Bank5 Connect's 24-Month CD Has Unlimited Add-On Deposits


Availability: 24-month Investment CD (2.10% APY), $500 minimum opening deposit, unlimited deposits allowed throughout the term.

Availability: Nationwide, with the exception of Massachusetts and Rhode Island.

Bank5 Connect has just raised the rate on its 24-month Investment CD (2.10% APY) by 80 bps. This limited-time offer requires a minimum opening deposit of $500, with no stated balance cap. In addition to having a very competitive rate, the Investment CD features “flexible deposits: anytime, any amount!”

But with a Bank5 Connect Investment CD, you can transfer funds into your CD
anytime you like from an outside checking account or by simply mailing a check.

In a Live Chat, I confirmed that there are no limits on either the number of additional deposits allowed, or the amount of the additional deposit.

2.10%$500-Bank5 Connect24 Month Investment CD
Rates as of April 24, 2018.

As stated on the Investment CD promotion page,

There's an early withdrawal penalty on an Investment CD of 6 months of interest.

Last month, I wrote about Bank5 Connect’s 18-month Special Rate Connect CD (1.75% APY), which is still available. This limited-time offer requires a $500 minimum deposit, with no stated balance cap.

1.75%$500-Bank5 Connect18 Month Connect CD
Rates as of April 24, 2018.

As stated in the CD FAQs, the Early Withdrawal Penalty reads as follows.

There is an early withdrawal penalty on a Connect CD of 3 months of interest for
terms less than one year and 6 months of interest for terms of one year or greater.


Bank5 Connect is an internet division of BankFive, a Massachusetts-based bank. Bank5 Connect offers its product line online to all U.S. citizens and resident aliens, 18 years or older, with the exception of those who live in Massachusetts or Rhode Island.

Opening an Investment CD must be done using the Bank5 Connect’s online application.

When I first wrote about Bank5 Connect in 2013, beneficiaries could not be designated on the online application. Unfortunately, that has not changed. According to CSR,

You cannot name a beneficiary on the application, but you can request the form
once the account is opened. It would need to be notarized and returned to us.

Funding can be done by ACH (maximum $500k), by credit card, or by mailing a check.

As I mentioned in my October blog post about Bank5 Connect, some DA readers have posted unfavorable reviews Bank5 Connect. Many of those reviews are related to the account opening process, specifically problem in verifying identities and incorrect information based on bad Equifax data. Caveat emptor.

Bank Overview

As an online division of BankFive, Bank5 Connect operates under BankFive’s FDIC Certificate and shares BankFive's financial history.

Bank5 Connect/BankFive has an overall health grade of "A" at, with a Texas Ratio of 4.84% (excellent), based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $28.58 million, excellent annual growth rate of 4.07%. Please refer to our financial overview of Bank5 Connect/BankFive (FDIC Certificate # 23286) for more details.

BankFive was founded in 1855 as the Fall River Five Cents Savings Bank, one of the first Five Cent Savings Banks in America. The “Five Cent” moniker was chosen because these banks required only a 5¢ deposit to open an account. BankFive is currently the 45th largest bank in Massachusetts, with assets in excess of $856 million.

Bank5 Connect made its debut in July 2013 and was “named one of the Best Online Banks of 2017 and Editor's Pick for Top Customer Service

How the Investment CD Compares

When compared to the 197 similar length-of-term CDs tracked by, which require a similar minimum deposit and are available nationwide, Bank5 Connect’s 24-month Investment CD APY currently ranks second. The unlimited additional deposits throughout the term of the CD only enhances its value.

The above rates are accurate as of 11/16/2017.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

Related Pages: Providence CD rates, 5-year CD rates, nationwide deals, Internet banks

aaa   |     |   Comment #1
Lately there are few "add-on" certificates/CDs coming up. This CD looks like a reasonable deal.
Scratchin' Me Head
Scratchin' Me Head   |     |   Comment #2
How is a bank located in Massachusetts not available to residents of Massachusetts?
DCGuy   |     |   Comment #3
The online division is unavailable to MA residents because the primary customer target is to the rest of the USA. The B&M offices cater to the MA residents.
Scratchin' Me Head
Scratchin' Me Head   |     |   Comment #4
Indeed, but a quick check of the website shows that the rate for the equivalent 2 year investment CD is only 0.65% APY. Separate but not equal!
anonymous   |     |   Comment #5
same issue as many other complains: opening process. It can not verify my funding account by user name and pwd even though I can use the same to log into my funding account. It asked to use trial deposit and then told me that the funding my account is not permitted, and ask me to send a check. I have never experienced this before.
thowellIII   |     |   Comment #6
A few notes for those thinking of opening in addition to the above. If you intend to use the add-on feature, I would strongly recommend applying for a checking account at the same time. It's a no-fee, low minimum ($10) account that earns 0.76% APY (if the balance is $100 or more--although that is only 6 cents or so per month on $100). The bank will throw in an order of 50 checks at no charge.

The rationale: Once the CD account is opened, you cannot ACH into it. According to a CSR: "You can use the Checking account's external transfer ability to transfer funds into your Checking, and then move the funds to your CD." The alternative way to add funds: mail a check, but that might be less convenient (and certainly is less convenient at maturity).
Bogie   |     |   Comment #7
Applied for a 24Mo@2.10% APY CD online last week. Lengthily application especially as a joint account. The security process when opening a new account online account is the tightest I've come across. I funded the account by sending a paper check which was credited to my Acct. this week with a couple of days accrued interest already.

The whole process went smoothly.
DCGuy   |     |   Comment #8
Note that starting in January 2018, there is a $1 fee for mailed statements for the checking and savings accounts. Their rates have not changed for over a year despite other banks raising their rates.
Bank5 Connect Adds Nationally Available 18-month Special Rate CD
Availability: 18-month Special Rate Connect CD (1.75% APY), $500 minimum deposit.

Availability: Nationwide, with the exception of Massachusetts and Rhode Island.

Bank5 Connect has added an 18-month Special Rate ConnectCD that earns 1.75% APY. This limited-time offer requires a $500 minimum deposit, with no stated balance cap.

As stated in the CD FAQs, the Early Withdrawal Penalty reads as follows.

There is an early withdrawal penalty on a Connect CD of 3 months of interest for
terms less than one year and 6 months of interest for terms of one...

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Bank5 Connect has just come out with a special rate on its 2-year add-on CD that it calls the 24-month Investment CD. The new special rate is 1.25% APY which is 10 basis points higher than the old standard rate. Minimum deposit is $500. It allows additional deposits of any amount at anytime during the term of the CD. You can also set up automatic deposits from your Bank5 Connect’s checking or savings account into this Investment CD.

This special rate is accurate as of 10/30/2013. It’s a limited time offer.

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Update 10/16/13: The limited-time 6-month CD special has ended. The 6-month CD rate has fallen back to 0.90%.

Bank5 Connect has started to offer a 6-month CD special with a very competitive rate. The 6-month CD has a 1.10% APY. Minimum deposit is $500, and the maximum deposit for this promotional offer is $100,000 per customer. This promotional rate is accurate as of 10/10/2013. It’s a limited time offer. Visit Bank5 Connect's website's CD page to apply for this offer.

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  • There’s no monthly maintenance fee
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