Updated: Apr 07, 2024

Bank5 Connect Jumbo Savings Account 2024 Review

Our review of the Bank5 Connect Jumbo Savings account compares the interest rates, fees, and features to other popular online savings options.
Today's Rates
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5.35% APY

Jumbo savings accounts are designed for people who maintain higher savings balances. Bank5 Connect offers a jumbo savings account that earns a competitive rate with no monthly maintenance fees to pay. 

Our Verdict

The Bank5 Connect Jumbo Savings Account is tailored to people who tend to keep more cash in savings. This account pays an outstanding APY on balances of $25,000 or more, and every penny of your savings is FDIC-insured, even beyond the standard coverage limit of $250,000. 

You might consider saving with Bank5 Connect if you:

  • Prefer to keep a larger balance in savings
  • Would like a high-yield savings account with no monthly maintenance fees
  • Are comfortable managing and accessing your savings online
  • Already have a Bank5 Connect checking account or plan to open one

It's easy to open this savings account online and it takes just minutes. If you need help or have questions, Bank5 Connect support is available by phone, chat and video.

Bank5 Connect Jumbo Savings Account Pros & Cons

  • Exceptional APY with no monthly maintenance fees
  • Deposits are insured beyond the standard FDIC coverage limit
  • Multiple ways to deposit funds to your account
  • $25,000 minimum balance required to earn the advertised APY
  • Online and mobile banking access only

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Compared to Other Online Savings Accounts

Synchrony Bank High Yield Savings Account

Synchrony Bank's high-yield savings account has no minimum balance and no monthly fees. The APY is less than what you could get with Bank5 Connect, but you don't need $25,000 or more to earn an impressive rate. If you're looking for a higher APY, you might consider opening a CD with Synchrony Bank instead. 

Read our full Synchrony Bank High Yield Savings Account review.

Ally High Yield Savings Account

Ally has a high-yield savings option with no monthly fees or minimum balance requirements, and you get the benefit of built-in savings tools. You can use round-ups and recurring transfers to save automatically and set up savings buckets to fund individual goals. Standard FDIC coverage limits apply. 

Read our full Ally High Yield Savings Account review.

SoFi Checking and Savings Account

SoFi combines checking and high-yield savings into a single account option. You can earn cash back rewards on eligible purchases and pay no monthly fees with checking, plus earn a solid rate on savings deposits. SoFi also offers FDIC insurance coverage on deposits up to $2 million, which is another attractive account feature. 

Read our full SoFi Checking and Savings Account review.

Bread Savings High Yield Savings Account 

Bread Savings offers top market rates that are just above what you could get with Bank5 and again, there are no minimum balance requirements or monthly fees. Deposits are insured up to the standard FDIC coverage limit and if you're looking for even better rates, you might consider a Bread Savings CD. 

Read our Bread Savings High Yield Savings Account review.

Interest Rates

Bank5 Connect pays a generous APY to savers who maintain balances of $25,000 or more. 

When you're shopping for the best high-yield savings accounts, it's a good idea to consider whether there are any minimum balance requirements you'll need to meet. 

There are plenty of online banks offering competitive rates without a high minimum balance requirement. And overall, online banks tend to pay better rates than traditional banks or credit unions. 

As you compare savings account rates, it helps to consider the following:

  • What minimum balance is required to earn the advertised APY, if any?
  • Are rates tiered by balance or do they apply across all balances equally? 
  • How often is interest compounded and credited to your account?

Daily compounding is better as it can help you grow your money faster. You can check how often interest compounds and what fees you'll pay in the deposit account agreement. 


Bank fees can be a nuisance when you're trying to grow your savings. High fees can cancel out the value of any interest you're earning.

Online banks like Bank5 Connect usually charge lower fees than brick-and-mortar banks. Here's how they add up.

Other Service Fees - Bank5 Connect Jumbo Savings

Type Fee
Monthly maintenance fee $0
Paper statements $1
Cashier's checks $0
Returned deposited item $7
Stop payment $15
Overdraft protection transfer $0
Dormant account fee $5
Incoming wire transfer fee $0

As you can see, there aren't a lot of savings account fees to worry about. Additional fees apply for Bank5 Connect CDs. 

ATM Access

Bank5 Connect includes a debit card with its checking accounts, but not its savings accounts. If you need to withdraw cash from savings at an ATM, you'll first need to transfer it over to your Bank5 Connect checking account. 

Withdrawals made at SUM Network ATMs are fee-free. Bank5 Connect doesn't charge any out-of-network ATM fees. 

If you use another bank's ATM and are charged a fee, Bank5 Connect will reimburse you. You can get up to $15 in ATM fee rebates each statement cycle. 

That means you have more flexibility when it comes to where you can withdraw cash. Bank5 Connect's daily ATM withdrawal limit is $500. 

Account Management

You can manage your Bank5 Connect Jumbo Savings account online or through the Bank5 mobile app. 

Here are the different ways you can deposit funds:

  • Direct deposit
  • External funds transfer from a linked bank account
  • Mobile check deposit
  • By phone
  • By mail (via paper check)

You can't deposit cash at an ATM and there are no branches either. You'll need to deposit cash to an external bank account first, then transfer it to your linked Bank5 Connect account. 

FDIC Insurance

Bank5 Connect deposits are FDIC insured. FDIC insurance protects you in case your bank fails. 

Though rare, it can happen and if it does, the FDIC insures your deposits up to $250,000. Bank5 Connect offers higher FDIC coverage limits through the Deposit Insurance Fund (DIF). 

The DIF covers all deposits above FDIC limits at member banks. So, every penny you save with Bank5 Connect is protected. 

What to Look for in a Savings Account

There are lots of savings accounts out there but only one that might be right for you. Reading online reviews like this one is a good place to start comparing savings accounts. 

Here are some of the most important things to consider as you continue your search for a bank. 

  • What is the interest rate and APY?
  • Are rates tiered? 
  • What are the minimum deposit and minimum balance requirements?
  • Is there a monthly fee?
  • What other fees are there?
  • Are there any special features, like round-ups or savings buckets? 
  • Does the bank offer more than just savings accounts? 
  • Are there branch locations or is it only-only? 
  • How easy is it to get in touch with customer support? 
  • Is there a mobile banking app and if so, is it easy to use? 
  • Does the savings account come with an ATM card or debit card?
  • What are other people saying about this bank? 

These questions are designed to help you narrow down the list of savings accounts that might fit your needs. You can compare savings accounts at online banks to start, then move on to traditional banks and credit unions. 

Frequently Asked Questions

Is Bank5 Connect legit? 

Yes, Bank5 Connect is a legitimate online banking option offering FDIC-insured deposit accounts. You can open a checking account, jumbo savings or CD account here. Bank5 Connect also offers credit cards. 

Does Bank5 Connect have branches? 

No, Bank5 Connect does not have physical branches you can visit. You can, however, manage your accounts with online and mobile banking or phone banking. Bank5 Connect allows you to use direct deposit, mobile check deposit and ACH transfers to add funds to your account. 

Is an online savings account the best option? 

An online savings account could be the best option for people who want to earn higher rates on their balances while paying fewer fees. Online banks can offer better rates than traditional banks on high-yield savings accounts, jumbo savings accounts and CDs. 

What is a jumbo savings account? 

A jumbo savings account is a savings account that's designed to hold larger balances. For example, Bank5 Connect's jumbo savings account requires a $25,000 minimum balance to earn the advertised APY.