SalemFivedirect Offers 1.25% Savings Rate and 0.55% Checking Rate
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SalemFivedirect Offers 1.25% Savings Rate and 0.55% Checking Rate

These online-only accounts have no monthly fees, no minimum balance requirements, and deposits up to $1,000,000 earn this competitive interest rate. There is, however, some (small) fine print to be aware of.

In a financial age where some of the best one-year CD's are barely earning 1.25% interest (and often require large deposits), it's nice to know there's another option for people who want to earn a CD interest rate, but with no minimum balance and some liquidity.

The SalemFivedirect eOne Savings account gives customers a 1.25% APY interest rate on balances from $0.01 to $1,000,000. Additionally, there are no monthly fees associated with this account, so you don't have to worry about maintenance fees eating up your interest earnings. You also receive a free ATM card and your deposit is FDIC insured up to $250,000. If you choose to open an EOne Checking account with Salem Five Direct, you can have immediate funds transfers between accounts.

Your checking account will also earn 0.55% APY on all balances up to $1,000,000. The EOne Checking account also has no maintenance fees, no minimum balance, free online bill pay, a free first-order of checks, unlimited ATM transactions, and Salem Five Direct will reimburse you up to $15 each month for any other bank's ATM fees you incur. Both accounts require a minimum $100 opening deposit.

This is a great offer, but it does some with a (small) catch. Although Salem Five Direct has brick-and-mortar branches, these accounts are geared towards for online use only. A $9.95 branch transaction fee may be assessed in any month during which transactions are conducted in a Salem Five branch. Also, if you do not enroll for online statements within 30 days of the account opening, a $2.95 per month statement fee will be assessed.

This offer is limited only to customers who apply online and do not have any existing checking or savings accounts with Salem Five Banking (there is one exception: customers who have an existing eOne Checking account are eligible for an EOne Savings account).Salem Five Direct is an online division of Salem Five Cents Savings Bank, a bank located in Salem, Massachusetts with over 150 years of banking experience.

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