Fortune500 News Hubb
Advertisement Banner
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Business News

Online High-Interest Checking and Savings

admin by admin
November 17, 2022
in Business News


Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

The bottom line: Bank5 Connect is a solid online option for a fee-free high-interest savings or checking account. But other online banks or credit unions may have bank accounts for minors or offer higher interest rates.

How Bank 5 Connect bank accounts compare

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Overall bank rating

Pros and cons

Bank5 Connect High-Yield Savings Account


Annual Percentage Yield (APY)

1.50% APY


Minimum Deposit Amount

$10

Bank5 Connect Bank5 Connect High-Yield Savings Account

Bank5 Connect High-Yield Savings Account


Annual Percentage Yield (APY)

1.50% APY


Minimum Deposit Amount

$10

On Bank5 Connect’s website

Bank5 Connect Bank5 Connect High-Yield Savings Account

On Bank5 Connect’s website

Details


Annual Percentage Yield (APY)

1.50% APY


Minimum Deposit Amount

$10

Pros & Cons

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

High interest rate

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

$10 minimum opening deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fees

Dash icon A dash. It often indicates an interaction to shrink a section.

Need to keep at least $100 in account to earn interest

Highlights

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Must keep at least $100 in account to earn interest
  • Interest compounded and deposited monthly
  • FDIC insured

The Bank5 Connect High-Yield Savings Account is a solid high-yield savings account. You’ll just need to maintain at least $100 in your account daily to earn interest. You also won’t need to worry about monthly service fees. 

Bank5 Connect Bank5 Connect High-Interest Checking Account

Bank5 Connect High-Interest Checking Account


Annual Percentage Yield (APY)

0.70% APY


Minimum Deposit Amount

$10

Bank5 Connect Bank5 Connect High-Interest Checking Account

Bank5 Connect High-Interest Checking Account


Annual Percentage Yield (APY)

0.70% APY


Minimum Deposit Amount

$10

On Bank5 Connect’s website

Bank5 Connect Bank5 Connect High-Interest Checking Account

On Bank5 Connect’s website

Details


Annual Percentage Yield (APY)

0.70% APY


Minimum Deposit Amount

$10

Pros & Cons

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Decent interest rate

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No out-of-network ATM fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Receive a refund of up to $15 in out-of-network ATM fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Free overdraft protection

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Earn cash back if you use your debit card at select retailers

Dash icon A dash. It often indicates an interaction to shrink a section.

Other online institutions may offer higher interest rates

Dash icon A dash. It often indicates an interaction to shrink a section.

$15 overdraft fee

Highlights

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Must keep at least $100 in account to earn interest
  • Earn cash back if you use your debit card at select retailers; options from retailers can be seen through online or mobile banking
  • Free overdraft protection that links your checking account to a savings account
  • Interest compounded and deposited monthly
  • FDIC insured

The Bank5 Connect High-Interest Checking Account has free overdraft protection, monthly reimbursements on out-of-network ATM fees, and cash back from select retailers.

Like the bank’s savings account, you’ll need to maintain at least $100 in the checking account to earn interest. 

Bank5 Connect Bank5 Connect High-Yield Certificate of Deposit

Bank5 Connect High-Yield Certificate of Deposit


Annual Percentage Yield (APY)

0.85% to 3.80%


Minimum Deposit Amount

$500

Bank5 Connect Bank5 Connect High-Yield Certificate of Deposit

Bank5 Connect High-Yield Certificate of Deposit


Annual Percentage Yield (APY)

0.85% to 3.80%


Minimum Deposit Amount

$500

On Bank5 Connect’s website

Bank5 Connect Bank5 Connect High-Yield Certificate of Deposit

On Bank5 Connect’s website

Details


Annual Percentage Yield (APY)

0.85% to 3.80%


Minimum Deposit Amount

$500

Pros & Cons

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Competitive APY

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

$500 opening deposit

Dash icon A dash. It often indicates an interaction to shrink a section.

Limited term length options

Dash icon A dash. It often indicates an interaction to shrink a section.

