Why place your money in an account that doesn't offer protection beyond FDIC limits? At Bank5 Connect, all deposits are insured in full. That means 100% coverage regardless of your balance, so you can enjoy the simplicity and convenience of one bank, while still protecting your deposits in excess of $250,000.
How do we offer 100% deposit insurance?
We’re one of the only online banks offering Depositors Insurance Fund (DIF) protection - coverage that starts where FDIC coverage ends. It’s a valuable benefit that’s completely free, and automatically applied to your Bank5 Connect accounts.
The details on DIF:
100% Deposit Insurance – The DIF insures all deposits above the FDIC limit for Massachusetts savings banks. Based in Massachusetts, Bank5 Connect is a DIF member bank, and all our deposit accounts are covered by DIF insurance.
No Residency Requirements – No matter where you live, your Bank5 Connect accounts are covered by DIF.
All Deposits, No Limits – Whether you have a Bank5 Connect certificate of deposit, savings account or checking account, your deposits are insured 100% regardless of your balance.
It's Automatic and Free – There are no forms or applications required. You automatically receive DIF coverage at no cost upon opening a Bank5 Connect account and making a deposit.
Protection You Can Trust – No depositor has ever lost a penny in a DIF member bank, going back more than 80 years.
Have questions about FDIC and DIF coverage? Contact us.
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