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Savings Accounts

We're focused on improving your financial well-being.

When you need a savings account that fits your current situation and lifestyle, turn to BankFive. We have various savings options for our Massachusetts and Rhode Island neighbors, both young and old! Let us help you strengthen your financial foundation and reach your savings goals.

It all starts with a good savings account:

  • The Nickels Savings Account for Kids gets children excited about saving!
  • Our Student Savings account is perfect for high school and college students.
  • Looking for a basic account for your savings needs? Try our Statement Savings account.
  • If you do most of your banking online, our eAccess Savings account is a great fit. Get the online access you need, with a higher interest rate.
  • Want a competitive interest rate and easy access to your funds? Get the best of both worlds with our Money Market account.

Savings Accounts
Statement Savings eAccess Savings Student Savings The Nickels Savings Account for Kids Money Market
Minimum Balance to Earn Interest $100 $10 $10 $10 $100
Annual Percentage Yield1 0.05 % 0.25 % 0.05 % 0.10 % Between 0.10% and 0.15% depending on balance2
In-Branch Deposits Free $5 per visit3 Free Free Free
Mobile Deposits Unlimited Unlimited Unlimited Unlimited Unlimited
Online Banking Yes Yes Yes Yes4 Yes
Link to Checking to Cover Overdrafts Yes Yes Yes No Yes
Combined eStatements Available Yes Yes Yes Yes Yes
Age Requirements None None 16-24 years5 12 and under None
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Open Online
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Open Online
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Open Online
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Open In-Branch
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Open Online

1 Rates accurate as of 6/18/2018. Fees may reduce earnings. Variable interest rate compounded and credited monthly.

2 View our Personal Deposit Rates for more information.

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 If the parent listed on the account is registered for Online Banking.

5 The Student Savings account will automatically convert to an eAccess Savings account on the customer's 25th birthday, subject to the terms and conditions, terms of service, and fees of that account.

Regulation D Transfer Limits - 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.

Additional Savings Options

Club Savings Accounts

Whether you're planning a special vacation or saving up to enjoy a stress-free holiday season, our Club Savings Accounts are designed to keep you focused. Your deposits grow at a competitive rate and you can withdraw money anytime.
Learn More. 

Savings Resources
Learn about our 100% deposit insurance, check current rates, and access handy planning calculators.