Salem Five Direct Reviews

Average Rating:
Based on 58 review

Money Market Only 4 ACH Out Per Month Or $10 Fee Each.

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Had 2 CD's that matured last week. Had the funds transferred to their MM. Started transferring money out to multiple higher yielding MM's. They hit me with $60 in excess debit fees, my fault for not checking in advance. I did get them to refund $40 since they had never refunded any fees to me, but for some reason they wouldn't refund the remaining $20? So I opened a checking account to get the money out of there without the excess debit fees. Reg D and the limited withdrawals has been suspended by the Fed, but some banks just like charging fees.

Horrible Bank Without Any Customer Communications

With recent increases in interest rates, I decided to open several different high-yield savings accounts with smaller, lesser-known banks. All fdic insured. Salem Five Direct, being one of the older institutions, led me to expect superior and more established service. However, my experience with them turned out to be the worst compared to any other bank I have ever worked with in my life!

To start, after I opened a high-yield savings account online and indicated my intention to transfer a substantial sum, they conducted a hard credit pull on me, citing random slection, which left me quite disappointed and questioning its legality. I prefer basic security features like email notifications and text messages, but none of these options were available with this bank; they solely communicated through secure messages.

Fast forward four months, I checked my balance one day, only to find that my account had disappeared entirely. There were no paper trails or statements. Everything was gone! No email from them. Frankly, I panicked. Unfortunately, the bank didn't have a 24/7 hotline, and when I finally managed to contact them, a representative informed me that they had closed my account and sent me a check. Their reason was an identity verification issue, which they attempted to address with just one message on their portal that I missed, leading to the abrupt account closure. No email or no phone communication.I found it astonishing that they couldn't have reached out via email or phone. This entire experience, from start to finish, was the worst customer service I've encountered. I strongly advise against using this bank. Smallest and less known banks offer way better service.

Outbound ACH Transfers Ridiculously Low

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i tried to move my money out because rates didn’t keep up and found out they cap outbound ACH transfers to $5,000 a day. So I used my other bank to pull the ACH transaction and they denied the transfer and wanted me to send them extra paperwork to prove that I owned the account. Mind you I already set up the connection with the “trial deposits.” Also app sucks and doesn’t show your interest rate in the app.

Hard Credit Pull After Opening Savings Account!!!

I applied to open eSaving account at Salem Five Direct 2 weeks ago and they instantly opened me account as promised. Two weeks latter I get notification that #1 my account is locked since they need some more random documents that prove my address ?? # They put a hard credit pull on my Equifax credit report ?? I specifically called them before to verify there is no hard credit pull and it doesn't state anywhere during the application they perform one. Somehow right now after they performed a pull on my account they state that yes they do it when you open the SAVINGS account. So long story short if you dont want a mark on your credit report for 2 years stay away from this bank with their misleading practices. Also during the account opening I initiated a transfer of funds in and to this point Im confused on what came out of it. The support is not great. So I opened 3 high yield saving account in very small banks in the past year, this one is the worst experience by far. Stay away...

Deceptive Practices

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I have had many checking accounts over the years and wanted to open another one to use as a bill pay source. I have never heard of an institution running a hard credit pull for a basic product before. My credit score dropped nearly 30 points and also saw an inquiry for a mortgage as well. It is outlined in the disclosure, but regardless it is NOT common practice for a bank to pull credit for a basic account. Needless to say the checking account was declined due to a low credit score, I assume.

$5000 External Transfer Limit, Janky Website

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I signed up for Salem Five because I was looking for an additional high-yield online savings account and I recognized the local name.

Very surprised to find they have a very strict limit on external transfers. Specifically, $5,000 (in either direction!) and a rolling limit of just a few transfers per month. I already have accounts with Emigrant (MySavingsDirect) and Citizens (Access) which have no limit at all, and LendingClub which can increase their limit upon request after a few months.

So now I know Salem Five is more of an old-fashioned bank that expects you to write checks or initiate an ACH from another bank or something if you need to withdraw significant money, rather than a modern online savings account where I can move funds around with just a few clicks.

