Review
Updated
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.
Ratings Methodology
Rates as
of May 19, 2024
Bank5 Connect Checking
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
![]()
![]()
= Excellent
![]()
![]()
![]()
= Good
![]()
![]()
= Fair
![]()
= Poor
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
![]()
![]()
= Excellent
![]()
![]()
![]()
= Good
![]()
![]()
= Fair
![]()
= Poor
= Best
= Excellent
= Good
= Fair = Poor
APY
2.70%
Min. To Earn APY
$100
- Competitive APY
- Cash back on debit card purchases
- Monthly out-of-network ATM fee reimbursements
- Minimum balance required to earn interest
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
|
Full Bank5 Connect High-Interest Checking Account review
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.
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
- 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.
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.
Our checking account methodology
At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.
Our Banking Expert
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.