Bank5 Connect Accelerator Money Market Account 2025 Review
The Bank5 Connect Accelerator Money Market account features a competitive APY and no monthly maintenance fees. You also get the benefit of convenient access with a Visa debit card that earns cash back on eligible purchases.
Bank5 Connect Accelerator Money Market stands out as one of the best online money market savings options. You'll pay no monthly fee and earn a great rate on your savings, plus you'll have multiple ways to access funds.
This money market account could be right for you if you:
- Want a money market account that offers check-writing capabilities and an above-average APY
- Appreciate the convenience of having a debit card to access savings
- Prefer to avoid monthly maintenance fees
- Have at least $5,000 to open an account
Bank5 Connect also offers a range of other deposit products, including high-interest checking accounts, high-interest savings accounts, and CDs. That could be an advantage if you're ready to move your money to an online bank.
Bank5 Connect Accelerator Money Market Account Pros & Cons
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Compared to Other Online Money Market Accounts
Ally Bank Money Market Account
The Ally Bank Money Market account earns a slightly lower APY but there's still plenty to like about this account. You'll pay no monthly maintenance fees and can make unlimited fee-free withdrawals at over 75,000 ATMs. Ally also offers ATM fee reimbursement of up to $10 per statement cycle.
Read our full editorial review of the Ally Bank Money Market account
Quontic Bank Money Market Account
The Quontic Bank Money Market account offers one of the highest APYs of any online money market option. There are no monthly maintenance fees but you'll need at least $100 to open this account. In terms of banking access, you can use online and mobile banking but you'll also get paper checks and a free debit card.
Read our full editorial review of the Quontic Bank Money Market account
Vio Bank Cornerstone Money Market Account
The Vio Bank Cornerstone Money Market account offers an exceptional APY with no monthly maintenance fees. The minimum opening deposit is $100 but there are no ongoing minimum balance requirements. There is a $5 fee if you opt to receive paper statements, versus enrolling in e-statements.
Read our full editorial review of the Vio Bank Cornerstone Money Market account
NBKC High-Yield Money Market Account
The NBKC Bank High-Yield Money Market account is worth a look if you want a high-yield savings option, though the APY is the lowest among the accounts reviewed here. There are no monthly maintenance fees and you can withdraw cash at over 90,000 surcharge-free ATMs. NBKC Bank is also highly rated for outstanding customer service.
Read our full editorial review of the nbkc High-Yield Money Market account
Interest Rates
The best high-yield savings accounts feature stellar rates, with minimal requirements to earn interest. Bank5 Connect is notable for its high money market account rate, though it isn't the best APY out there.
On the other hand, you get some benefits that could outweigh a higher APY like a low opening deposit requirement, check-writing, and a cash-back debit card.
As you compare money market account rates, consider:
- The APY and interest rate
- Minimum balance requirements to earn interest
- How the rate is applied (i.e., is it tiered or does it apply to all balances)
Note that Bank5 Connect requires a $5,000 minimum balance to earn the advertised APY. If your balance drops below that amount you'll earn a lower rate. And again, you'll need at least $5,000 to open this account.
Fees
Fees can take away from the interest you earn with a money market account. Online banks tend to be more fee-friendly, though they aren't necessarily fee-free.
Let's look at what you'll pay for a Bank5 Connect money market account.
Other Service Fees - Bank5 Connect Accelerator Money Market
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Paper statement fee | $1.00 |
| Overdraft transfer fee | $0 |
| Returned deposit item fee | $7.00 |
| Stop payment | $15.00 |
| Debit card replacement | $10.00 |
| Incoming wire transfer | $0 |
Bank5 Connect refunds foreign ATM fees. You can get up to $15 in foreign ATM surcharges refunded to your account each statement cycle.
ATM Access
Your Bank5 Connect debit card can be used to withdraw cash at thousands of SUN ATMs fee-free. If you use an out-of-network ATM you can get some of the fees you pay refunded to you.
ATM access is a nice feature to have with a money market account if you're banking online. If you need to withdraw cash in a pinch, you can find an ATM near you to complete the transaction.
As a bonus, your Bank5 Connect debit card earns cash back on eligible purchases. That's a simple way to add a little money back to your savings when you spend.
Account Management
Bank5 Connect makes mobile and online banking available to customers. You can log in to:
- View account statements
- Review transaction history
- Transfer funds between linked accounts
- Pay bills
- Send or receive funds with Zelle
If you need to deposit checks, you can do so through the Bank5 Connect mobile app. And if you want to spend or withdraw cash you can write a paper check or use your debit card.
Bank5 Connect doesn't limit the number of withdrawals you can make from your money market account without an excess withdrawal fee. There are no check charges either.
FDIC Insurance
FDIC insurance protects depositors if a bank fails. That doesn't happen often, but if it does the FDIC steps in to help customers get their money bank.
Bank5 Connect is an FDIC-insured institution. That means your money is protected, up to the maximum limit.
The current FDIC coverage limit is $250,000 per depositor. That limit applies to each member bank you have accounts with.
What to Look for in a Savings Account
Money market accounts can offer convenience and high yields but it helps to compare the options.
Consider these questions as you shop around for a new place to save.
- Is an online or traditional savings account better for your needs?
- How much can you deposit initially?
- Do you need paper checks, a debit card, or an ATM card?
- If the account includes an ATM/debit card, how large is the ATM network?
- Does the bank refund foreign ATM fees and if so, how much?
- What's the APY and interest rate?
- Is there a minimum balance requirement to earn interest or a cap on the amount of interest you can earn?
- Are rates tiered or do you earn the same rate on all balances?
- What are the deposit and withdrawal limits?
- Can you deposit cash?
- Is mobile check deposit available?
- Will you pay a monthly maintenance fee? If so, is there a way to avoid it?
- What options do you have for contacting customer service?
- Does the bank have a good reputation?
You can compare money market accounts online, then look at what traditional banks have to offer. It's also helpful to read money market account reviews to learn what people like or don't like about a particular bank.
Frequently Asked Questions
Is Bank5 Connect a legitimate bank?
Bank5 Connect is a legitimate bank that offers FDIC-insured deposit accounts and other banking products and services. Bank5 Connect is a division of BankFive.
Are money market accounts worth it?
Money market accounts can be worth it if you're earning a solid APY while paying minimal fees. Bank5 Connect is a good option for high rates, though it's possible to find money market accounts with even better APYs elsewhere. In terms of access, it may be good to look for a money market account that offers checks and/or a debit/ATM card if you want convenience.
Are a money market account and a money market fund the same thing?
Money market accounts and money market funds sound alike but are not the same. A money market account is a deposit account you open at a bank. A money market fund is a type of investment you can hold in a brokerage or retirement account.
