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Capital One 360 VS Salem Five Direct

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Free checking account for teens
  • No fees for any accounts
  • Interest earning account for kids
  • High-interest rate on money market

Cons:

  • Large amount required for highest rates
  • Must link savings to checking account
  • Teen accounts do not offer checks
  • No ATM fee refunds
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
2.20%APY
Savings/MMA
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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
Capital One 360 Review

The checking account for teens does not have any fees. The parent can receive text alerts when their account balance is running low. This checking account earns interest. No minimum amount required to open the account or to keep in the account.

There are no fees for any Capital One 360 accounts. There is no minimum required amount to open any of their accounts, or required to stay in the accounts. Capital One 360 accounts are free.

The Capital One 360 savings account for kids pays interest on any amount in the account. There are no fees and no amount required to keep in the account. You will earn the same interest on whatever the balance is. Kids can upload checks through their mobile app. Adults must sign in and use a pin to make transfers out of the savings account.

Capital One 360 offers high-interest rates for their money market accounts. The money market account does not have any fees, and there is no required amount to keep in the account.

To earn the high-interest rates for the money market account, you must have $10,000 deposited. You will earn lower interest rates for any amount under $10,000 in the money market account. To earn the highest interest the $10,000 is necessary.

Capital One 360 savings accounts must link to a checking account when opened. You can link the account to a Capital One 360 checking account or a checking account with another bank. However, the savings account must link to a checking account.

The Capital One 360 checking account comes with a debit card and the possibility of checks. The teen MONEY checking account only comes with a debit card. The teen account does not offer checks.

Capital One 360 does not offer refunds for fees charged at ATMs other than their own. If you use a non-Capital One ATM, you will be charged a fee. Capital One has over 39,000 ATMs across the U.S. Find a Capital One ATM on their website.

Read the full Capital One 360 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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