I opted not to fund this account, and customer service was helpful in closing it.

Daily Saving Accounts

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Your rate should on an open daily savings account should reflect their current rate for that account without one having to jump through hoops or be a researcher to find out if the bank rate went up but your account didn't because you are an existing customer.


I made an account with Deposit Accounts with the sole purpose of warning people.

This "bank" is a scam. They limit the amount of money you can transfer... but only after you deposit waaay more than the limit. So if you deposit 200K you can't get that money out. You can only transfer $20K/month

Nowhere did it warn of this before funding of the account.

Also, setting up the account in the first place was cumbersome. glitches all over the place. The "open account" sign in is different than the "online banking sign in". super weird

Trying to get someone on the phone? don't bother. "the estimated wait time is... 44 mins"

Note: Interesting idea (from another poster) of using a pull request from another bank to get around this, I'm going to have to try that. otherwise it's legal action

Not Ready For Prime Time

Be aware --- after you jump through the hoops and get an eSavings account with that good rate that got your attention:

When they raise the rate on eSavings, not only will they NOT raise YOUR rate, they won't even tell you that the rate has been raised. Unlike other online banks which email you about how proud they are to have raised your rate again, this bank keeps the whole rate raise a secret. If you discover the rate has gone up, you can e-mail them and ask for an increase to the current rate, and after a week or so they might get back to you and tell you that the new rate is for NEW accounts, but since you asked, they'll raise your rate as a favor. Or maybe not.

The top of their home page says that they are overwhelmed by phone and messages, and it'll take a while for them to get back to you. They're not kidding.

App Is Not Usable; Customer Service Is Disgraceful

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I am not able to use the app. It keeps saying that my information can not be authenticated. I log in on the website but not on the app. I called to have the issue fixed and spoke to a supervisor. She kept telling me that I was entering the wrong login information. I told her how can that be possible if my login information worked on the site? I also told her there must be an issue with the app and she said no there was not. She kept blaming me. The whole discussion made no sense. The interest rate is no longer competitive also. There are several banks with a better rate. I'm not a happy customer.

Salem Five Getting Out Of DIF

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I've been reasonably happy with my Salem Five Direct account since they've always been willing to adjust the rate on my existing accounts whenever they have a "new money" promotion but one big selling point for me was that they had Masachussetts DIF in addition to FDIC insurance.

They just sent me a letter saying that they are getting out of DIF though the insurer has agreed to cover existing funds for one more year.

It Feels Scary

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Opened a new account yesterday.
Talked to a CSR gal today. Unsuccessfully tried to spell my email multiple times. Finally she told me that the word “SIERRA' starts with ‘C’ and I have to say ‘SAM’ instead.

It feels scary!

Worst Bank Ever

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First off the online banking is terrible second they charge you if for attempted over draft. If you don't have a line of credit through stay away. Bank is Terrible!!

Nothing But Trouble

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We signed up with them because we wanted a completely online bank that we could setup multiple accounts easily.

Getting accounts setup was fairly easy but it's been nothing but problems since.

If you want to use billpay be prepared for lots of downtime and at the same time the customer service is terrible.

I recommend staying away.


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Basically they cannot give an answer if they do a hart pull on the credit to open a new account they say no and that yes blah blah blah bureaucracy immagine if that is at first as it would be if there was a problem after they pocketed your money.

Eone Saving Up To 3.50% (10/26/2022)

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Limited to new customers but used chat to request a higher rate on my current account..
Limitations on ACH transactions can be easily bypassed by initiating the request from the other bank.


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terrible website, terrible online experience, representative twists her answers and pretends not to understand yours so as to not reveal their questionable ways. 20k max w/d per month. absolutely terrible. and no clarity on interest rate story...

PS -- I called to close this lousy account. They said I can't close it for 60 days. and they said any money I brought in can't be taken out for SIXTY DAYS!!!!!!!!!!

