Bank5 Connect High-Interest Checking Account Review

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The Bank5 Connect High-Interest Checking Account is an accessible option for people with low average balances seeking an interest-bearing checking account. Bank5 distinguishes itself by offering an above-average APY and the opportunity to earn cash-back rewards on select purchases. It also offers a large surcharge-free ATM network and ATM fee reimbursements, which could make this checking account more affordable than some others for those who like to keep cash on hand. See if this is the best checking account for you with our in-depth review.

Top perks

0.76% APY: The Bank5 Connect High-Interest Checking Account offers a 0.76% APY, which is well above the industry average. You'll earn this interest every month that your account balance remains above $100. It’s a great fit for those who are hoping to earn interest on their checking account funds but don’t maintain a high enough balance to qualify for a high interest rate with some other checking accounts that employ a tiered APY system.

Cash back on select debit card purchases: Bank5 sends its Connect High-Interest Checking Account holders tailored offers from popular retailers based on their shopping habits. Activating these offers and using your Bank5 Visa debit card will net you cash-back rewards on your purchase. The amount of cash back you'll earn depends on the offer and the size of your purchase. Cash back is typically deposited into your account one month after the month in which you redeemed the offer.

$15 in ATM fee reimbursements per month: Bank5 Connect High-Interest Checking Account holders can use any ATM in the SUM® Network at no cost, but if there isn't one near you, don't worry. Bank5 also offers $15 in ATM fee reimbursements per statement cycle. There's no need to request any reimbursement from Bank5.

First order of checks is free: Bank5 gives all its new Connect High-Interest Checking Account holders one free order of basic checks. If you run out of these, you can order more through Bank5’s website, although you will have to pay for additional checks.

What could be improved

Minimum balance requirement: You must have a minimum balance of $100 in your Bank5 Connect High-Interest Checking Account in order to earn interest. This is a relatively low threshold compared to what some other banks require, but it still may bar those with small balances from earning any interest on their checking account funds. These individuals may prefer an interest-bearing checking account that has no minimum balance requirements.

Fees

Bank5 Connect High-Interest Checking Account Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $0 $0 $0 -- Only option is to transfer funds from linked Bank5 savings account $15 per item $15 per item

How to access your money

You have the following options for depositing and withdrawing money from your Bank5 Connect High-Interest Checking Account:

Deposit options

These are your choices for adding money to your Bank5 Connect High-Interest Checking Account:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile-deposited check
  • Contact Bank5 by phone

When you’re first opening your account, you’ll need to register and add your external accounts. Then you can complete the funds transfer. Currently, this feature is available only through your online account. You cannot access it from the Bank5 Connect mobile app, although you can use your internet browser to log into your online account from your phone.

Withdrawal options

You can withdraw money from your Bank5 Connect High-Interest Checking Account using any of the following methods:

  • ACH transfer
  • Request a mailed check
  • ATM withdrawal
  • Point-of-sale withdrawal

Stick to ATM or point-of-sale withdrawals if you need your money immediately. The other methods may take a day or two to process.

Alternatives to consider

The Simple Protected Goals Account's rates are more like what you’d find with the best savings accouns than with a checking account. It's a better choice than the Bank5 Connect High-Interest Checking Account for those with low average balances looking to earn the most interest possible on their checking account funds. It also offers some unique budgeting tools that can help you identify areas of overspending and save for your future financial goals.

The Discover® Cash Back Debit Account might be a better fit if you like the idea of earning cash-back rewards but wish to do so on more purchases. This checking account does not offer interest, but it does give you cash back on up to $3000 of spending each month. If you don't have a high average checking account balance but you use your debit card often, this could be a more lucrative option than a traditional interest-bearing checking account.

Rates as of Jan. 16, 2020
Offer
Bank5 Connect Checking
 
Member, FDIC
Simple
 
Member, FDIC
Discover Cash Back Debit
 
Member, FDIC
Rating
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
APY

APY: 0.76%

APY: Up to 2.15%

APY: 0%

Best For

Best For: High APY

Best For: Budgeting tools

Best For: Cash back on $3,000 of spend monthly

Min. to earn APY

Min. to earn APY:

Min. to earn APY:

Min. to earn APY:

Next Steps

This checking account is right for you if:

The Bank5 Connect High-Interest Checking Account is best for those with average checking account balances over $100 who are looking for a straightforward account that enables them to earn some interest without having to worry about meeting a certain number of transactions per month. Those who use their debit cards often will get the most out of this account, including the opportunity to earn cash-back rewards on select purchases.

The account is also a good fit for those who don't want to be nickel-and-dimed. You can avoid common checking account fees, particularly with Bank5's large network of surcharge-free ATMs, ATM fee reimbursements per month, and free checks. Plus, there are no monthly maintenance fees.

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