Salem Five Direct
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
6/21 - 6 Month 5.55%
5/26 - HIGH YIELD SAVINGS 5.01% APY
2/24 - Salem Five Direct Offers Rate-Leading 18-Month CD Special
12/9 - Salem Five Direct Hard Pull
12/7 - Eone Savings Just Became A Rate Leader
10/28 - Salem Five Direct eOne Savings APY Leaps To The Top
10/27 - An Old Standby Resumes The Pole Position
5/17 - Salem Five Direct Boosts eOne Savings Rate To Two-Year High
9/23/19 - Rate Drop On Eone Savings Account
8/7/19 - Salem Five Direct Rate Drop From 2.51 To 2.35
6/3/19 - Salem Five Direct Boosts eOne Savings Rate To 2.51% APY
6/1/19 - Eone Savings, 2.51% APY
1/9/19 - Salem Five Direct Ups eOne Savings Rate To 2.30% APY
1/8/19 - Rate Increase To 2.30% On Savings
7/6/18 - Salem Five Direct Ups eOne Savings
7/3/18 - Salem Five Direct Eone Savings 2.05% APY* New Customers Only
6/21/18 - Salem Five Direct Ups 36-Month eCD Rate
3/12/18 - Salem Five Direct Ups eOne Savings APY
3/9/18 - 1.85% On New Eone Savings Accounts
10/25/17 - Salem Five Direct New eOne Savings Rate Raised
8/18/17 - Salem Five Direct Offers New eOne Savings Account
5/17/17 - Salem Five Direct's eOne Savings Rate Guaranteed To 7/1/18
5/17/17 - 2.00% APY CD Special
3/5/16 - Salem Five Direct Features eOne Savings Rate Guarantee
1/28/16 - Salem Five Direct eOne Savings 1.10%
9/2/15 - Salem Five Direct Offers Two eCD Specials
5/28/15 - Savings Rate Cut To 1.00%
3/12/15 - Salem Five Direct Savings Account Rate Hike
1/14/15 - Salem Five Direct Increases Savings Account Rate - New Rate Guaranteed Until July
4/23/14 - Higher 2-Year CD Rate at Salem Five Direct
7/12/13 - New 5-Year CD Special at Salem Five Direct
7/11/13 - Salem Five 5-Year Ecd
5/22/13 - New CD Specials with Top Rates at Salem Five Direct
2/18/13 - Salem Five Direct Lowers Savings Account Promo Rate
11/7/12 - Salem Five Direct Increases Savings Account Promo Rate
10/17/12 - Higher 30-Month CD Special Rate at Salem Five Direct
10/1/12 - Higher 18-Month CD Special Rate at Salem Five Direct
8/29/12 - Salem Five Direct's New Savings Account & CD Promotions
6/6/12 - Salem Five Direct Eone Online Rates Are Deceptive
5/30/12 - $100 VISA Rewards Card Checking Bonus at Salem Five Direct
2/1/12 - Another Salem Five Direct Savings Account Promotion - Available Nationwide
4/15/11 - Salem Five Direct Savings Account Promotion - Available Nationwide
1/13/10 - Salem Five Direct's Checking Account Update and Its New Online Savings Account
7/16/09 - Salem Five Direct Slashes eOne Rates
4/15/09 - Salem Five Direct's New eOne Checking Account - Rates up to 5.30% with a 6.10% 60-Day Promo and a $25 Bonus
6/12/07 - Update on Salem Five Direct's Checking Account
Bizarre Policy On Interest Rate Increases
I just found out that this bank has a very unusual policy about when interest rates increase. Apparently, you are stuck with the rate you signed up with unless you call or chat with them and plead for the new, increased rate! I have never heard of this in my 60 years of banking! Unfortunately, it took me a few months to realize this, but when I did chat with a very helpful CSR today, she informed me when new rates are traditionally posted, so I put a reminder on my phone each week to check their rates. I’ll play their silly game! They do have the best rare around and their App is easy to use. If they would just change that stupid policy, they would be a Five Star institution for sure. Wake up Salem Five Direct!
They Keep Locking My Account For No Reason...
I've had my Salem Five Direct account for about 6 weeks and in that time have had multiple instances of them locking my account and preventing me from transferring money. Never had this type of issue with other banks, and I've had several dozen different accounts over the years with both online and traditional banks.
I tried to use Zelle today, and that apparently triggered this most recent lockout. The only option given to remedy this and regain access to my account was to call customer service. When I called, wait time to speak to a rep was 28 minutes. I hung up. Will try again later and then decide whether this account's interest rate is worth the hassle.
Lack Of Transparency
After collecting my personal information including my bank data online, Salem Five Bank froze the communications by confounding the customer. May be, all that Salem Five wanted was my information. to do that they made me fill their application and divulge my personal data. Then they put a monkey wrench in the process and kept quiet. After all, what do they lose? They got my personal data. This whole process is unethical, unprofessional. and possibly illegal.
Outbound ACH Transfers Ridiculously Low
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.
Data as of Q1 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23296 |
| Year Established | 1855 |
| Employees | 646 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.68% |
| Return on Equity - YTD | 6.02% |
| Annual Interest Income | $84.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2024vs Q1 2023 | $7.34B$6.7B |
| Loans | Q1 2024vs Q1 2023 | $5.38B$4.79B |
| Deposits | Q1 2024vs Q1 2023 | $5.31B$5.02B |
| Equity Capital | Q1 2024vs Q1 2023 | $838.6MM$769.2MM |
| Loan Loss Allowance | Q1 2024vs Q1 2023 | $64.7MM$63.6MM |
| Unbacked Noncurrent Loans | Q1 2024vs Q1 2023 | $10.9MM$14.3MM |
| Real Estate Owned | Q1 2024vs Q1 2023 | $11.6MM$0 |