Salem Five Direct:
Certificate of Deposit - 5.00% APY

• Minimum balance to open a High-yield CD and obtain the Annual Percentage Yield (APY) is $10,000.
• There are no monthly fees.
• Substantial penalty for early withdrawal.
• Maximum deposit amount is $500,000.
• FDIC and DIF insurance to protect the entire balance.
• Personal accounts only.

Fee and Feature Guide

Certificate of Deposit
Interest Rate
APY 5.00%
Term Length 12 Month
Minimum deposit amount $10,000.00
Maximum deposit amount $500,000.00
Balance Requirements
Minimum Opening Deposit $10,000.00
Minimum Balance to Avoid Fees $0.00
Minimum Required Balance $0.00
Early withdrawal penalty
Monthly Maintenance Fee N/A
Foreign ATM Fees $2.00
Insufficient Funds Fee $35.00
Incoming Wires $15.00
Paper Statements Yes
Online Statements Yes
Online and Telephone Banking
Online Banking Yes
Telephone Banking Yes
Mobile Banking Yes
Deposit Checks with Mobile Device Yes
Free Bill Pay Yes
Online Bill Payments Required Yes
Account Opening
Open Online Yes
Insured by F.D.I.C.

Recent Rate Changes

Date APY
February 23, 2024 5.00%
February 2, 2024 5.55%
August 20, 2023 5.00%

Customer Reviews for Salem Five Direct

  • December 8, 2020 |

    Online Savings Rates

    Everyone here in Boston raves about Salem Five but it is shithole operation filled with nasty entitled people. As for this online savings product, the fees are ridiculous, the transfer charges are obnoxious, the rate is always falling without notice to customers, etc. And, do not deposit your money here above FDIC limits and rely on Massachusetts Deposit Insurance Fund to make you whole. The China Virus is going to bankrupt half of the Massachusetts banks quickly leaving the DIF illiquid.

  • October 24, 2020 |

    Online Savings Rates

    I figured I would address some of the issues and complaints here. I am a customer. Limitations and charges on ACH transfers can be avoided by initiating in and out transfers from an outside bank. I use Amex which has a same day transfer feature that works well (although itself has a 9x/month out limitation). I am able to always get the higher rate for new money after they lower it claiming that I am no longer a new customer by quickly contacting them through the chat feature every time I see they have lowered it. I keep just under $1 million with this bank due to their DIF insurance. I believe that the account is capped at $1 million. Overall, I have been OK with this so far.

  • October 21, 2020 |

    Online Savings Rates


  • October 15, 2020 |

    Online Savings Rates

    I would have been happier had a not seen or heard of this one. Plenty of solid banks offering 0.10% less and offering much better service.

  • February 8, 2020 |

    Online Savings Rates

    This bank charges you fees every time you transfer money. In addition, the bank advertises a high rate to attract customers, but once you invest with them, your rate is lowered, even though they continue to offer the high rate to others. If you call them, they will raise your rate back to the advertised rate, but a few months later, they lower your rate again, while continuing to offer a higher rate in their advertisements.

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