Featured Savings Rates
Featured Accounts

Bank5 Connect

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.30%2-year CD24 Month Investment Connect CD
0.85%6-month CD6 Month Connect CD
0.76%CheckingChecking Account

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

Either Bad, Or Worse, A Phishing Scam

Posted by: Mikhail | Feb 12, 2017

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.

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Health

Health Grade Components

Overall
FDIC Certificate #23286
Year Established1855
Employees188
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.28%
Return on Equity - YTD2.95%
Annual Interest Income$20.9MM
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$845.0MM$814.4MM
LoansQ3 2016vs Q3 2015$591.8MM$556.9MM
DepositsQ3 2016vs Q3 2015$724.8MM$697.8MM
Equity CapitalQ3 2016vs Q3 2015$81.0MM$77.2MM
Loan Loss AllowanceQ3 2016vs Q3 2015$6.1MM$6.7MM
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$4.9MM$6.0MM
Real Estate OwnedQ3 2016vs Q3 2015$190.00K$0
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
1.50%$500-36 Month Connect CD
1.30%$500-24 Month Investment Connect CD
1.05%$500-18 Month Connect CD
1.00%$500-12 Month Connect CD
0.85%$500-6 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