Featured Savings Rates
Featured Accounts

Salem Five Direct

Popular Accounts at this Bank

1.10%SavingseOne Savings - New Money Only
1.25%18-month CD18 Month eCD Special
1.30%3-year CD30 Month eCD Special

Overview / Commentary
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.

Related Posts

Salem Five Direct Features eOne Savings Rate Guarantee - 3/5/2016

Salem Five Direct has a rate guarantee on new eOne Savings account (1.10% APY, up to $500k) through 1/1/2017. Requires new money, with a minimum of $100 to open.

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Excellent Bank

Posted by: Tee | Mar 17, 2015

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+


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.

Existing Customer Rate Is .6% APY.

Posted by: Sperry8 | Jan 20, 2014

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.

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.

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Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.82%
Return on Equity - YTD7.78%
Annual Interest Income$100.6MM
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$4.08B$3.74B
LoansQ3 2016vs Q3 2015$2.94B$2.62B
DepositsQ3 2016vs Q3 2015$3.08B$2.74B
Equity CapitalQ3 2016vs Q3 2015$428.5MM$397.8MM
Loan Loss AllowanceQ3 2016vs Q3 2015$22.0MM$22.2MM
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$14.6MM$16.6MM
Real Estate OwnedQ3 2016vs Q3 2015$2.7MM$4.0MM
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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

1.10%*-$500keOne Savings - New Money Only
OTHER TIERS: 0.05% $500k+

Salem Five Direct Checking Account Rates

0.25%-$1meOne Checking

Salem Five Direct CD Rates

1.50%$10k-48 Month eCD Special
1.30%$10k-30 Month eCD Special
1.25%$10k-18 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