Pros / It has the best interest rate for a basic checking account.
Cons / It doesn't extend loans and credit cards.
Verdict / Competitive interest rates for checking and savings accounts make Bank5 Connect a good choice for your online-only banking.
Although it doesn't extend any loans or credit cards, Bank5 Connect is a good choice for your online banking because it has a terrific checking account. It's $10 to open and only requires a $100 minimum balance to earn interest, which is the highest interest rate we saw, beating out banks like iGoBanking and Radius Bank.With your checking account, this online bank provides you with a free first order of checks and a debit card that's connected to a rewards program in which you can earn points that are redeemable for gift cards and other items. You can withdraw money from your checking account using ATMs in the SUM network, which has several thousand ATMs in the US, without incurring a fee. Bank5 Connect provides ATM reimbursements for up to $15 per statement cycle.
This bank offers great interest rates on its online saving account. Like the checking account, it costs $10 to open an account and you can earn interest when your balance is over $100. Like all of the savings accounts we reviewed, you're limited to six transactions per month and there's a $10 fee per additional transaction. One of the benefits of opening a both a checking and savings account with this bank is that you can link them together and use your savings account to cover overdrafts from your checking account.
Bank5 Connect doesn't offer money market accounts and its CD accounts are more limited than most of the online-only banks that we reviewed. Its CD account terms range from six to 36 months; there are no three- or 60-month term options available. However, its interest rates for CDs are on par with CDs from the top online banks.
Bank5 Connect is FDIC insured, which means that your money is safe and can be recovered if the bank fails. This bank protects your online accounts using two-factor authentication and helps you monitor your account activity by enabling you to set up notifications and alerts. You can contact this online only bank by phone or online via live chat or by filling out the secure email form on its website. Like most online-only banks, it offers extended customer service hours but is not available 24/7.
Online-only banking is especially convenient thanks to Bank5 Connect's free mobile banking app. You can download it through iTunes and Google Play, and links to these apps are on its website. Other features that enhance your online-only banking experience include online statements, the ability to set up direct deposit and free transfers, which are available with checking accounts. After you deposit funds, they're typically availability to you between one and three business days.
Although its internet banking services are limited to deposit accounts, Bank5 Connect is a good choice for your online-only banking because of its competitive interest rates for its checking and savings accounts.