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.
They worked with me to keep account with them.
I was quite pleased with customer service.
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.
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!
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...
Overall | |
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FDIC Certificate # | 23296 |
Year Established | 1855 |
Employees | 629 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.15% |
Return on Equity - YTD | 10.06% |
Annual Interest Income | $67.0MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q1 2023vs Q1 2022 | $6.70B$6.04B |
Loans | Q1 2023vs Q1 2022 | $4.79B$4.25B |
Deposits | Q1 2023vs Q1 2022 | $5.02B$5.05B |
Equity Capital | Q1 2023vs Q1 2022 | $769.2MM$707.7MM |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $63.6MM$59.0MM |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $14.3MM$22.2MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
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5.01% | - | $1m | eOne Savings - New Money |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.01% | - | $1m | eOne Checking - New Money |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
5.00% | $10k | $500k | 12 Month eCD Special | |
5.00% | $10k | $500k | 6 Month eCD Special | |
5.00% | $10k | $500k | 9 Month eCD Special | |
4.50% | $10k | $500k | 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