This Bank Is Deceptive

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I would have to agree with C Sample. Stay away from this bank. They are deceptive. Furthermore, they are clueless when it comes to running an online banking site. I attempted to open up an online high yield savings account with Salem Five Direct. After providing them with the information required, the next day I received an email back advising that my request was denied because they weren't able to verify certain information provided. When I called and spoke with a representative to find out what information were they not able to verify, they refused to tell me and told me to re-apply. When I asked them what do they do with the application information after it's denied as I don't want them having my personal information on file, they stated they keep the information for 3 years.for auditing purposes. Very suspicious to say the least. Needless to say, I won't deal EVER with this bank and again, avoid them at all costs.

Large Deposits Take Months To Withdraw

Be aware that Salem Five Direct won't let you withdraw more than $20,000 per month and not more than $5,000 per transaction..

Apparently Salem Five Direct elected to "change" the external transfer dollar limit when I transferred large amounts INTO their bank but is holding me to withdrawing a maximum of $5,000 per transaction per day and $20,000 per month

The following paragraph is from their online banking agreement, which has 11,196 words and just the text covered 21 pages.

Limitations: For security reasons, the Bank has established limits on the amount of funds that can be transferred via External Transfers. External Transfers from your account are limited to $5,000 per transaction; $5,000 in aggregate per day; and $20,000 in aggregate per calendar month. External Transfers to your Salem Five account are limited to $15,000 per transaction; $25,000 in aggregate per day; and $25,000 in aggregate per calendar month. In addition, external transfers outstanding are limited to $25,000 in aggregate per day and $45,000 in aggregate per calendar month. We reserve the right to change your External Transfer dollar limit at any time. If we decrease the dollar limit, we will notify you as required by law, but we may not notify you if we are restricting your transfer limits for security purposes or because of excessive overdrafts to your Salem Five account.

Full Circle

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I had no extraordinary issues with Salem, but I have now closed my account. Salem won't raise introductory rates (basically think to yourself that you are buying a CD) and now the rate they were paying me is almost half a point below what I can get other places. The withdrawal limits were highly annoying, but I see now that other banks do the same thing. If you can deal with starter savings rates that are essentially locked in, then by all means, give them some business. For now, I choose to park my savings elsewhere.

Worst Banking Experience Ever

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I began to open an account got to the drivers license part, I called the bank and informed them I would not be providing such info. The cust. rep told me I had to, ( I didn't know I had to do anything but pay taxes and die) I asked if the account would not open without finishing the application, he confermed. Several days later yes 100 dollars was taken out of my navy fed account and put into a salem 5. (More money was going to be moved later the 100$ was just to open the account since the amount seems to matter. )I called the bank it was Saturday mind you, I spoke to a polite rep. saying I just wanted the account closed. Since I was already told the money would not be taken out (mistake1bank). The rep said I had to email a letter to close it, the bank could only send me a check in the mail, (their policy. )No problem, waited for the check after 2 weeks I called they said it was just mailed. No problem, just waited for the check. Never came after extensive time with unhelpful rep it was discoverd( by me,) they sent it to the wrong address( mistske2). They had my right address I have no idea how they could have sent it to the wrong address. So I had to get a form( witch was another task in itself I again spent hours on the phone just trying to get this form) get notarized, swear to take an oath, that I did not in fact have this check that the bank knows they sent to the wrong address. Navy fed never treated me like this, capital one, goldmansach, all much better choices. I spent hours and leg time of my own money to free up my 100$. Maybe because Im a veteran or I had too many shots to the head. I just didn't like my banking experience.

Terrible Online Bank

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I've been using online savings accounts for many years and some, of course, are better than others. But Salem Direct hasn't a clue about online banking. The lengthy application process makes very little sense (there is actually a separate website for the application). Because here are few follow-up emails, I had to phone them and the customer service person acted like it was my fault that I didn't understand it. When I do an external transfer to my current online savings account (Barclay's) I am given credit immediately. With SD I have to wait until the money is actually there. I expect there are other ways that they are making up for the fact that their interest rate is a little higher. When Barclays raises their interest rate, everyone gets the raise, and their rates have never gone down in the 3+ years I have had the account. I emailed SD them on a Friday to close my account. They sent a confirmation email right away saying I would receive an answer in 1 day. I received my response on the next Thursday--4 business days later. SD is NOT worth the aggravation. Wish I'd seen this website before I opened an account.

