Top online bank: Bank5 Connect
Bank5 Connect launched in July 2013 as an online-only division of BankFive in Fall River, Massachusetts. Here, you can earn high yields without paying steep fees.
The online bank’s savings account pays an attractive rate (currently offering savers 1.85 percent APY). You only need $10 to open an account. To earn interest, however, you will need to deposit at least $100 into the account.
Bank5 Connect’s checking account stands out for its perks: It pays 0.76 percent APY for customers who keep $100 in their account. You can also earn rewards for making purchases on your debit card at certain stores and restaurants. Bank5 Connect will refund ATM fees that are racked up outside of the bank’s ATM network and don’t exceed $15 per statement.
The bank doesn’t charge you maintenance fees either so long as you ditch paper statements and receive them online. The mobile app earns high marks in the app stores. While the app doesn’t offer cutting-edge features, you can use it to save time on financial chores, like depositing checks.
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