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
12/9 - Salem Five Direct Hard Pull
12/7 - Eone Savings Just Became A Rate Leader
10/28 - Salem Five Direct eOne Savings APY Leaps To The Top
10/27 - An Old Standby Resumes The Pole Position
5/17 - Salem Five Direct Boosts eOne Savings Rate To Two-Year High
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.
Transfer Rate Limits
I'm hearing a lot of complaints about transfer limits about Salem Five Bank but this can easily be bypassed by initiating the transfer from another bank with high daily transfer limits. Lending Club Bank and. CIT Bank have high transfer limits 250K for LC and 500k from CIT. As also mentioned here you can always just write yourself a check from Salem Five and deposit it into the other account. It's really not hard to navigate yourself through this task. I'm not sure why there are so many complaints about it. The rate is currently at 4.10 which is the highest right now in the industry. It took me five minutes to open this account and it was fully functional in 24 hours. The original deposit amount initiated from my other bank was available as soon as it hit the Salem Five account. My advice would be to just use the external account's
website to initiate transfers. Keep in mind my account is fairly new so I'll see how this goes and continue to update. One negative so far is that when you call in at certain times of the day the hold times are twenty to thirty minutes but the customer service reps aren't bad once you get through. It's also been mentioned here that Salem Five does a hard pull on your credit report when you open an account. I checked my credit reports and no hard inquiries were done by Salem Five so I don't know if this is based on a customer by customer basis
They Keep Locking My Account For No Reason...
I've had my Salem Five Direct account for about 6 weeks and in that time have had multiple instances of them locking my account and preventing me from transferring money. Never had this type of issue with other banks, and I've had several dozen different accounts over the years with both online and traditional banks.
I tried to use Zelle today, and that apparently triggered this most recent lockout. The only option given to remedy this and regain access to my account was to call customer service. When I called, wait time to speak to a rep was 28 minutes. I hung up. Will try again later and then decide whether this account's interest rate is worth the hassle.
Daily Saving Accounts
Your rate should on an open daily savings account should reflect their current rate for that account without one having to jump through hoops or be a researcher to find out if the bank rate went up but your account didn't because you are an existing customer.
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 |