Lots Of Little Problems

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I sent this bank a substantial amount of money when they offered 1.85 %. Now that others have matched or exceeded this amount I was hoping they would raise me to their new rate of 2.05%. umm, no.
So I have been trying to bring my money back and have run into a daily limit of 5k and a monthly limit of 20k. This is not cool. It's going to take me several months to get my money back, and I am not at all happy about this.
Seems like petty nonsense if you ask me.

Great Rates Despite Some Quirks

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I figure I can address a lot of the issues and complaints I've seen in reviews based on my own personal experience with Salem Five Direct. I've experienced some of these issues first-hand and can shed some real experience versus speculation.

First thing's first- the rates. The rates are solid. I was a long-time Ally customer, but the promotional rate is what attracted me to the bank. I started at around 1.5% I believe and currently I'm at the 2.05% rate. I have never experienced a reduction in rate based on a bait and switch tactic as others have described. May have happened to others, hasn't happened to me through about 3 rate increases.

Rate Increases- this is another thing. Most online banks simply give you the rate increase. Salem is different. They cite these are promotional rates, but every time I've contacted customer service, they give me the new higher rate. Annoying that they don't automatically give you the rate? Sure. Understandably, they like to highlight these as promotional rates, so as a customer, I understand. Getting the increase is as simple as logging in, and chatting w/ customer service.

Account Setup- One of the more tedious processes. Took somewhere around 7 or so days for me to get this set up. They have a bunch of verification processes and you have to follow the right steps before being able to get mobile access to the app, but if you follow the steps, you'll be set up fine. I do think this could be more streamlined, but they're a small brick and mortar bank based our of the Boston area, so they don't have as many resources as the big banks out there. With that said, customer service has always been helpful.

Paper Statement Fee- Yes, this exists. Your account is automatically set up with it. There is a charge- I believe $2.95. I didn't notice it until it came on my statement. I saw it, I contacted customer service, they removed the fees and showed me how to opt out. Easy. It was annoying that it was the default, and I don't think that should be the case, but they were helpful in solving the issue for me.

ACH Limits- Some have cited limits on ACH transfers. This is universal across the board. You run into this transferring via ACH to other bank accounts. There are very few banks with unlimited funds. If you want to close your account, it will be tricky to transfer bulk funds. This may not be the best account if you need significant liquid funds. HOWEVER, there is a workaround. I ran into this before, but the easy way to navigate this (if you're not in a rush for instant funds), is to use a piggyback eOne Checking account. You can transfer unlimited funds between the Salem Savings and Checking account instantly, and write yourself a check to transfer via digital check deposit to other accounts. Yes, you'll have to wait for the check to clear with your other financial institution, but this is how I've navigated transferring larger sums. Works for my needs, may or may not work for yours.

Mobile App- It does what I need it to do. I can deposit checks, I can initiate transfers, etc. It's not the benchmark in banking apps, but it works.

Transfer Speed- Not the quickest. My other banks have them beat. Typically I see funds enter my account around 48-72 hours on business days. Again, not a big deal for me.

Customer Service- Although I've gone through these headaches, customer service has been great with helping me navigate it. From setting up the free checking account to help with fund transfer, being patient with me while I asked about the initial mobile setup process, and waiving the paper fee for me, they've always been great about it. They don't make the rules, but they've helped me navigate the quirks.

Sure, there are aspects of my experience that can certainly be improved, but as long as you navigate accordingly, I've always emerged a happy customer. The only real gripe I have is that the best rate is not automatically applied to my account, but again, they always accommodate my requests.

Hopefully this gives an unbiased perspective based on my own experience.

