Featured Savings Rates
Featured Accounts

Bank5 Connect

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
2.10%2-year CD24 Month Investment CD
1.75%18-month CD18 Month Connect CD
1.45%6-month CD6 Month Connect CD

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

Posted by: Devad | Oct 26, 2013

(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

Review Of Bank5 Connect

Posted by: rdboulder | Nov 29, 2017

Stay away unless you wan hassles just to open the account. We've opened other on-line accounts with the usual ID material with no problems. Not this inflexible bank. We have FICO scores in the low 800's, never have paid a bill late, never bounced a check, yet ultimatley i was declined. It is an ID problem they told me.....that is garbage (we're in our seventies and have live here for 10+ yerars and passed all their on-line security questions and I even offered to furnish additional ID information and they said "no". Stay away unless you want hassles,

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Health

Health Grade Components

Overall
FDIC Certificate #23286
Year Established1855
Employees185
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.4%
Return on Equity - YTD4.21%
Annual Interest Income$22.3MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$858.0MM$845.0MM
LoansQ3 2017vs Q3 2016$636.0MM$591.8MM
DepositsQ3 2017vs Q3 2016$737.1MM$724.8MM
Equity CapitalQ3 2017vs Q3 2016$82.2MM$81.0MM
Loan Loss AllowanceQ3 2017vs Q3 2016$6.8MM$6.1MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$2.6MM$4.9MM
Real Estate OwnedQ3 2017vs Q3 2016$154.00K$190.00K
Rates
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Bank5 Connect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$100-Savings Account

Bank5 Connect Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.76%$100-Checking Account

Bank5 Connect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.10%$500-24 Month Investment CD
1.75%$500-18 Month Connect CD
1.50%$500-36 Month Connect CD
1.45%$500-6 Month Connect CD
1.00%$500-12 Month Connect 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