Salem Five Direct

Deposit Rates APY Vs.Others
Savings 5.01% 5.50% →
1-Year CD 5.00% 5.77% →
2-Year CD 3.25% 5.30% →
3-Year CD N.A. 5.00% →
4-Year CD N.A. 4.90% →
5-Year CD N.A. 4.90% →

2023 Overview

General Online Bank Information

Money that you deposit is held by Salem Five Cents Savings Bank. Salem Five Cents Savings Bank is an FDIC insured institution founded in 1855. It has approximately $6.96 billion in assets.

Deposits FDIC Insured Yes
Insured Bank Salem Five Cents Savings Bank
FDIC Certificate # 23296
Date Established 1855
Assets $6.96 billion
Loans $5.02 billion
Deposits $4.98 billion
Capital $0.79 billion

For a more detailed analysis of Salem Five Cents Savings Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - December 9, 2023

Online Savings and Money Market Rates
Online Savings and Money Market Rates APY MIN MAX
eOne Savings
5.01% $0 1,000,000 Learn More
Online CD Rates
Online CD Rates APY MIN MAX
6 Month CD Special
5.00% $10,000 $500,000 Learn More
9 Month CD Special
5.00% $10,000 $500,000 Learn More
12 Month eCD Special
5.00% $10,000 $500,000 Learn More
18 Month CD eCD Special
4.50% $10,000 $500,000 Learn More
24 Month CD eCD Special
3.25% $10,000 $500,000 Learn More


Bank Offers

Salem Five Direct Lowers EOne Online Savings Rate to 0.61% APY
Oct 27, 2020

Salem Five has lowered their online savings rate from 0.80% to 0.61% APY today.

Climate Initiatives

Salem Five Direct is encouraged to provide us with this information. When we receive this information from the online bank, we will provide it here.

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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