Well Pleased

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Great website, great rates and great customer service with very little if any wait time.

Humans actually work here.

Also, you have access to 7 years of your account.

Interest Rate SCAM

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Salem Five offers an attractive rate to lure deposits. Then they lower the rate dramatically without notifying the depositor. They cheated thousands of dollars out of me that way.

I have a dozen online savings accounts to spread the risk. NONE of the banks pulled this kind of interest rate scam on me. ALL of them have been increasing the interest rates as fed rates go up. Salem Five, on the other hand, cut it in half!

Make sure you check the interest you are getting every month. Don't just check their website for the current rate. Your rate could be half of that.

I tried to move money out to a new bank. Guess what? They have $5000 limit on transfers each day! At that rate, it would take 2 months to transfer out. I had to set up the transfer from the other end to pull the money at once. Again, I never had this kind of problem with any other online banks that I deal with.

First they scam money out of you and they make it hard to transfer money out. CFPB should shut them down.

Salem Is Not Ready Yet To Dip Into The Relm Of Internet Banking

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I always like to make a quick phone call to a prospective bank's customer service staff before jumping tor the highest interest rate. Most times there is a reason, a necessity for offering those rates. Based on my conversation Salem I believe is going through growing pains and the CS rep, Allison is overwhelmed with the response. She left me with the impression that she really would rather I take my business elsewhere. She was honest in admitting that they have been modifying some of there procedures and especially ornery fees because of complaints, (ie.the $3 ACH external transfer fee for each transaction). But I've dealt with the lengthy and unnecessary application process with other banks where you must provide superfluous documents and information, and then wait.. Hopefully they will get it right some day, hire more people and streamline their system. i wish them the best. For now the extra point 15 percent is by far not worth the anxiety of dealing with banks like this. There are currently fair to good internet banks offering 1.7% on money markets.

Don't Be Fooled

The reason they offer a high interest rate is that they charge a paper statement fee - regardless if you are signed up for online statements only or not.

They Assume You're Dumb Enough To Stay With Them

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There are generally two types of banks I avoid. First, because I don’t like to keep changing accounts, I avoid banks that don’t have a record of consistently competitive rates. Second, I put banks I consider deceptive on my “never again” list. Salem falls into this second category.

Avoid this bank unless you don’t mind logging in to your account frequently to see the real interest rate you’re earning. Even though their website or DA may show the rate they pay on an account with the exact name (e.g. eone Savings) as one you have, they eventually shift you to a special established customer rate that is lower than all of the advertised rates.

When I asked them to close my account, they sent a letter making it clear to me just how stupid they must think I am. They wrote, “In lieu of closing the account, perhaps you would be interested in our newest eOne Savings account product, with a 1.50 percent Annual Percentage Yield rate. This is a promotion being offered to attract new customers, much like your initial rate was when you opened your account… We are committed to keeping our rates competitive.” If they were committed to keeping their rates competitive, why would they lower the rates to established customers while only new customers in the identically identified savings account could earn the competitive rate? Simply deceptive. Avoid them.

Salem 5 Worst Online Bank

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I have several on-line savings accounts and Salem 5 is by far the worst all around. It was virtually impossible to set-up on-line access and I received no help from customer service. On top of that they charged me for sending paper statements, when it was their website which made online access impossible. When I tried to close my account I was told that I could only withdraw $5,000 a day so it is going to take me over a month to have the account fully closed. I recommend to everyone to stay away from Salem 5 Direct.

Takes Forever To Open, Among Other Things.

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The customer service is not good. Chat operators let you sit there forever before answering any questions, assuming they ever return to answer you. If you call, you stay on hold forever. One of the biggest issues I have with this bank that I've never had to do with other online accounts is once you fund this account, you must add the exact same account as an external account all over again! This redundancy makes absolutely no sense! I've already entered and verified trial deposits to verify account funding, so why are we "linking" accounts all over again? This is a really stupid process and needs to be corrected. I have a feeling I won't be with this bank for long....

