Overview / Commentary
1-855-55BANK5
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.

Good Rates, No ACH For External Funding Sources To Connect Savings Acct.

Great rates from this bank and customer service is very responsive when calling. My only problem with this bank is there is no ability to do ACH transfers to or from your Bank5 Connect Savings Account unless you open a checking account. They seem to be able to do it when you open an account, it is strange to me that you can set up an external funding source, fund your initial deposit amounts via ACH, then no longer make ACH transfers in and out. I will deal with this for now because it is a great rate, but this would be a fantastic online bank if they could get an ACH option like every other online savings account player.

Good Customer Service, But Not Much Else

Posted by: DJC79 | Sep 26, 2018

I opened a checking and savings account. I made the minimum deposit of $10 for each account using my debit card with my current bank. As expected, the money was taken out of my account instantly.

I emailed customer service the next business day asking when I could expect to receive my login information. I was told it would be a couple days which was fine. I received my login information a few days later. I logged in and tried to set up bill pay, but a message popped up stating I did not have any eligible accounts.

I chatted online with customer service informing them of my situation. They informed me they hold the initial deposits and first mobile deposit for five business days. I had to wait until after the five business days hold before I could even set up bill pay.

The bill pay is simple, easy to use, and laid out well. However, electronic payments to billers take two days and checks take four business days to deliver. This is twice as long as other banks for both methods. In addition, they deduct the money from your account the send on date instead of the deliver by date like other banks.

You can get your eBills delivered to online banking like other banks, but not all of them. You are not able to get eBills from Synchrony Bank. This includes popular credit cards from Lowe's, PayPal, and Walmart. I closed my account because they did not meet my expectations.

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Health

Health Grade Components

Overall
FDIC Certificate #23286
Year Established1855
Employees187
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.43%
Return on Equity - YTD4.79%
Annual Interest Income$15.7MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$913.9MM$856.5MM
LoansQ2 2018vs Q2 2017$688.0MM$634.9MM
DepositsQ2 2018vs Q2 2017$789.0MM$741.8MM
Equity CapitalQ2 2018vs Q2 2017$81.6MM$81.1MM
Loan Loss AllowanceQ2 2018vs Q2 2017$6.6MM$6.6MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$1.5MM$3.9MM
Real Estate OwnedQ2 2018vs Q2 2017$750.00K$349.00K
Rates
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Bank5 Connect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.05%$100-Savings Account

Bank5 Connect Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.76%$100-Checking Account

Bank5 Connect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
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
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

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 feedback@depositaccounts.com 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.