Salem Five Direct

Deposits held and insured by Salem Five

Overview / Commentary
71 Washington Street
Salem, MA 01970
Deposits held and insured by Salem Five

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

Salem Five Direct Competitive 6-Month CD Special Available Thru 6/25/2023 - 6/22/2023

Salem Five Direct (internet division of Salem Five) is offering a near rate-leading APY on its 6-month CD Special. $10k min/$500k max deposits. Available thru 6/25/2023

6 Month 5.55% - 6/21/2023

New rates from Salem Five. Best being 6 month 5.55%.Massachusetts Banking and Financial Services | Salem Five Bank

HIGH YIELD SAVINGS 5.01% APY - 5/26/2023

"eOne Savings earns 5.01% APY" Have no idea if that is applicable to existing account holders. Please confirm

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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
10/26/11 - eOne Savings Account Rate Falls
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

Working To Keep Good Customers

They worked with me to keep account with them.
I was quite pleased with customer service.

Outbound ACH Transfers Ridiculously Low

Posted by: |

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.

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!

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...



Data as of Q1 2023

Data displayed below is for insuring bank: Salem Five
Learn why bank health matters

Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.15%
Return on Equity - YTD10.06%
Annual Interest Income$67.0MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$6.70B$6.04B
LoansQ1 2023vs Q1 2022$4.79B$4.25B
DepositsQ1 2023vs Q1 2022$5.02B$5.05B
Equity CapitalQ1 2023vs Q1 2022$769.2MM$707.7MM
Loan Loss AllowanceQ1 2023vs Q1 2022$63.6MM$59.0MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$14.3MM$22.2MM
Real Estate OwnedQ1 2023vs Q1 2022$0$0
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Salem Five Direct Savings Account Rates

5.01%-$1meOne Savings - New Money

Salem Five Direct Checking Account Rates

0.01%-$1meOne Checking - New Money

Salem Five Direct CD Rates

5.00%$10k$500k12 Month eCD Special
5.00%$10k$500k6 Month eCD Special
5.00%$10k$500k9 Month eCD Special
4.50%$10k$500k18 Month eCD Special

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 [email protected] 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.