Bank5 Connect
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 2.70% | 2-year CD | 24 Month Investment CD |
| 1.75% | 18-month CD | 18 Month Connect CD 2.55% - Ally Bank High Yield 18-Month CD |
| 1.45% | 6-month CD | 6 Month Connect CD 0.68% - National Average |
Related Posts
7/16 - Bank5 Connect Increased Savings Account Rate To 2.05% APY
7/13 - Bank5 Connect 12-Month CD Rate Leaps Up
7/12 - Bank5 Connect 12-Month CD - 2.55% APY With Full Deposit Insurance
7/12 - Bank5 Connect 2.55% APY 12-Month CD Special
4/26 - Bank5 Connect 24-Month CD Has Unlimited Deposits
10/14 - Bank5 Connect Adds Nationally Available 18-month Special Rate 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
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!
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.
No Dice So Sad
I applied for savings about 5 days ago, but got declined, called CS and they said once you get declined there's no way to manually verify you with ID/utility bill, and they use Equifax, Chexsystems which I already had unfrozen, but CS suspected since I just got declined at another bank (I have my files frozen) it may have triggered a fraud alert of some sort. So I waited about a week, reapplied and completed the application added my external checking account info. and the site said the application will be reviewed. Waited 2 days, sent CS a message, they responded by saying I was declined, they use Transunion, and to email CS ID and utility bill before reapplying online.
I know I contributed to having my credit files frozen, but they gave me bad info and they could have asked for paperwork instead of just immediately declining me (service, I want service I tell you, I am an entitled american), with a "that's the way it is" attitude.
But I guess it's for the best, I just got approved for Vio savings with 10 more points :) c'est la vie
Data as of Q2 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23286 |
| Year Established | 1855 |
| Employees | 187 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.43% |
| Return on Equity - YTD | 4.79% |
| Annual Interest Income | $15.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2018vs Q2 2017 | $913.9MM$856.5MM |
| Loans | Q2 2018vs Q2 2017 | $688.0MM$634.9MM |
| Deposits | Q2 2018vs Q2 2017 | $789.0MM$741.8MM |
| Equity Capital | Q2 2018vs Q2 2017 | $81.6MM$81.1MM |
| Loan Loss Allowance | Q2 2018vs Q2 2017 | $6.6MM$6.6MM |
| Unbacked Noncurrent Loans | Q2 2018vs Q2 2017 | $1.5MM$3.9MM |
| Real Estate Owned | Q2 2018vs Q2 2017 | $750.00K$349.00K |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Bank5 Connect Increased Savings Account Rate To 2.05% APY
Bank5 Connect 12-Month CD - 2.55% APY With Full Deposit Insurance
-No monthly maintenance fees
-FDIC insured for up to $250,000, and DIF insured for any amount over $250,000 (learn more about DIF insurance here: http://www.bank5connect.com/home/misc/fully-insured-deposits)
Bank5 Connect 2.55% APY 12-Month CD Special
http://www.bank5connect.com/home/cds
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.
Bank5 Connect Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.05% | $100 | - | Savings Account |
Bank5 Connect Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.76% | $100 | - | Checking Account |
Bank5 Connect CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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 |
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