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Salem Five Direct
| 1-800-850-5000 www.salemfivedirect.com  |
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Salem Five Direct is an online division of Salem Five Cents Savings Bank, an innovative bank located in Salem, Massachusetts with over 150 years of banking experience. On the Salem Five Direct website you will find unique bank product offerings developed exclusively for clients seeking to conduct business on the internet. These offers will not be available through the Salem Five branch network and will change from time to time. The Salem Five Direct mission is to offer unprecedented value to our direct banking customers through exclusive product features at highly competitive prices.
Related Posts
Another Salem Five Direct Savings Account Promotion - Available Nationwide - 2/1/2012
It's not quite as good as last year's promotion, but it's still a good deal compared to what's available today. Salem Five Direct's new savings account promotion offers a 1.00% APY on balances up to $ ...
eOne Savings Account Rate Falls (Forum) - 10/26/2011
Salem Five Direct's eOne Savings Account rate has fallen from 1.00% to 0.85% APY. Those who got into their savings account promotion which guaranteed 1.25% APY until 4/1/2012 should be happy to see the 1.25% hold for another 5 months. The eOne Checkin
Salem Five Direct Savings Account Promotion - Available Nationwide - 4/15/2011
Salem Five Direct has just started a very nice savings account promotion. They're guaranteeing 1.25% APY on balances up to $1M until April, 1, 2012 on its eOne Savings Account. The offer is scheduled ...
Salem Five Direct's Checking Account Update and Its New Online Savings Account - 7/16/2009
Update 1/13/10: The savings account rate has fallen to 1.45% APY.Salem Five Direct slashed rates on its eOne Checking account. The top rate is now only 0.85% for balances over $100K. The rate is 0.75% for balances under $50K. On the plus side, they...
2008
2007
- 12/18 - Salem Five Direct Slashes eOne Rates
- 9/28 - Online Savings Account Rates Continue to Fall, Emigrant, iGobanking
- 6/12 - Update on Salem Five Direct's Checking Account
- 5/22 - Salem Five Direct's New eOne Checking Account - Rates up to 5.30% with a 6.10% 60-Day Promo and a $25 Bonus
See Rates for: Checking | Savings
Salem Five Direct Checking Account Rates
Salem Five Direct Savings Account Rates
Rates updated: 2/9/2012
Data for Q3 2011
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| Anonymous - February 2, 2012 I got in on the 1.25% deal last year. As of April I will be closing my account. As the reader hyperlinked above said their fee structure is just horrible. If you sneeze the wrong way you will get a fee. You have to read every bit of the fine print & even then it still isn't clear. Customer service is poor. Now before closing my account I will be pouring over the fine print again as if you close the account "the wrong way" you'll be hit with a fee. Not worth the effort. Anonymous - February 2, 2012 I found the bank's customer service representative to be very helpful and highly knowledgeable. The Salem Five Direct fees and limits do not apply if you initiate the transfers from your external account. So unless your external account charges a fee or has a limit, this shouldn't be an issue. Anonymous - February 2, 2012 I'd also avoid setting up external transfer accounts, as Salem Five has (or at least had) an unpublished practice of completely disabling your online access until they could talk to you over the phone to confirm you set these up. The website mentions the test deposits and the need to log back in to report the amount of those deposits, but it doesn't warn that you won't be able to log back in at all until the phone call. I suggested they warn people about this practice, but they thought it was only an issue for people on the west coast and it'd be less secure if criminals knew in advance of the practice. Small banks can sure some up with some crazy ideas and policies. I hope they've at least made the process of opening a trust account easier (they expect you to mail in a copy of the trust [and know where to send it] before they'll actually mail out the welcome kit that's promised by the website at the end of the online application). Rosedala - February 2, 2012 To Anonymous #3: "(they expect you to mail in a copy of the trust [and know where to send it] " Are you sure they expect you to send a copy (entirely?) of your trust? I have a trust too and all i do is send them only the first and last page of it...and, only for the matter of my beneficiaries. However, I don't have an account with this bank and it may be different there... Jeanne - February 3, 2012 PLEASE NOTE: The 1.00%APY is only AT THE TIME OF OPENING. They will offer this rate through August, but may not keep the rate once the account is opened (verified with CSR): "Minimum balance to open the account is $100. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened after 01/24/2012. Fees may reduce earnings." | ||
Fees And Limits - Beware!!!
I recently opened up a Salem Five account, after all 1.25% guaranteed til Apr 2012, that's for me!
However, be very careful before you open an account. It turns out they charge $3 for every ACH transfer out. As well, they cap monthly debits at $25,000 per mo. And you can only ACH in $20,000 (although you can send them a check if you want to deposit more). Still - even if you deposit more, they won't allow you to take out more than $25k per month and will charge you $3 to get it.
Worst fee structure and limits I've ever found. Stay far away!