Bank5 Connect
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.30% | 2-year CD | 24 Month Investment Connect CD |
| 0.85% | 6-month CD | 6 Month Connect CD 0.40% - National Average |
| 0.76% | Checking | Checking Account 0.14% - National Average |
Related Posts
10/10 - Bank5 Connect Offers a 6-Month CD Special with a Top Rate
9/13 - Bank5 Connect Raises Its Online Checking Account Rate
9/11 - How Add-On CDs Can Benefit Savers
9/4 - Launching of a New Internet Bank - My Interview with a Bank5 Connect Manager
8/10 - Has Anyone Has Experience With This Bank Yet?
8/2 - New Internet Bank with Savings, Checking and CD Accounts - Bank5 Connect
Great So Far
Just as others indicated, I was declined at first, but i actually knew the reason why i was declined before they emailed me, it was because i misspelled my name, so i emailed them and they responded back confirming and asking me to re-submit another application, couple days later i connected via live chat to check on the status of my application, then unexpectedly i was asked to confirm that i have no connections with some politician in Europe, I LOL'ed and confirmed, my account then has finally been approved. It's been only 2 weeks now, so i haven't used much of their services, except for mobile deposits but so far i m satisfied.
Account Opening Challenges
(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: customerservice@bankfive.com"
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.
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
Either Bad, Or Worse, A Phishing Scam
Just thought to chime in that as someone with an 800+ credit score and considerable savings I was just itching to give these guys, I've been denied via a rather incomprehensible letter in the mail that doesn't explain anything, and in a way, contradicts itself.
Come to think of it, I'm glad that I never got a chance to give my money to this "bank" (aside from my "initial deposit" which is still being "processed"), and rather concerned that they now have my sensitive info. Judging by the reviews here (click "view more reviews" below, and don't fall for the two suspicious positives that somehow always appear on top), I can't help wondering if this is all a scam to begin with.
Data as of Q2 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23286 |
| Year Established | 1855 |
| Employees | 186 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.35% |
| Return on Equity - YTD | 3.69% |
| Annual Interest Income | $14.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2017vs Q2 2016 | $856.5MM$832.7MM |
| Loans | Q2 2017vs Q2 2016 | $634.9MM$586.0MM |
| Deposits | Q2 2017vs Q2 2016 | $741.8MM$713.2MM |
| Equity Capital | Q2 2017vs Q2 2016 | $81.1MM$80.7MM |
| Loan Loss Allowance | Q2 2017vs Q2 2016 | $6.6MM$6.1MM |
| Unbacked Noncurrent Loans | Q2 2017vs Q2 2016 | $3.9MM$3.8MM |
| Real Estate Owned | Q2 2017vs Q2 2016 | $349.00K$51.00K |
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 |
|---|---|---|---|---|
| 0.90% | $100 | - | Savings Account |
Bank5 Connect Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.76% | $100 | - | Checking Account |
Bank5 Connect CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.75% | $500 | $100k | 18 Month Connect CD | |
| 1.50% | $500 | - | 36 Month Connect CD | |
| 1.30% | $500 | - | 24 Month Investment Connect CD | |
| 1.00% | $500 | - | 12 Month Connect CD | |
| 0.85% | $500 | - | 6 Month Connect CD |
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