Most of my focus on Salem Five Direct has been on its eOne Savings account promotion which guarantees a 1.00% APY through the August statement cycle (see review). Salem Five Direct also has a checking account called eOne Checking. This no longer has a competitive rate, but the bank is offering a new-account bonus which is mentioned at the eOne Checking page. It's called the "Perfect Pair Bonus", and according to the instructions "Once you’ve opened your eOne Checking account, click the button below to register and qualify to earn a $100 VISA Rewards Card." The register button takes you to this promotions page. You'll need to complete the registration form on this page and meet the following qualifications:
- completing 2 direct deposit transactions over $250, or
- 6 online bill pays, or
- 20 debit transactions within 60 days
According to the instructions "once you have registered and qualified your account, you will receive a $100 Visa Reward Card." This can take 4-6 weeks to receive the card after the completion of the program. Below is the important small print of the offer:
To be eligible for this offer the referred party must be a new customer to Salem Five and open a new Salem Five Star, Gold Star or eOne Checking account as a primary owner. Once open, the account must meet one of the following transaction criteria within 60 days of account opening to qualify: 2 direct deposits over $250, 6 online bill pays or 20 debit card transactions to receive a Visa® Reward Card in the amount of $100. To qualify the new account holder must follow all steps exactly as described and meet all program terms and conditions. All gift cards will be issued within 60 days of successfully meeting one of the transaction criteria listed. Consumer accounts only. Limit one incentive per new account opened. The minimum balance to open a personal Star or Gold Star Checking account is $10 in person, $100 by mail or online. eOne can only be opened online with a minimum $100 balance.
Credit for this find goes to iBankDesign member ichaelm who posted it in this iBankDesign thread.
I first reported on Salem Five Direct back in 2007 when the eOne checking account had yields up to 5.30%. The eOne checking account now has a rate of only 0.35%. Even though the rate is low, it has some nice features. First, it has no monthly fees and no minimum balance requirements. Also, the bank will reimburse ATM fees that other banks charge up to $15 per statement cycle.
Salem Five Direct is an online division of Salem Five Cents Savings Bank, which is based in Massachusetts. Salem Five has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 13.43% (above average) based on March 2012 data. Please refer to our financial overview of Salem Five Bank for more details. The bank has been a FDIC member since 1981 (FDIC Certificate # 23296).
Other Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.