Along with paying 0.20% APY on balances of $100 and over, Bank5 Connect’s checking product offers Purchase Rewards. This no-cost program lets you earn cash back when you use your Bank5 Connect debit card at participating retailers and restaurants. It’s relatively rare to find a checking account that offers both interest and cash back.
Generally, Bank5 Connect offers a winning combination of attractive rates and low minimum deposit requirements across its products. It requires only $10 to open a savings or checking account and a relatively easy-to-meet $500 minimum deposit requirement to open a CD. There are no monthly maintenance fees on any of its accounts.
The bank requires that you maintain a minimum daily balance of $100 to earn interest on savings or checking. But regardless of your balance—whether it’s $1 or $1 million—it insures all of your deposits. On top of the usual $250,000 of FDIC insurance, it offers coverage through the Massachusetts Depositors Insurance Fund (DIF), and there are no limits, in the event of a bank failure. Coverage is automatic and free and there are no residency requirements.
Customers of the bank get access to thousands of surcharge-free ATMs through the SUM Network. Plus, Bank5 Connect never charges for using an out-of-network ATM. It even reimburses up to $15 per statement cycle for ATM surcharges from other banks.
Read our full Bank5 Connect review.
Details
Bank5 Connect offers a checking account, savings account and CDs with terms from six months to 36 months. The mobile app gets 5 stars out of 5 on the App Store (notably, it only has 30 total ratings) and 4.2 out of 5 stars on Google Play (192 ratings). Residents of Massachusetts and Rhode Island are not eligible to open an account at Bank5 Connect, but they are eligible to open an eAccess Checking account, eAccess Savings account and CDs—which all have the same minimum requirements—with BankFive, the community bank based in Massachusetts. Rates at BankFive may be higher or lower than rates at Bank5 Connect, depending on the product you choose.
With the Purchase Rewards program, the more you use your debit card, the more offers you are likely to receive—offers are matched to your spending habits. Cash-back offers are available for limited time frames and you must activate them within the app before using your connected card to redeem the offer. You’re enrolled in the program automatically when you open a checking account.