Bank5 Connect High-Interest Checking Account Review: Cash Back Rewards and More

The Bank5 Connect High-Interest Checking Account distinguishes itself by offering cash back rewards in addition to a competitive APY. It's also done away with several common banking fees, so it's a pretty affordable account to own. Read our full Bank5 Connect High-Interest Checking Account review below to learn about its benefits and drawbacks.

Top perks

Competitive APY: The Bank5 Connect High-Interest Checking Account offers an above-average APY on all balances 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.

FDIC insured: The Bank5 Connect High-Interest Checking Account is covered by the same FDIC insurance as a traditional bank checking account. This covers you for up to $250,000 per depositor, per institution, in the event of a bank failure.

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.

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
• Wire transfer
• Check withdrawal
• 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.

The LendingClub Rewards Checking account also offers a competitive APY and cash back on debit card purchases. Like the Bank5 Connect Checking account, LendingClub has a nationwide network of fee-free ATMs. But it also offers unlimited ATM fee reimbursements worldwide, which is something you don't see with many other banks.

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 $3,000 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.

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.