Salem Five Direct
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
8/7 - Salem Five Direct Rate Drop From 2.51 To 2.35
6/3 - Salem Five Direct Boosts eOne Savings Rate To 2.51% APY
6/1 - Eone Savings, 2.51% APY
1/9 - Salem Five Direct Ups eOne Savings Rate To 2.30% APY
1/8 - Rate Increase To 2.30% On 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
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
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
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.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23296 |
| Year Established | 1855 |
| Employees | 603 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.58% |
| Return on Equity - YTD | 4.99% |
| Annual Interest Income | $87.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $6.26B$5.79B |
| Loans | Q2 2022vs Q2 2021 | $4.40B$4.06B |
| Deposits | Q2 2022vs Q2 2021 | $4.76B$4.37B |
| Equity Capital | Q2 2022vs Q2 2021 | $718.7MM$662.9MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $60.1MM$54.2MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $19.1MM$24.7MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $915.00K$0 |