Standard-to-high early withdrawal penalties

Highlights

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Term lengths between 6 months and 3 years
  • 3 months interest early withdrawal penalty for terms under 1 year, 6 months interest early withdrawal penalty for terms of 1 year or more
  • A 2-year investment CD allows you to make deposits after opening the account
  • FDIC insured

Bank5 Connect CDs have a low minimum opening deposit and good interest rates. The bank has a unique 2-year CD worth exploring if you would like to deposit more money into a CD before it matures.

The bank won’t be the strongest option if you’re looking for a variety of CD terms — it only has term lengths between six months and three years.

How Bank5 Connect works

Bank5 Connect is the online operation of the Massachusetts-based bank Bank5.

You may open up a bank account at one of Bank5’s 13 branches in Massachusetts or Rhode Island, or an online-only bank account with Bank5 Connect. 

Customers have access to thousands of fee-free ATMs nationwide through the SUM ATM network. You’ll also be refunded up to $15 each month in out-of-network ATM fees. 

Customer service is available by phone or live chat from 7:30 a.m. to 5 p.m. ET on weekdays, 7:30 a.m. to 3 p.m. ET on Saturdays, or 11 a.m. to 3 p.m. PT on Sundays. 

Bank5 Connect’s mobile app has 4.3 out of 5 stars in the Google Play Store and a perfect 5-star rating in the Apple store.

The bank is FDIC insured. Up to $250,000 is secure in an individual bank account. 

Is Bank5 Connect trustworthy?

Bank 5 Connect hasn’t been reviewed by the Better Business Bureau, yet. However, its parent company Bank 5 has received an A+ rating from the BBB.

A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if Bank5 Connect is an ideal bank for you.

Bank5 Connect hasn’t been involved in any recent public scandals. 

Bank5 Connect vs. Ally 

If you’re looking to open a money market account, your go-to option will be Ally because Bank5 Connect doesn’t have one.

For savings accounts and CDs though, it could be a bit of a toss-up. Both banks offer competitive interest rates, so it might ultimately depend on minor preferences like minimum opening deposit requirements.

Bank5 Connect vs. Alliant Credit Union

Bank5 Connect and Alliant Credit Union share a lot of similarities. Both institutions offer high-interest savings and checking accounts with no monthly service fees. You may also get reimbursements on out-of-network ATM fees, and customer service by phone or live chat. 

Your decision might ultimately come down to whether you prefer a bank to a credit union or vice versa. Credit unions require membership to open accounts. At Alliant, the easiest way to become a member is to join Foster Care to Success, but you can also join if you’re a member of certain organizations or you live in parts of Illinois. 

It also may depend on which account you’d like to open.

Alliant Credit Union has the greatest variety of accounts. Bank 5 has fewer options.

Frequently asked questions

Bank5 Connect is an FDIC-insured bank, which means you may safely store up to $250,000 in an individual bank account or $500,000 in a joint account.

You’ll need to be at least 18 years old to open an online account with Bank5 Connect. 

If you live in Rhode Island or Massachusetts, you’re eligible to open a kid’s bank account at a local branch. However, if you live outside of Rhode Island or Massachusetts, you’ll have to consider other banks.

You may take out up to $500 per day from an ATM.

Sophia Acevedo, CEPF

Junior Banking Reporter

Top Offers From Our Partners


Wealthfront Cash Account

A high-yield savings account that earns 3.30% annual percentage yield. No account fees. APY as of 11/14/2022.



Source link

Previous Post

The top 1-year CD rates for November 2022

Next Post

Why Editas Medicine’s Shares Are Falling Thursday

Next Post

Why Editas Medicine's Shares Are Falling Thursday

Recommended

NYC’s MTA returns to Twitter after Elon Musk’s reversal

4 weeks ago

A.I. chips drove Nvidia to $1tn. Here’s what they are

2 days ago

Juul Settles Additional 5,000 Lawsuits After Receiving Equity Funding

6 months ago

CAT Labs, a crypto crime-fighting startup led by a former DOJ special agent, raises $4.3 million

2 months ago

Is Broadcom Stock a Buy Right Now?

6 months ago

US Takes Down Chinese Spy Balloon Over Atlantic Ocean

4 months ago

© Fortune500 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Fortune 500 News
  • Business News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact

© 2022 Fortune500 News Hubb All rights reserved.