Bank5 Connect Review – Forbes Advisor

Bank5 Connect Review – Forbes Advisor

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BankFive is a Massachusetts-based neighborhood financial institution that’s been working since 1855. However even if you happen to’re exterior of BankFive’s house area in New England, you possibly can nonetheless benefit from among the financial institution’s services and products by way of Bank5 Join, the web division of BankFive established in 2013. Bank5 Join presents a number of key merchandise to cowl your primary banking wants.

This evaluate focuses on Bank5 Join’s on-line services and products for private banking.

Account Fundamentals

Financial savings

The Excessive-Curiosity Financial savings account presents 0.55% APY on balances of $100 or extra. A $10 deposit is required to open an account. There are not any upkeep charges. This account could be related to a Bank5 Join checking account to function overdraft safety. It doesn’t cost for overdraft transfers from the linked account.


Bank5 Join’s Excessive-Curiosity Checking account presents 0.20% APY on balances of $100 or extra. The account doesn’t cost upkeep charges, and you’ll open an account with a deposit of simply $10. Digital statements are free, however you pay $1 per assertion per 30 days if you happen to select mailed statements. Your first order of primary checks is free.

Transferring funds to and out of your Bank5 Join Checking account and your accounts at different monetary establishments is free.

Overdraft safety is offered without spending a dime if you happen to hyperlink your checking account to a Bank5 Join financial savings account. The checking account has a each day buy restrict of $1,000.


Bank5 Join presents certificates of deposit (CDs) with phrases starting from six to 36 months. The minimal deposit is $500. APYs vary from 0.45% to 0.65%, relying on the CD time period. There are not any month-to-month charges, however there are penalties for early withdrawals.

There’s additionally the 24-Month Funding CD, an add-on CD that permits you to deposit further funds at any time through the two-year time period. The minimal deposit of $500 additionally applies to this CD, and the APY is 0.60%.

Entry on the Go

Bank5 prospects have entry to 1000’s of surcharge-free ATMs within the SUM nationwide ATM community. Bank5 doesn’t cost a charge for utilizing an ATM exterior of its community, and it reimburses as much as $15 per assertion cycle for charges charged by out-of-network ATMs. There’s a $500 per day restrict for checking account ATM withdrawals.

Bank5 Join presents a cellular app for Apple and Android gadgets. It will get 5 (out of 5) stars on the App Retailer and 4.three stars on Google Play. The app options cellular deposit, invoice pay, peer-to-peer cash switch and an ATM locator. It additionally presents Fast Steadiness updates, which you’ll view with out having to log in to the app. In the event you use Apple Pay, you possibly can join your debit card to your cellular pockets.

Extra options can be found on the financial institution’s on-line banking platform, which presents the flexibility to view statements, switch cash between Bank5 Join accounts or exterior accounts, request cease funds, view copies of cleared checks and extra. You may also chat with a customer support consultant.

Bank5 Join boasts a Massachusetts-based customer support group accessible on-line and by cellphone. A number of customer support representatives communicate a couple of language.


  • Aggressive APY for financial savings accounts and CDs
  • Doesn’t cost for inner or exterior transfers
  • Provides free overdraft safety
  • No month-to-month charges
  • Low minimal stability necessities
  • Reimbursement of out-of-network ATM charges
  • Extra insurance coverage on high of FDIC protection by way of Massachusetts Depositors Insurance coverage Fund


  • Stay customer support solely accessible throughout East Coast enterprise hours
  • No customer support on federal holidays
  • Month-to-month charge ($1) for paper statements
  • No curiosity accrues on financial savings balances under $100

How Bank5 Join Stacks Up

Bank5 Join presents aggressive charges for its accounts, and the supply of a high-yield checking account makes this financial institution a sexy selection to your checking and saving exercise. Its personable customer support (every service staffer has an in depth bio accessible on-line) is a significant plus for individuals who search help. Nonetheless, its restricted service hours might make this financial institution a greater match for individuals who are comfy with a self-serve digital banking surroundings.

Ceaselessly Requested Questions (FAQs)

Is Bank5 Join FDIC insured?

Sure, Bank5 Join is insured by the FDIC (FDIC# 23286). The FDIC covers balances as much as $250,000 per depositor, per possession class. Bank5 Join additionally insures quantities above that by providing Massachusetts Depositors Insurance coverage Fund (DIF) safety on its accounts. There is no such thing as a restrict to the stability that’s protected.

Residents of any state besides Massachusetts or Rhode Island who’re 18 or older can open an account. In the event you dwell in Massachusetts or Rhode Island, you aren’t eligible, however you possibly can open an account with BankFive, a neighborhood financial institution.

How can I deposit cash into my Bank5 Join accounts?

You will have a number of choices for shifting cash into your accounts. You’ll be able to arrange direct deposit to your financial savings or checking account, request an exterior funds switch from one other financial institution or credit score union or use the cellular app to deposit a verify. You may also deposit a verify by U.S. mail or name customer support for deposit help. You can’t deposit funds at an ATM.

Are checks included with my checking account?

Sure. Bank5 Join supplies your first order of primary checks without spending a dime. You’ll be able to order further checks on-line.

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