Bank5 Connect CD FAQ
This list of Bank5 Connect Certificate of Deposit (CD) FAQs is a great place to start if you're looking for information about Bank5 Connect CDs.
Is there a minimum deposit for a Bank5 Connect CD?
The minimum deposit for a Bank5 Connect CD is only $500. And they’re FDIC Insured for up to $250,000 and DIF Insured for over $250,000, meaning 100% of deposits are insured in full.
What types of CDs does Bank5 Connect offer?
Bank5 Connect offers a Connect CD and an Investment CD.
What is the difference between a Connect CD and an Investment CD?
Connect CDs are regular certificates of deposit with terms of 6, 12, 18, 24, and 36 months. The 24 month Connect CD is also called an Investment CD, and allows for additional deposits after the CD is opened up until the maturity date. These are great CDs for customers who want to add funds on a regular basis or when they receive a windfall. For more information about Connect CDs, click here. For more information about the Investment CD, click here.
Can I make additional deposits to a CD?
Yes. With the Bank5 Connect 24-month Investment CD, you may make additional deposits during the term of the CD. However, no additional deposits can be made during the term of the other Connect CD options.
How do I receive my money when my CD reaches its term?
When your CD reaches maturity, simply contact us at 1-855-55BANK5 or login to online banking to send us a secure email and let us know what you’d like to do with the funds.
Is there an early withdrawal penalty on a CD before it reaches maturity?
Yes. There is an early withdrawal penalty on a Connect CD of 3 months of interest for terms less than one year and 6 months of interest for terms of one year or greater.
How do I purchase a Bank5 Connect CD or Investment CD?
To purchase a Bank5 Connect CD, click here to open an account online today!