Bank5 Connect Offers High APYs Up to 4.40% on CDs, Outpacing Major Competitors

Bank5 Connect, the online division of Massachusetts-based BankFive, continues to attract attention in the online banking space due to its high interest rates and comprehensive customer service options. As of July 31, 2025, the institution offers checking accounts with an APY as high as 2.00%, savings accounts with rates up to 4.05%, and certificates of deposit (CDs) reaching 4.40% APY on six-month terms [1]. These yields significantly outperform those of major competitors like SoFi and Capital One [1].

The appeal of Bank5 Connect lies in its ability to combine high yield with low fees and 100% deposit insurance. Unlike the standard FDIC coverage, Bank5 Connect offers full insurance through the Depositors Insurance Fund (DIF), covering amounts beyond the $250,000 FDIC limit [1]. This makes it a unique option for individuals seeking a single institution to consolidate their savings and investments. The service is particularly appealing to those who prefer digital-only banking but still value the ability to engage in real-time customer support through video chat, live chat, and phone [1].

However, the bank is not suitable for all consumers. Residents of Massachusetts and Rhode Island are ineligible for Bank5 Connect accounts due to regulatory restrictions. Additionally, the institution lacks physical branches, which may be a drawback for individuals who prefer in-person banking experiences. Some accounts also require high minimum balances to qualify for the top APYs. For example, the Jumbo Savings account offers the highest APY of 4.05%, but it requires a minimum deposit of $25,000 [1]. Those who cannot meet this threshold receive a significantly lower rate.

Bank5 Connect’s money market account (MMA) offers a 3.03% APY with a $100 minimum balance requirement [1]. This makes it a versatile option for users who want the flexibility of a checking account with the interest benefits of a savings account. The MMA is particularly useful for those who frequently need to access their funds without sacrificing earnings potential.

The bank’s CD offerings include multiple term lengths, from 3 to 36 months, with the highest returns on the shorter-term deposits. The 36-month CD, however, offers a significantly lower APY of 0.85%, which may not be appealing for long-term savers [1]. This pattern is common among online banks, where short-term deposits are often more competitive than long-term options.

Bank5 Connect also offers a variety of credit cards and mortgage products through its parent company, BankFive, expanding its appeal beyond traditional savings and checking accounts [1]. The service has received positive reviews, particularly for its customer service responsiveness and ease of use. On Trustpilot, it holds a 4.3-star rating, with users praising the helpful and accessible support team [1].

Despite its advantages, the bank may not be ideal for consumers seeking a full-service banking experience that includes personal loans or auto loans, as these products are not offered through Bank5 Connect [1]. For users who prioritize in-person assistance, the lack of physical locations could also be a limiting factor. Additionally, while the absence of monthly account fees is a major plus, some accounts do charge for paper statements and other services.

In comparison to its competitors, Bank5 Connect stands out in terms of interest rates. The 2.00% APY on its checking account and 4.05% on savings significantly outpace the offerings of SoFi and Capital One [1]. The bank’s CD rates are also more competitive, particularly for the six-month term, which matches the highest CD rates in the industry [1].

In summary, Bank5 Connect is a compelling choice for individuals seeking high-yield accounts with full deposit insurance and no monthly fees. Its digital-first model is complemented by robust customer service options, making it a strong contender in the online banking space. However, potential users should weigh its limitations, including the lack of physical locations and high balance requirements for top-tier rates, before making a decision.

Source: [1] Bank5 Connect Review 2025: High-interest checking, savings, CDs, and more (https://fortune.com/article/bank5-connect-review/)