What is a Community Bank?

We're more than just another bank. We are a 168 year old member of the community.

What is a community bank? As the word "community" implies, we come together to serve the needs of our customers and neighbors, not stockholders. At BankFive, we are here for the people and businesses that make up our community, because they are here for us.

Whether you're thinking about switching to a new bank, preparing to buy your first home, looking for business financing solutions, or if you just need some financial advice, BankFive is here to help.

Open a deposit account online, or contact us to speak about your needs today!

Why bank locally with BankFive?

Here are some things that we believe make us different from the "big banks":

• We're a mutual savings bank.
  • What is a mutual savings bank? A mutual bank is similar to a credit union, in that it is owned by its account holders, and not by shareholders like commercial banks. Because mutual banks aren't focused on producing large stock returns, they tend to have a larger focus on community involvement and betterment. While commercial banks are typically managed by a board of directors chosen by stockholders, the board of directors at BankFive consists of local leaders who live and work in our community. They are selected by a group of Corporators who are BankFive customers that represent our customers.

• We insure deposits past FDIC limits. 
  • BankFive is an FDIC and DIF member bank, meaning you have 100% insurance on your deposits, even beyond the conventional FDIC limits of $250,000. The Depositors Insurance Fund (DIF) is a Massachusetts-based fund, strictly for Massachusetts savings banks, but your BankFive accounts are covered even if you live outside of Massachusetts. 

• We reinvest local dollars back into our community.
  • When our Massachusetts and Rhode Island customers deposit money at BankFive, those dollars are used to fund the loans we issue locally. This local reinvestment helps our SouthCoast and Rhode Island neighbors get the funds they need to buy homes, finance major purchases, and grow local small businesses.

• We give back.
  • Our employees volunteer thousands of hours each year to local community organizations like the United Way of Greater New Bedford, the United Way of Greater Fall River, YMCA Southcoast, the Salvation Army, East Bay Warriors Pop Warner Football, Leadership SouthCoast, One Southcoast Chamber, Credit for Life, Junior Achievement, and many more!
  • Through our Charitable Foundation and Charitable Giving Program, we provide financial support to our local community, investing in community events and organizations that assist our Massachusetts and Rhode Island neighbors.

• Our customers are more than just an account number.
  • We take pride in building personal relationships with our customers. We're focused on their needs and welcome their feedback every step of the way. While we love hearing about a job well done, we're equally interested in hearing about what we can do better. We have thousands of customer reviews and use that feedback to help us grow, improve our processes, and provide the best customer service possible.

• We tailor our products to fit the unique needs of our community.
  • Our employees work and live in the communities we serve, and that helps us understand the types of financial products our customers are looking for. We partner with local organizations like Mass Save and Rhode Island Energy to help provide our MA and RI neighbors with interest-free HEAT loans to make their homes more comfortable and energy-efficient. We work with MassHousing and Rhode Island Housing to offer more flexible low- and no-down payment mortgage loans. We make saving fun for children by offering The Nickels Savings Account for Kids, and we make it exciting for adults with our Lucky Piggy Savings account.

• The small businesses we serve aren't just our customers, they're our partners.
  • We know that the small businesses we serve are the lifeblood of our community, and we aim to treat them as the valued business partners they are to us. When the small businesses in our community thrive, our towns and cities thrive. We're proud of the work that our business customers do, and we celebrate them every chance we get.