Hard to figure out what your rate is, but if you're an existing customer, be aware, it's .75%, not 1% as shown on the "front page." 1% is only for new money.....so if you're a loyal customer....forget about it, you're of no importance in this Banks opinon.
I opened an account according to their process.
A few days later, on a Saturday, they called me from a phone number other than the one on their website.
When I returned the call on Monday, they wanted me to tell them the account and routing numbers from my primary checking (at another bank). I told them no way! I was then told I could not have the account unless I would divulge that information. I told her there is no way I should know whom I was talking with.
So I said, fine, I don't want an account with a place that does business like that. But then a few weeks later, I noticed they accepted my initial $100 deposit!
It took a few months and the FDIC, but I finally got my money back... a huge waste of my time.
Everything already noted here by others is true - but on top of that made major errors with my account, the last one possibly leaving me open to identity fraud. They screwed up so bad that I am not even going to cash the last check sent to close out my account (only pennies) for fear of being fee'd for something!
I've had an eOne Checking account since July 2007, and an eOne Savings acocunt since January 2012. I can understand the complaints that other people on this site have had with ACH deposits *initiated from SalemFive* (the fee does not apply if the other bank initiated the deposit) and restrictions with very large sums of money (but if you have over $25,000 available to invest, why are you putting it in a standard savings account?).
However, I have definitely had polar opposite experiences with their customer service compared to what other reviewers seem to be saying. I've had to call them for at least a dozen various reasons (inform of travel, fix a failed ACH transfer, inquire to a returned bill pay, etc.), and every time, I've gotten a live, native-English speaking, intelligent human within 30 seconds (they have a one-level phone tree). They've answered my question or fixed the problem almost immediately each time. The worst situation I had was where a large transfer from my external mutual fund account failed to show up in my checking account. SalemFive got me and my mutual fund company on a three-way conference call. I'm still not entirely clear what went wrong, but they fixed the problem and the money showed up in my checking account an hour later, while both companies offered to pay the late fee for my then-late tuition bill for me.
The products they offer have been perfect for me. I've never encountered any service charge from them, and they refund all ATM fees, including from international ATMs, for up to $15 in fees per month. I've never lived near any of their physical branches, but I feel completely free to go to any ATM I run into. Their bill pay is quick and free (offering a regular and expedited - 1-2 day delivery - delivery speed). I don't use the debit card much, but that gives small rewards for using it. There are no minimums to maintain, no minimum number of debit card transactions, and no monthly fees. They don't have the best interest rates out there, but they have been consistently in the top 20 or so (as listed on this website) on both the checking and savings accounts.
The biggest difficulty I've had with my accounts is related to finding ways to deposit money into the account. They accept NYCE Shared Deposit, but there aren't many of those ATMs around, even in NYC. They do send you free postage-paid deposit envelopes (with a nice and obscure "Service Center" address), but mailing deposits is still a pain.
Overall though - I've had a fantastic experience with this bank, and have recommended them to many of my friends. No fees, great products, and superb customer service seems hard to beat to me. Plus, they're a small bank so they get you away from the BoA and other corporate behemoths.
I share the concerns noted so I called the bank. They claim that there are no fess or limits if you initiate the transfer from your external account rather than from Salem 5. Seems wired, but if it works then I will revise my rating up.
I spoke with the bank as a current customer and they will not honor the higher promo rate (currently .9%) for existing customers. Further they will not honor the .9% rate for new money from existing customers. Apparently existing customers new money is less valuable than a new customers new money. Hmmmmmm.