Personal Banking

Helping You Save for Life with the Best Savings Accounts in Rhode Island or Massachusetts

BankFive doesn't simply offer savings accounts in Massachusetts and Rhode Island. We believe that our expert team and our Simplifying Your Life philosophy let us offer some of the best and least complicated savings accounts in Rhode Island or Massachusetts! Our core philosophy is at the heart of all of our savings products, so you can choose the one that's right for you and your family without sacrificing BankFive's signature dedication to service. Whether you're saving for a down payment on a house, a car, your children’s college education, or just a little reward for yourself, our savings account options can help you meet your goals.

5 Savings Account Options

If you're not sure which of our savings account options are right for you, read on to see what the best savings accounts in Rhode Island and Massachusetts have to offer!

  • eAccess Savings Account
  • Standard Savings Account
  • High-Option Money Market Account
  • Student Savings Account (High School and College Students)
  • Nickels Children's Savings Account (Children 12 and under)

Rates effective Wednesday, June 28, 2017.

Savings Accounts eAccess Savings Standard Savings

High Option

Money Market

Student Savings
Min. balance to earn interest $10 $100 $100 $10
Annual Percentage Yield (APY)1   0.25%   0.05%   0.15% 2   0.05%
In-Branch Deposits $5 per visit3 Free Free Free
Mobile deposits Unlimited Unlimited Unlimited Unlimited
5Online Banking Yes Yes Yes Yes
Link to checking to cover overdraft Yes Yes Yes Yes
Combined eStatements available Yes Yes Yes Yes
Age requirements None None None 16-24 years4
   Open Account  Open Account  Open Account  Open Account

1 APY=Annual Percentage Yield. Fees may reduce earnings. Variable interest rate compounded and credited monthly.
2 High-Option Money Market rate for balances over $50,000. Click here for current rates for other balances.
3 As an Internet only account, we are passing along our cost-savings of servicing the account only online to you by giving a higher interest rate. We will charge $5 for transactions in-branch per visit.
4 The Student Savings account will convert automatically to an eAccess Savings on the customer's 25th birthday.

Regulation D Limit Changes - During any calendar month or statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, or by check, draft, debit card (if applicable) or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be charged a $10.00 fee for each item in excess of the six, and be subject to closure by the Financial Institution.

Opening a personal savings account at BankFive of Massachusetts and Rhode Island is easy. Pick the personal savings account that is right for you and apply online today by filling out an application. If you have any questions about the application process, call 774-888-6100 to speak with a team member.
 

 

Apply Online Today!


eAccess Savings Account, For Those Who Want Online-Only, Go-Anywhere Convenience

A savings account that’s simple, straightforward, and convenient! Our internet-only eAccess personal savings account can be easily accessed with the use of an ATM card. To make life even simpler, we offer the convenience of having deposits automatically made to your savings account from a payroll check, a BankFive checking account, or any other source of income. You can also link to your BankFive checking account to cover accidental overdrafts!

With the eAccess Savings Account, you can:

  • Earn a higher interest rate than regular savings accounts
  • Add funds to your account with 5Online or mobile deposit (requires downloading BankFive mobile app
  • Keep track of how you're doing towards your specific goal
  • Schedule automatic payments to help you reach your goal sooner
  • Link to a BankFive checking account to cover accidental checking overdrafts
  • Customers who visit a BankFive branch will be charged a $5 fee for in-branch transactions per visit

Ready to open an eAccess Savings account? Get Started!

Open eAccess Savings Today!


Standard Savings, Incredible Rewards

Our standard personal savings account can be easily accessed with the use of an ATM card. To simplify your life even more, we offer the convenience of having deposits automatically made to your savings account from a payroll check or any other source of income.

With the Standard Savings Account, you can:

  • Keep track of how you're doing towards your specific goal
  • Add to your account with online and in-branch transfers
  • Schedule automatic payments to help you reach your goal sooner
  • Link to a BankFive checking account to cover accidental checking overdrafts

Ready to open a Standard Savings account? Get Started!

Open Standard Savings Today!


High Option Money Market Account

BankFive Money Market Accounts give you the best of both worlds - competitive interest rates for great savings and easy access to your funds. A BankFive High Option Money Market Account offers Massachusetts and Rhode Island account holders three key benefits:
  • Available in a statement format.
  • Earn interest on a tiered basis dependent upon balance.
  • Your funds are available when needed.

Ready to open a High Option Money Market account? Get Started!

Open Money Market Today!


Student Savings Account

BankFive Student Savings Accounts are designed for those students ages 16-24 who are looking to put money away and earn a competitive interest rate. When paired with a BankFive Student Checking Account, there is no smarter way for students to manage their finances, whether in one of our convenient Massachusetts or Rhode Island locations or online 24/7. When the student turns 25 years of age, the account automatically converts over to an eAccess Savings Account, so the customer will enjoy the online-only convenience that 5Online and mobile banking offer.
 
  • Link to a BankFive Student Checking account to cover accidental overdrafts
  • Add funds to your account with 5Online, mobile deposit (requires downloading BankFive mobile app), and in-branch deposits
  • Schedule automatic payments to help you reach your goal sooner
  • Automatically converts to an eAccess Savings Account on 25th birthday

Ready to open a Student Savings account? Get Started!

Open Student Savings Today!


Nickels Children's Savings Account Massachusetts Rhode Island

The Nickels Savings Account for Kids

Click here to visit Nickel's Corner, with resources and fun games for kids of all ages!

Our Nickels Savings Account is a fun way for kids 12 and under to learn responsible money management. At account opening, your child will receive their very own savings account and Nickels toy. Whenever your child wants to make a deposit, no matter how big or small, just bring their deposit to any BankFive office. Your child will learn how saving money can be easy and help achieve future goals.

With the Nickels Savings Account:

  • All deposit amounts encouraged
  • Interest earned on balances of $10 or more
  • Gift at account opening
  • Nickels birthday card every year
  • Available for children 12 and under

Ready to open a Nickels Savings account? Please visit one of our convenient locations.


Still not sure?

Still unsure which savings account is right for you? Ask us! We're happy to answer your questions and help you choose the best option for you. Our friendly, knowledgeable team will be glad to assist you. You can chat live during regular business hours, fill out a contact form, or call 800-679-4420!
 

Talk To Us!