Salem Five Direct

Deposits held and insured by Salem Five

Overview / Commentary
800-850-5000
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 Boosts eOne Savings Rate To Two-Year High - 5/17/2022

Salem Five Direct (internet division of Salem Five) has raised the rate on its eOne Savings account for the first time in three years. $100 minimum opening.

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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.

Salem Five Getting Out Of DIF

Posted by: |

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

Posted by: |

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!

They Assume You're Dumb Enough To Stay With Them

Posted by: |

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.

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Health
A+

Data as of Q2 2022

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

Health Grade Components

Overall
FDIC Certificate #23296
Year Established1855
Employees603
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.58%
Return on Equity - YTD4.99%
Annual Interest Income$87.4MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$6.26B$5.79B
LoansQ2 2022vs Q2 2021$4.40B$4.06B
DepositsQ2 2022vs Q2 2021$4.76B$4.37B
Equity CapitalQ2 2022vs Q2 2021$718.7MM$662.9MM
Loan Loss AllowanceQ2 2022vs Q2 2021$60.1MM$54.2MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$19.1MM$24.7MM
Real Estate OwnedQ2 2022vs Q2 2021$915.00K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Salem Five Direct; we are a rate comparison website and cannot provide official rates or promotions.

* 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.65%*-$1meOne Savings
OTHER TIERS: 0.01% $1m+

Salem Five Direct Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%*$1m*-eOne Checking - New Money
OTHER TIERS: 0.01% Up to $1m

Salem Five Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%$10k$500k24 Month eCD Special
2.75%$10k-18 Month eCD Special
2.00%$10k-12 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 [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.