Terrible Online Services

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Ever since they did an "upgrade" to their online system, it is extremely difficult to get payments made to outside accounts. I have always used their online payment service to make my truck payment. Prior to the upgrade, the payments would come out within 48 hours and be immediately transferred to the receiving institution. Since the upgrade, it has been a nightmare. My most recent truck payment still had not made it to my lender within 10 days. When I used the chat feature I was told by Jeremy that they now cut a live check and mail it out to the lender. So let me get this charge me a fee in order to "expedite" a paper check to my lender?Why would I use the online bill pay if all they are going to do is send a paper check? That is the most ridiculous thing i have heard. Why would I not just write my own check?It is so bad that my wife and I are going in this Saturday to close out the 3 accounts we have with them. Too bad, because they USED to be an excellent local bank to use

Higher Rates Aren't Applied To Existing Accounts

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Salem Five is one of those banks that doesn't notify you of a rate increase because the higher rate isn't automatically applied to existing accounts. You have to find out that the rate has been increased and then you have to ask for it. Do you think Salem Five Direct will do the same when rates start to go down? I rather doubt it...

Update: Salem Five Direct will not wire mature CD to an external bank. As a result, I waited a week to receive a check, my internet bank is requiring that I mail the check to them (another week) and then I'll wait another week for the check to clear. That's a lot a lost interest income.

New Customer

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It takes time to join this bank. They say 24-48 hours but be patient it takes longer. I understand they have a small staff. I am pleased so far with this bank. The nice perk is having a chat window when you sign in with any problems. I had excellent customer service with Jennifer! The rate is nice and I chose the Savings. Some web browsers do not work like Internet Explorer 11. I suggest Firefox or Chrome.

Update 3/10/18: They raised the rate to 1.85% for new customers only. I called SalemFive and mentioned that I may have to move my balance to another savings that is paying 1.80% and he gave me the 1.85% as of the next business day. Great customer service! I will stay with SalemFive!

Another Bad Bank

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Did a hard pull just to open a checking account with no overdraft and denied me. Never even bothered to send a letter or e-mail. Now I have another inquiry on my credit report for nothing. THANKS ALOT!

Terrible Customer Service

Tried to open an account and they rejected my application. When I inquired as to why they referred me to the credit agency they used to assess my past banking relationships. Then I requested the report from the credit agency and it was clean. When I called back they said they could not tell me why they denied my application. I asked to talk to a supervisor and they said they were all busy and would call me back within 2 hours. Nobody has ever called me back. Sounds like discrimination to me.

Terrible Experience With Salem Five

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In my opinion, and based on my experience, the employees at this bank are rude and don't care one bit about building relationships with their customers. Will continue to bank with Bank of America.

Lower Rates For Loyal Customers

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I have had a Salem Five DIrect eOne Savings account opened at this bank since April, 2014. Even though they still offer and advertise a 1.10% APY rate on this account for new and recent customers, they dropped the interest rate for long-term customers to about .90%. I never saw this system of offering 2 different interest rates on the same account stated anywhere on their website.

I called and asked customer service if I could also earn the 1.10% APY rate. They told me I would have to make an additional deposit $10,000 of new money into the account to receive the higher advertised 1.10% rate. I also didn't find these terms & conditions listed anywhere on their website.

In my opinion, they clearly do not care at all about building long-term relationships with their customers.

So I closed all my accounts there.

So Many Mistakes

We went to open a CD at Salem Five. They failed to disclose the 4% early withdrawal penalty until we had been sitting there for an hour. They made a number of mistakes on the deposit, including giving us duplicate receipts for one deposits and failing to give us a receipt for another. Three times they promised either monthly or quarterly statements, only to later tell us that they don't provide statements. How will we know if there is fraud on the account.

Stay away

$3 Charge To Do ACH Debit

I obviously didn't do my research enough before opening this account. I discovered a $3 charge to transfer money out of Salem Five Direct's eOne Savings Account to an externally linked account.

