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ableBanking VS Salem Five Direct

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
0.60%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Low opening required amounts
  • No monthly maintenance fees
  • Competitive interest rates on accounts
  • No set balance to earn highest rates

Cons:

  • Limited deposit accounts offered
  • Customer service not always available
  • Must link another bank account
  • No debit card offered for MMA
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
0.80%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

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
ableBanking Review

The ableBanking accounts have low opening required amounts. The money market account only requires $250 to open. The different CD terms each require $1,000 to open.

There are no monthly maintenance fees for the ableBanking money market account. The CDs have a fee if you withdraw money before the CD reaches maturity. Federal regulations allow six withdrawals from a money market account per month. There is a fee if you make more than six withdrawals.

The interest rates for ableBanking accounts are high. They are competitive with other online-only accounts. ableBanking interest rates are much higher than your typical brick and mortar rates.

Any balance in ableBanking accounts earns the highest interest rates offered. There is not a set amount required to keep in the account to earn the highest rates. There is not a required balance to keep in the accounts to avoid monthly fees.

ableBanking has limited personal deposit accounts available. The only accounts offered are a money market account and CDs. There are five different CD terms available. The terms range from a 6-month CD to a four-year CD. ableBanking does not offer checking accounts or business accounts.

ableBanking accounts are entirely online. There are no branch locations. Customer service has specific hours they are open. They are available Monday through Friday from 8 a.m. to 6 p.m. EST. On Saturday, they are open from 9 a.m. to 1 p.m. EST.

When you open an account with ableBanking, you must link an external bank account. You fund your ableBanking account from the external account. You cannot change the external account for the first 60 days. After that time, you may link a different account to the ableBanking money market account. You can only have one external account linked to your ableBanking account at a time.

The ableBanking money market account does not offer an ATM card. They do not have ATM locations where you can access your money. To withdraw money, you must make an electronic transfer into a linked account.

Read the full ableBanking review.

Salem Five Direct Review

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.

Read the full Salem Five Direct review.

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