Bank5 Connect

Deposits held and insured by BankFive

Overview / Commentary
79 North Main Street
Fall River, MA 02720
Deposits held and insured by BankFive

Related Posts

21 Month CD Rate - 4/13/2022

Just saw that they have a 21 month CD with APY of 1.50% with minimum deposit of $500 on their Web site.

Bank5 Connect Ups Nationally Available 36-Month CD Rate - 8/25/2021

Bank5 Connect (internet division of BankFive) has added 30 bps to its nationally available 36-month CD. Minimum opening deposit is $500, with no stated balance cap.

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Bunch Of Whiners On Here

Posted by: |

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!

Beneficary Restriction

Posted by: |

I opened a 36 months CD in July 2019. The process was okay, just has trouble with the personal questions for verification, as I am listed with one of my daughters and she moved a lot. Once the account was opened and funded (I choose the mini deposits route), had to wait for snail mail before I could create a logon account. A week after opening, finally the CD # and logon information came. After creating the logon account, I attempted to assign beneficiaries. I was told by phone, only one beneficiary PER ACCOUNT! It is a Massachusetts thing for all banks! I had to send an online secure mail requesting the beneficiary form, which I received by secure email. I decided to open another equivalent 36 months CD (interest rate had dropped from 2.90% to 2.75% by then) so that the other daughter would be beneficiary of said CD. This time I choose the "quicker" way (you had to give the userid and password to the funding bank account - I changed it after the funding was complete. Still took as long as the slower way. If you are expecting to name more than one beneficiary to the CD, be prepared to open multiple CDs for each one. I am off to get the forms notarized to do either secure email or snail mail. Still going! I gave four stars because this is a first setback I encountered.

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.

Thinking Bank5? Think Twice

Posted by: |

I've had a bank5 connect checking account for a while and i would not recommend it, here is why, but let's talk about the pros first:

Decent interest rate (not the best)
ATM fees reimbursement (up to $15)

Now the cons:

It took forever to open a checking account, they denied my application at first and required more documents for no reason, so i had to re-apply and it took about 4 weeks (that was in 2015, their process might have changed now)

Limited support, their customer service is only available during business hours, so if your card is stolen or you need to increase your daily limit or contact them for any other issues outside of business hours, you are screwed.

Their website and mobile app lacks features and not easy to navigate.

Mediocre processes and practices- in 2017 i tried to use my debit card to make a purchase and it was declined, i call customer service (luckily it happened during business hours) and i was told my card has been canceled and they already sent a letter and a replacement card which i never received and that if i want a new one i have to pay a $70 fedex overnight delivery fee, i refused to pay and asked to be transferred to a manager, and he finally waived the fees, but still very inconvenient and such a pain. Also not too long ago, they changed their banking platform and all customer settings were reset, including debit transactions notifications.

They use a third party fraud detection company which royally sucks (I work in InfoSec), their fraud detection algorithm is bullshit, they would sometime suspend my debit card just because i made a transaction of ~1$ at CVS so you have to call them and go through the stupid automatic recording and sometimes get transferred to an agent (last time i had one ask for my social security, wtf?).

Now this was my ultimate nightmare, i purchased a condo in May 2019 and i had to wire-transfer my down payment to the title company, so i log in to initiate the transfer and i couldn't find the option, i picked up the phone and called customer service and boom i was told that they don't offer wire-transfer services!!! what kind of bank doesn't offer wire-transfer services in 2019? the agent suggested he mail me a certified check because it has worked for other customers, which he did and i ended up paying $70 for fedex overnight delivery, only to find out that my state law doesn't allow title companies to accept checks more than $50k. So bank5 screwed my closing day twice. I finally figured it out and closed but it was a nightmare. A NIGHTMARE.

Well i can name a few more cons but that should make you think twice if you are thinking about opening a bank5 connect checking account, because this bank is a joke.



Data as of Q4 2021

Data displayed below is for insuring bank: BankFive
Learn why bank health matters

Health Grade Components

FDIC Certificate #23286
Year Established1855
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.92%
Return on Equity - YTD11.07%
Annual Interest Income$42.3MM
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$1.45B$1.22B
LoansQ4 2021vs Q4 2020$1.08B$923.5MM
DepositsQ4 2021vs Q4 2020$1.23B$1.09B
Equity CapitalQ4 2021vs Q4 2020$129.1MM$99.0MM
Loan Loss AllowanceQ4 2021vs Q4 2020$8.3MM$7.0MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$1.6MM$2.1MM
Real Estate OwnedQ4 2021vs Q4 2020$0$0
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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.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank5 Connect Savings Account Rates

0.40%$100-High-Interest Savings

Bank5 Connect Checking Account Rates

0.20%$100-High-Interest Checking

Bank5 Connect CD Rates

1.50%$500-21 Month CD
1.20%$500-15 Month CD
0.85%$500-36 Month CD
0.50%$500-24 Month Investment CD
0.45%$500-18 Month CD
0.40%$500-12 Month CD
0.35%$500-6 Month 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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.