-
Financial Rates:
5.0
-
Customer Service:
4.0
-
Website Experience:
5.0
-
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
-
Financial Rates:
3.5
-
Customer Service:
2.5
-
Website Experience:
3.0
-
Bank Fees:
5.0
Pros:
- No minimum balance or monthly fees
- High-interest rates offered
- Accounts are entirely online
- CD terms with competitive interest rates
Cons:
- Limited personal deposit accounts
- Must link to an external checking account
- No business accounts available
- Deposits are held for five days
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.
Dollar Savings Direct does not require you to keep a specific amount in their accounts. There are no monthly fees for their savings account. As with all CDs, you will be charged a fee if you withdraw your money before the maturity date.
The interest rates for Dollar Savings Direct accounts are competitive. The interest rates are much higher than your typical brick and mortar banks. They are competitive with other online-only accounts. Any balance in the savings account and CDs earn the highest interest rates. There is not a specific amount required to earn those rates.
Everything for your Dollar Savings Account is online. You open your account online. To transfer money, you must link account to an external checking account. Transfer the money electronically between the two accounts. You can access everything for your account online.
Dollar Savings Direct has five different CD terms. Each of the different terms has competitive interest rates. All the CDs at Dollar Savings Direct required $1,000 to open. The terms range from six months to a five-year term. The longer the term, the higher the interest rates. Fees only apply if you withdraw the money before the maturity date.
Dollar Savings Direct only offers a savings account and CDs. No checking accounts or money market account are available. There are five different CD term lengths offered. Those terms are 6-months, one-year, 16-month, two-year, and five-year.
Dollar Savings Direct requires you link account to an external checking account. You can transfer money between the saving account and the linked external account. You can link another external checking account to the savings account after 60 days. The names on all accounts must match.
There are no business accounts offered through Dollar Savings Direct. The only accounts offered are personal deposit accounts. One saving account and five different CD term lengths are available.
Any deposit made into a Dollar Savings Direct savings account must be in the account for five days. You cannot withdraw the money until after the five days. Once the money is in the account five days, you can transfer the money.
Sponsored Offers
| Savings (Rate as of 4/19/2024) | |
| APY | 5.25% |
|---|---|
| Rate | 5.25% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC. No fees. Easy deposits and quick withdrawals. | |
| Savings (Rate as of 4/19/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/19/2024) | |
| APY | 5.15% |
|---|---|
| Rate | 5.02% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/19/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 5.00% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC Plus, no monthly fees and unlimited free external transfers | |
| Savings (Rate as of 4/19/2024) | |
| APY | 5.05% |
|---|---|
| Rate | 4.93% |
| For APY | $5,000 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC CIT Bank, a division of First Citizens, 125+ years of experience. | |
| Savings (Rate as of 4/19/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| MMA (Rate as of 4/19/2024) | |
| APY | 4.65% |
|---|---|
| Rate | 4.54% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | Yes |
| Member FDIC | |
| Savings (Rate as of 4/19/2024) | |
| APY | 5.36% |
|---|---|
| Rate | 5.23% |
| For APY | $500 |
| Monthly Fee | $0.00 |
| 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.