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Bank5 Connect

Popular Accounts at this Bank

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

Slightly Above Expectations

Posted by: aelxnervo | Oct 17, 2016

I've switched bank after bank after bank deciding which one was right for me, in doing so my Chexsystem score was 112 out of 100 - 900... I was hesitant to choose this bank at first because of $100 requirement in order to earn stated checking interest, but it became very easy for me to do this versus making 20 signature based transactions for other stated interest checking accounts. Although lower, definitely worth my time! My favorite feature is the secure message feature, which I think almost all banks have, but this one is exceptional in that Kyle is usually the one answering, and Kyle's the manager. So what he says is for real for real. The overdraft fee is a minimal $15, but be careful! They only excuse 1/year. And there's no budging (Chase would excuse every single one for me, if I pushed hard enough!) There system layout is pretty dated, but still manageable. They seek an outside provider to do external transfers, and your only allowed 5 accounts, and 1 transactions per outside account per day. (Chase allowed 25 accounts and unlimited transfers!) They're heavy on marketing; I think if they lowered their marketing just a bit, and increased the APY, they would have people flooding the Internet to set up an account, but who am to say how things should go and not go, I've only been deeply researching for 2 years.

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.

Having Zero Expectations Would Be Best

Time lines offered are false. I've been waiting 3 weeks for a debit card that was to be delivered in 5 days. Every time I call to check in and ask for a card to be sent out overnight I get a new story from Kyle the bank manager. I was assured if the card did not arrive by today a card would be sent out to me overnight. Well....... guess what, Kyle would like me to wait another week. I wouldn't recommend this banking institution based on their lack of reliable customer service.



Health Grade Components

FDIC Certificate #23286
Year Established1855
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
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Bank5 Connect Savings Account Rates

0.90%$100-Savings Account

Bank5 Connect Checking Account Rates

0.76%$100-Checking Account

Bank5 Connect CD Rates

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

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