Salem Five Direct
Online Savings Account - 5.01% APY
• Earn an industry-leading rate of 0.50% APY with absolutely no commitment.
• Open in minutes with just a $10 deposit
• No minimum balance and no monthly fees
• FDIC & DIF Insurance to protect your entire balance
• High-yield savings account
• No commitment - move money in and out whenever you want
• Free Online Banking and mobile banking app
• Mobile deposit and text alerts
• External transfers to move money easily
• eOne Savings eligibility is limited to consumers who apply online and who do not have an existing checking or savings account with Salem Five Bank at the time of the application, except that consumers with an existing eOne Checking Account are eligible for the eOne Savings Account.
• eOne Savings earns 0.50% APY on daily balances of $0.01-$1,000,000. Salem Five reserves the right to transfer balances over $1,000,000 to a Statement Savings Account which currently earns an APY of .02%. eOne Savings may be used to provide overdraft protection for eOne Checking.
Fee and Feature Guide
|
Savings Account |
| Interest Rate |
|
| APY |
5.01% |
| Minimum deposit amount |
$0.00 |
| Maximum deposit amount |
$1,000,000.00 |
| Balance Requirements |
|
| Minimum Opening Deposit |
$10.00
|
| Minimum Balance to Avoid Fees |
$0.00 |
| Minimum Required Balance |
$0.00 |
| Fees |
|
| Monthly Maintenance Fee |
N/A |
| Foreign ATM Fees |
$2.00 |
| Insufficient Funds Fee |
$35.00 |
| Incoming Wires |
$15.00 |
| Statements |
|
| 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
|
|
August 20, 2023 |
5.01%
|
Customer Reviews for Salem Five Direct
LarryMass
December 8, 2020 |
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.
Is this review helpful? Yes:7 / No: 1
HE Jonas
October 24, 2020 |
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.
Is this review helpful? Yes:5 / No: 1
Oldy
October 21, 2020 |
RATE NOT AS ADVERTISED .. BANK LOWERS RATE AFTER 2 MONTHS AND SAYS THAT YOU ARE NO LONGER A NEW OR VALUED CUSTOMER
Is this review helpful? Yes:6 / No: 0
Stacey F
October 15, 2020 |
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.
Is this review helpful? Yes:6 / No: 0
garycahn
February 8, 2020 |
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.
Is this review helpful? Yes:6 / No: 0
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