Last Updated: 04/18/2025
Bank5 Connect High-Interest Savings Account
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in Savings Accounts from Bank5 Connect
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
1.50%(Verified 06/21/2024)
Minimum Opening Deposit
$10
Minimum Balance to Earn APY
$100
Bank5 Connect High-Interest Savings Account Review
Bank5 Connect High-Interest Savings Account is offered by Bank5 Connect, a bank founded in 2013 and based in Fall River, MA. Bank5 Connect High-Interest Savings Account are available in 50 states and Washington, DC.
Key Takeaways
- High yield savings. This account offers an annual percentage yield of up to 1.50%, which is much higher than the average interest rate for a savings account. However, you must meet minimum balance requirements for higher APYs.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Small minimum initial deposit. You only need $10.00 to open an account.
Bank5 Connect High-Interest Savings Account Pros & Cons
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Bank5 Connect High-Interest Savings Account FAQ
Are savings accounts from Bank5 Connect federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does Bank5 Connect offer a signup bonus?
Bank5 Connect High-Interest Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for Bank5 Connect High-Interest Savings Account?
The minimum deposit to open a Bank5 Connect High-Interest Savings Account is $10.00.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $10.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Bank5 Connect High-Interest Savings Account offer?
Bank5 Connect High-Interest Savings Account offers an APY of 1.50% (APY stands for annual percentage yield, rates may change). This is much higher than the average savings account rate.
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Bank5 Connect High-Interest Savings Account charge?
Bank5 Connect High-Interest Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
- Bank5 Connect High-Interest Savings Account charges $1.00 every time you request a paper statement.
What features and perks does Bank5 Connect High-Interest Savings Account offer?
This savings account includes the following features:
- Mobile Banking Services - Bank5 Connect High-Interest Savings Account allows you to manage your money online or with a mobile app.
Can you set up a direct deposit to Bank5 Connect High-Interest Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Bank5 Connect High-Interest Savings Account?
The customer support email for Bank5 Connect High-Interest Savings Account is marketing@bank5connect.com.
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Hours of Operation
Sunday
11:00AM - 3:00PM
Monday
7:30AM - 5:00PM
Tuesday
7:30AM - 5:00PM
Wednesday
7:30AM - 5:00PM
Thursday
7:30AM - 7:00PM
Friday
7:30AM - 7:00PM
Saturday
7:30AM - 3:00PM
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Other Savings Accounts from Bank5 Connect
Rating not yet determined
APY (Annual Percentage Yield)
5.10%
Disclaimer popup with additional information
Minimum Opening Deposit
$25,000
Minimum Balance to Earn APY
$25,000
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