Bank5 Connect
Related Posts
7/27 - Bank5 Connect Significantly Boosts 15-Month CD Rate
9/15 - Unicorn Sighting Add-On CD Up To 3.30%
8/15 - Increase In Savings Rate To 1.50%
8/15 - Bank5 Connect Dramatically Increases 24-Month Add-On CD Rate
8/12 - Bank5 Connect Significantly Boosts Rates On 15- and 18-Month CDs
8/11 - CD Rates Up
7/29 - Bank5 Connect Nearly Doubles 21-Month CD Rate
6/17 - Bank5 Connect Boosts 15-Month CD Rate
4/13 - 21 Month CD Rate
1/23/20 - 24 Month Add On CD
8/15/19 - Bank5 Connect 24 Mth Investment CD Now 2.45%
7/22/19 - Bank5 Connect's 24-Month Investment CD (Add-On) Remains Competitive
7/17/18 - Bank5 Connect's High-Interest Savings APY Jumps
7/16/18 - Bank5 Connect Increased Savings Account Rate To 2.05% APY
7/13/18 - Bank5 Connect 12-Month CD Rate Leaps Up
7/12/18 - Bank5 Connect 12-Month CD - 2.55% APY With Full Deposit Insurance
7/12/18 - Bank5 Connect 2.55% APY 12-Month CD Special
4/26/18 - Bank5 Connect 24-Month CD Has Unlimited Deposits
11/16/17 - Bank5 Connect's 24-Month CD Has Unlimited Add-On Deposits
10/14/17 - Bank5 Connect Adds Nationally Available 18-month Special Rate CD
11/9/14 - Bank5 Connect Does Not Show Up In 'Compare Personal Checking Accounts' Search
10/30/13 - Bank5 Connect’s Special Rate on Its 2-Year Add-On 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
A Great Experience
I had no problems opening an account with Bank5. It took 3 or 4 days, but that's the norm now since the government has put pressure on banks to deter money laundering. The bank did everything I asked, and the best part is they provide unlimited insurance above FDIC limits.
I've dealt with many other banks, and Bank5 rates in the top two or three in satisfaction.
And, no, I'm not an employee.
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!
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: [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.
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
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23286 |
| Year Established | 1855 |
| Employees | 226 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.34% |
| Return on Equity - YTD | 5.4% |
| Annual Interest Income | $71.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $1.81B$1.71B |
| Loans | Q4 2023vs Q4 2022 | $1.42B$1.34B |
| Deposits | Q4 2023vs Q4 2022 | $1.31B$1.32B |
| Equity Capital | Q4 2023vs Q4 2022 | $119.5MM$107.7MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $8.6MM$10.2MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $1.5MM$1.5MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |