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Bank5 Connect

Overview / Commentary
79 North Main Street
Fall River, MA 02720

Related Posts

Bank5 Connect's High-Interest Savings APY Jumps - 7/17/2018

Bank5 Connect (internet bank) has raised the rate on its High-Interest Savings Account to 2.05% APY on balances of $100+. Minimum opening deposit is only $10.

Bank5 Connect Increased Savings Account Rate To 2.05% APY - 7/16/2018

Bank5 Connect increased their Savings Account rate to 2.05% APY today. The current rate does not appear to be guarenteed.

Bank5 Connect 12-Month CD Rate Leaps Up - 7/13/2018

Bank5 Connect (internet bank) has added 155 bps to its 12-month Connect CD (2.55% APY). $500 minimum deposit/$500k maximum deposit.

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Bunch Of Whiners On Here

Posted by: mishad | Apr 26, 2018

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.

Rejected Application From Someone With An 825 Credit Score

Posted by: Amadeo82 | Jan 8, 2019

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.



Health Grade Components

FDIC Certificate #23286
Year Established1855
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.41%
Return on Equity - YTD4.68%
Annual Interest Income$9.3MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$1.01B$888.1MM
LoansQ1 2019vs Q1 2018$790.5MM$653.7MM
DepositsQ1 2019vs Q1 2018$855.0MM$765.4MM
Equity CapitalQ1 2019vs Q1 2018$86.9MM$80.8MM
Loan Loss AllowanceQ1 2019vs Q1 2018$6.3MM$6.6MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$1.1MM$1.0MM
Real Estate OwnedQ1 2019vs Q1 2018$750.00K$750.00K
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Bank5 Connect Savings Account Rates

2.05%$100-Savings Account

Bank5 Connect Checking Account Rates

0.76%$100-Checking Account

Bank5 Connect CD Rates

2.90%$500-36 Month Connect CD
2.70%$500-24 Month Investment CD
2.55%$500-12 Month Connect CD
2.40%$500-21 Month CD Special
1.75%$500-18 Month Connect CD
1.45%$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

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