Bank5 Connect Dominates with High APYs Up to 4.40% on CDs, Beating Major Competitors

Are you searching for a high-yield savings option that outperforms major competitors? Bank5 Connect is making waves in the online banking space with APYs up to 4.40% on CDs, surpassing offerings from SoFi and Capital One. Let’s dive into what makes this digital bank stand out.

Why Bank5 Connect’s High APY CDs Are a Game-Changer

Bank5 Connect’s certificates of deposit (CDs) offer some of the highest returns in the industry, with a 4.40% APY on six-month terms. Here’s how it compares to competitors:

• Bank5 Connect: 4.40% APY (6-month CD)
• SoFi: 3.50% APY (6-month CD)
• Capital One: 3.25% APY (6-month CD)

Unmatched Deposit Insurance Coverage

Unlike most banks, Bank5 Connect provides 100% deposit insurance through the Depositors Insurance Fund (DIF), covering amounts beyond the standard $250,000 FDIC limit. This makes it a secure choice for high-net-worth individuals.

Digital-First Banking with Robust Customer Support

Bank5 Connect combines the convenience of online banking with real-time customer support options, including video chat, live chat, and phone assistance. However, it lacks physical branches, which may not suit everyone.

High Minimum Balance Requirements: A Potential Drawback

To qualify for the top APYs, some accounts require high minimum balances. For example, the Jumbo Savings account offers 4.05% APY but demands a $25,000 deposit.

Is Bank5 Connect Right for You?

Bank5 Connect is ideal for those prioritizing high yields and digital convenience. However, residents of Massachusetts and Rhode Island are ineligible, and the lack of physical branches may be a dealbreaker for some.

Frequently Asked Questions (FAQs)

1. What is the highest APY offered by Bank5 Connect?

Bank5 Connect offers up to 4.40% APY on its six-month CD.

2. Does Bank5 Connect offer full deposit insurance?

Yes, through the Depositors Insurance Fund (DIF), which covers amounts beyond the FDIC’s $250,000 limit.

3. Are there any geographic restrictions for opening an account?

Yes, residents of Massachusetts and Rhode Island cannot open Bank5 Connect accounts.

4. What are the minimum balance requirements for high APYs?

For example, the Jumbo Savings account requires a $25,000 minimum deposit to earn 4.05% APY.

5. Does Bank5 Connect have physical branches?

No, it is a digital-only bank.