Salem Five Direct

Deposits held and insured by Salem Five

Overview / Commentary
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 eOne Savings Rate On Top Once Again - 12/9/2022

Salem Five Direct (internet division of Salem Five) eOne Savings currently has the highest APY on nationally available savings accounts. Applies to balances up to $1m.

Salem Five Direct Hard Pull - 12/9/2022

As much as I love to chase the highest rate, I'm not opening any more bank account with a hard pull on my credit report. Salem Five Direct now has the highest rate with 4.10% APY. From what I read, it's a hard pull so I won't be opening the account. This is all the current banks with 4.00%+ APY I came across the web from many sites: Sale Five Direct: Hard Pull Customers Bank: Unknown Brilliant Bank: Hard Pull All America Bank: Soft Pull Redneck Bank: Soft Pull CFG Bank: Unknown First Foundation Bank: Unknown Republic Bank: Unknown Valley Direct: Unknown All of the Banks on SaveBetter: Soft Pull Help out by confirming and fill out what you know for the banks above.

Eone Savings Just Became A Rate Leader - 12/7/2022

Second significant rate increase within the last month. EOne Savings now has a APY of 4.10%

View all posts from:

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.

Transfer Rate Limits

Posted by: |

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...

Posted by: |

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

Posted by: |

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

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

Health Grade Components

FDIC Certificate #23296
Year Established1855
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
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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

4.10%*-$1meOne Savings - New Money
OTHER TIERS: 0.01% $1m+

Salem Five Direct Checking Account Rates

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

Salem Five Direct CD Rates

3.25%$10k$500k24 Month eCD Special
3.00%$10k-18 Month eCD Special
3.00%$10k-12 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

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.