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 Unveils Competitive 12-Month eCD Special - 2/2/2024

Salem Five Direct (internet division of Salem Five) is offering a competitive 12-month eCD Special for a limited time. $10k minimum/$500k maximum deposit.

12 Month CD Special - 2/1/2024

Just posted today for a limited time a rate of 5.5%

Salem Five Direct Competitive 6-Month CD Special Available Thru 6/25/2023 - 6/22/2023

Salem Five Direct (internet division of Salem Five) is offering a near rate-leading APY on its 6-month CD Special. $10k min/$500k max deposits. Available thru 6/25/2023

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10/27/20 - Massive Rate Cut 0.80% To 0.61% APY
9/23/19 - Rate Drop On Eone Savings Account
8/7/19 - Salem Five Direct Rate Drop From 2.51 To 2.35
6/3/19 - Salem Five Direct Boosts eOne Savings Rate To 2.51% APY
6/1/19 - Eone Savings, 2.51% APY
1/9/19 - Salem Five Direct Ups eOne Savings Rate To 2.30% APY
1/8/19 - Rate Increase To 2.30% On Savings
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.

Bizarre Policy On Interest Rate Increases

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!

They Keep Locking My Account For No Reason...

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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.

Lack Of Transparency

After collecting my personal information including my bank data online, Salem Five Bank froze the communications by confounding the customer. May be, all that Salem Five wanted was my information. to do that they made me fill their application and divulge my personal data. Then they put a monkey wrench in the process and kept quiet. After all, what do they lose? They got my personal data. This whole process is unethical, unprofessional. and possibly illegal.

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Health
A+

Data as of Q3 2023

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

Health Grade Components

Overall
FDIC Certificate #23296
Year Established1855
Employees644
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.93%
Return on Equity - YTD8.15%
Annual Interest Income$216.4MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$7.12B$6.43B
LoansQ3 2023vs Q3 2022$5.16B$4.54B
DepositsQ3 2023vs Q3 2022$5.08B$4.82B
Equity CapitalQ3 2023vs Q3 2022$805.3MM$731.8MM
Loan Loss AllowanceQ3 2023vs Q3 2022$62.2MM$61.1MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$11.9MM$19MM
Real Estate OwnedQ3 2023vs Q3 2022$12.2MM$273K
Rates
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Salem Five Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.01%-$1meOne Savings - New Money

Salem Five Direct Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.01%-$1meOne Checking - New Money

Salem Five Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$10k$500k12 Month eCD Special
5.00%$10k$500k6 Month eCD Special
5.00%$10k$500k9 Month eCD Special
4.50%$10k$500k18 Month eCD Special
3.25%$10k$500k24 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.