Salem Five Direct

Popular Accounts at this Bank

APY	ACCOUNT TYPE	ACCOUNT NAME
1.85%	Savings	eOne Savings - New Money Only 1.65% - Synchrony Bank High Yield Savings
2.00%	3-year CD	36 Month eCD Special 2.35% - Synchrony Bank 36 Month CD
2.00%	18-month CD	18 Month eCD Special 2.35% - Synchrony Bank 14 Month CD Special

View all Salem Five Direct rates »

Overview / Commentary

www.salemfivedirect.com

800-850-5000

71 Washington Street
Salem, MA 01970

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.

Reviews (28)

Featured Account Options

New Customer

Posted by: renatl | Nov 17, 2017

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!

Comment

8

Eone Savings APR .65% For EXISTING CUSTOMERS

Posted by: tmdeee | Oct 20, 2014

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.

15

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

Posted by: GRussell | Apr 1, 2018

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.

Comment

7

They Assume You're Dumb Enough To Stay With Them

Posted by: CSample | Feb 10, 2018

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.

Comment

48

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Health

A

Data as of Q4 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	23296
Year Established	1855
Employees	600
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	0.71%
Return on Equity - YTD	6.97%
Annual Interest Income	$160.5MM

Assets and Liabilities
Assets	Q4 2017vs Q4 2016	$4.68B$4.12B
Loans	Q4 2017vs Q4 2016	$3.51B$2.98B
Deposits	Q4 2017vs Q4 2016	$3.40B$3.09B
Equity Capital	Q4 2017vs Q4 2016	$470.6MM$435.6MM
Loan Loss Allowance	Q4 2017vs Q4 2016	$28.7MM$24.6MM
Unbacked Noncurrent Loans	Q4 2017vs Q4 2016	$13.7MM$14.7MM
Real Estate Owned	Q4 2017vs Q4 2016	$1.6MM$2.0MM

User-submitted Promotions & Notices

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This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

1.85% On New Eone Savings Accounts

solarado | Mar 9, 2018

Up to $1,000,000. Fine print says new accounts only opened after 3/9/18.

6

Rates

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Savings
Checking
CD

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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Salem Five Direct Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
1.85%^*	-	$1m	eOne Savings - New Money Only
OTHER TIERS: 0.05% → $1mm+

Salem Five Direct Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.25%^*	-	$1m	eOne Checking
OTHER TIERS: 0.10% → $1mm+

Salem Five Direct CD Rates

APY	MIN	MAX	ACCOUNT NAME
2.50%	$10k	$500k	48 Month eCD Special
2.00%	$10k	$500k	18 Month eCD Special
2.00%	$10k	$500k	36 Month eCD Special

Locations

Salem Five Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 71 Washington Street - Salem, MA 01970

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.