or other type of state issued ID. Also, providing funds for the initial deposit was a bit cumbersome as their website does not seems to want to add information from a current bank online, in fact, after multiple tries to do this i ended up having to upload a bank statement from my current bank in order to make a initial $10 deposit. The bank statement also serves as a secured confirmation of identity. after providing a deposit you open the account and it works the same as most banks, except that there are to brick-and-mortar branches so deposit and withdrawals can be made online, or you can use ATMs participating in their network to get cash out. i use this account for internet shopping so taking cash out was not a big deal. They also provide you with an ATM card you can use and a web application - which needs work, but has all the main functions available. in summary, Bank 5 Connect serves its purpose in providing me with a simple means of accessing and transfering money over the internet without too much hassles and the need to visit a physical branch at any time.
Account Application
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
Rejected Application From Someone With An 825 Credit Score
Not sure how anybody gets accepted at this "bank". Just got two letters delivered on the same day informing me that my application was declined "based on something on your TransUnion credit report". I just pulled my report like I do every month and it's 100% clear, credit score is 825. Look elsewhere and don't bother with these fools. I suspect they're harvesting low-credit people so they can profit off of overdraft and other fees.
Data as of Q1 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23286 |
| Year Established | 1855 |
| Employees | 198 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.41% |
| Return on Equity - YTD | 4.68% |
| Annual Interest Income | $9.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $1.01B$888.1MM |
| Loans | Q1 2019vs Q1 2018 | $790.5MM$653.7MM |
| Deposits | Q1 2019vs Q1 2018 | $855.0MM$765.4MM |
| Equity Capital | Q1 2019vs Q1 2018 | $86.9MM$80.8MM |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $6.3MM$6.6MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $1.1MM$1.0MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $750.00K$750.00K |
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.
Bank5 Connect Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.05% | $100 | - | Savings Account |
Bank5 Connect Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.76% | $100 | - | Checking Account |
Bank5 Connect CD Rates
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