Terrible Bank. Do Not Do Business With This Bank

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Terrible customer service. Tried to open an account and was denied for no reason. I was ready to move $500k there, I guess they think I'm too poor to bank with them. I never have any problem apply for any bank accounts in my 30 years of banking. No response to emails, voice mails, etc.

Excellent Bank

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Easy and fast opening of savings account earning 1.10% on a existing account...I am highly impressed with there customer service. Please mail in your signature card as soon as possible on your new account they put a hold on the entire balance until its received...No Complaints to date and I am the hardest to satisfy...A+

Complicated & Ridiculous Process To Open Only Account To Get Bonus

I try to open checking account and have to provide proof of address since I just moved and address is different from ID. I just can't believe, they don't take any other form of address proof but utility bills which is under my mom name. Not even rental agreement or other bill/statement. They return my email late and provide me only 3 days to provide those documents, no extension with any reason! They now close my account. they neither give me bonus if I reopen it after i change address on my ID saying that I count that I have been their customer! No courtesy.


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It has been down to .65% for about a year now. When I opened this account about 4 years ago they guaranteed the advertised rate for a certain amount of time. Now all I find on their website is this quote: "The rate may change after the account is opened." I talked to a customer rep who said the rate is subject to change on Tuesday of each week, but rarely changes. Still couldn't get a straight answer as to when the 1.00% would change for newer accounts.

As far as transfer/ACH out: The $3 charge is only if the transfer is initiated at Salem Five as a transfer OUT. Three ways to get money out of eOne Savings with NO FEES: 1) Initiate a transfer at the account you want the money to go to. 2) Open an eOne checking account when you open an eOne Savings account -only $100 minimum to open, no minimum to maintain, no fees and some free checks plus .25% interest- transfer whatever amount you want to withdraw to checking and use bill pay which also has no fees and usually ends up being an ACH anyway depending on who you are paying, or 3) write yourself or whoever a paper check. I have had good customer service with them although they sometimes don't answer emails promptly.

Existing Customer Rate Is .6% APY.

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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.

I Would Not Trust Them With My Money.

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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.

Superb Service, Great Products, Customer Since 2007

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.

They Will Hold Your Money Hostage!!!

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I just opened a Salem Five Savings account and am very disappointed by all the hidden terms.  Your money will go into the account very easily, but beware, they will make it very hard to get it back.  After I opened the account I called to verify some of the things I read (a little too late.)  The rep told me that if I did not want to keep the account, I could just have an external bank account transfer the money out (without any fees).  Well, I tried that, and they replied to my external bank that my funds were frozen.  Yet, if I login to my account, it says they are available for withdrawal.

It's just another example of the ugly side of banking.  Steer clear!

Worst Bank I've Ever Dealt With - Run For The Hills!

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!

Salem 5 Direct Savings Account

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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.

Salemfive Fees And Lack Of Customer Service

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Stay away from this bank. The people running this bank could care less about customers. SaleFive will fee you constantly

Disrespectful Of Existing Customers

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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 if you're a loyal customer....forget about it, you're of no importance in this Banks opinon.

Salem Five Direct Charges $3 To Process Many ACH Debits

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Salem Five Direct's eOne Savings Account charges $3 for each ACH debit that you initiate through Salem Five Direct. A withdrawal from Salem Five Direct initiated through your external account is free.

This information is available in Salem Five Direct's Fee Schedule. You may have to do a site Search for it; it's somewhat buried.

This seems like a depositer-unfriendly fee which all the other online banks I've dealt with do not have. I assumed all banks ate the ACH fee in order to attract depositers. Even if they didn't, I wouldn't have expected it to rise above $1.00.

In addition, Salem Five Direct will assess a $10.00 fee for any account closed within 90 days. I guess this is to protect them from rate-hopping depositers, but it was difficult to find the info when I looked at opening an account there.

If you close the account by mail you will be assessed a $10.00 fee, as well (I guess online closure is free, but this isn't specifically stated).

Fees And Limits - Beware!!!

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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!

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