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Financial Rates:
5.0
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Customer Service:
4.0
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Website Experience:
5.0
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Bank Fees:
5.0
Pros:
- No required balances or monthly fees
- High interest rates on accounts
- No required amount to earn interest
- Low opening required amounts on accounts
Cons:
- Not wide variety of accounts
- Business accounts are not offered
- eOne checking only for new customers
- No branch locations for accounts
What You Need to Know
Salem Five Direct savings and checking account do not have a required balance to waive fees. Only $100 is required to open the account. After the account is open, there is no amount you must keep in the account to avoid fees. There are no monthly fees for the savings or checking account. A fee is charged if you withdraw money from your CD before maturity.
Salem Five Direct savings and checking accounts offer competitive interest rates. The rates are competitive with other online-only accounts. They are much higher than your typical brick and mortar rates. Salem Five Direct offers three different CD term lengths. Each of the three CDs offers competitive interest rates.
The accounts at Salem Five Direct do not have a set amount required to earn the highest interest rates. Any savings or checking account balance earns the highest interest rates. Each of these accounts requires $100 to open.
All Salem Five Direct accounts have low amounts required to open the accounts. The minimum amount required to open a savings or checking account, or a CD, is $100. Once you open the account, there is no set amount required to keep in the accounts.
Salem Five Direct offers one savings account and one checking account. They only offer three different term lengths of CDs. Those are 18-month, 36-month, and 48-month CD terms. Only personal deposit accounts are available.
There are no business accounts offered through Salem Five Direct. The only accounts are personal deposit accounts. Those include a savings account, a checking account, and three different CD term lengths.
To open the Salem Five Direct eOne checking account you must be eligible. To be eligible for the account you cannot have an existing account with Salem Five Bank. The funds to open the eOne account cannot come from a Salem Five Bank account. This account is only available to open online. You cannot open it at a branch location.
Each of these Salem Five Direct accounts is entirely online accounts. There are no branch locations for Salem Five Direct. If you make a transaction to your Salem Five Direct accounts at a Salem Five branch, you will be charged a fee. Reach customer service for Salem Five Direct accounts by online chat, phone, or email.
Cool Things
ATM Fee Reimbursement
The Salem Five Direct eOne checking account comes with free ATM fee reimbursement. Salem Five does not charge a fee to use their ATMs. If you use another bank's ATM and they charge a fee, Salem Five Direct will reimburse you the fee. You can be reimbursed up to $15 each billing cycle in ATM fees.
Financial Calculators
The Salem Five website offers a large variety of financial calculators. With these calculators, you can more effectively see how much money you need to save for a mortgage or auto loan. You can see how much you will need in retirement or to better plan your budget. These different calculators can help you understand the financial decisions you make.
History
Salem Five Direct is an online division of Salem Five Bank. Salem Five Bank opened in 1855 as Five Cents Savings Bank. The bank was known as the "Nickle Bank".
Salem Five has been one of the leading banks in Boston. They helped rebuild the city after the Great Fire in 1914. They survived through two world wars and the Great Depression. Salem Five helped rebuild the city by funding the restoration of the great mills.
Today Salem Five has assets of over $4 billion. Headquarters to the bank are in Boston, Massachusetts. They have over 20 branch locations.
Awards and Recognition
- eOne Checking named one of the "Best Saving Account Overall" by WalletHub in 2017
- "Premier Agency of the Year" by Central Mutual Insurance Company in 2018
- "Top Producer of Affordable Housing Mortgage Loans" by MassHousing in 2016
Giving Back
In 2017, Salem Five donated $40,000 to 20 different local nonprofits. Salem Five raised the money through their annual golf tournament. A variety of nonprofits received the money. Those include food pantry’s and children and education centers. Part of the money funded scholarships. The organizations received the money at a special breakfast hosted by Salem Five.
Heritage Salem Five Charitable Foundation donated $30,000 in 2017. This money went to nonprofits in the Massachusetts area. The nonprofits specialized in education, health and human service, youth, and affordable housing
Heritage Salem Five Charitable Foundation donated $25,000 to five nonprofits in Massachusetts. The money went to a Boys & Girls Club and an affordable retirement home for women. Another charity offers affordable housing to women working or attending school.
Frequently Asked Questions
Yes. Salem Five Direct is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Debit card, checks, electronic transfers between accounts, or ATMs.
Yes. With the Salem Five app, you can view account balances and transfer money. You can make payments and deposit checks.
Yes. All Salem Five Direct accounts are free. Accounts do not have monthly maintenance fees. There is not a balance required to keep in the savings and checking accounts. All accounts only require $100 to open.
The interest rates are competitive. The accounts do not have monthly fees. Everything for the account is online. There are no branch locations for Salem Five Direct accounts.
Salem Five Direct has computer safeguard and secure files. They encrypt your information and log you out after a set amount of time. They train employees how to handle confidential information. They have safeguards in place to protect your information.
The interest rates for all Salem Five Direct accounts are competitive. Their rates are much higher than your typical brick and mortar bank rates. They are competitive with other online-only accounts.
No. Salem Five Direct only offers personal deposit accounts. One saving account, one checking account, and three CD term lengths are available.
Everything for the account is online. The interest rates are much higher than your typical bank rates. There are no branch locations for Salem Five Direct accounts.
Yes. The Salem Five Direct eOne checking account earns interest. There is no required amount to earn the highest interest rates. Any amount in the account will earn the highest interest rate. This account requires $100 to open. There is not a monthly fee and no required amount to keep in the account.
By email, phone, or online chat.
Yes. The one Salem Five Direct checking account does offer free online bill pay.
No. If you deposit cash at a branch location into your Salem Five Direct online accounts, you will be charged a fee.
Cash, electronic transfers, and direct deposits are available the same business day. You can deposit checks through the app or by mailing them in. Those deposits are available the first business day after they receive the check.
Yes. Money can be directly deposited into the saving and checking account.
Bank Contact Information
Salem Five Bank210 Essex Street
Salem, MA 01970
1-800-850-5000
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| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 4.00% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC It only takes about 5 minutes to open a fee-free account. | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.81% |
|---|---|
| Rate | 4.81% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.60% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.