Featured Savings Rates
Featured Accounts

Salem Five Direct

Popular Accounts at this Bank

1.50%SavingseOne Savings - New Money Only
2.00%3-year CD36 Month eCD Special
1.75%18-month CD18 Month eCD Special

Overview / Commentary
71 Washington Street
Salem, MA 01970

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 New eOne Savings Rate Raised - 10/25/2017

Salem Five Direct (internet back) has raised the rate on its eOne Savings account to 1.50% APY on balances up to $1 million. Available to new eOne Savings customers.

Salem Five Direct Offers New eOne Savings Account - 8/18/2017

Salem Five Direct (internet bank) is offering 1.35% APY on new eOne Savings accounts on balances up to $1 million; balances over $1 million earn 0.05% APY.

Salem Five Direct's eOne Savings Rate Guaranteed To 7/1/18 - 5/17/2017

Salem Five Direct has raised the rate on its eOne Savings (1.25% APY), with a rate guarantee through July 1, 2018. Available to new eOne Savings customers only.

View all posts from:

New Customer

Posted by: renatl | Nov 17, 2017

It takes time to join this bank. They say 24-48 hours but be patient it takes longer. I understand they have a small staff. I am pleased so far with this bank. The nice perk is having a chat window when you sign in with any problems. I had excellent customer service with Jennifer! The rate is nice and I chose the Savings. Some web browsers do not work like Internet Explorer 11. I suggest Firefox or Chrome.


Posted by: tmdeee | Oct 20, 2014

It has been down to .65% for about a year now. When I opened this account about 4 years ago they guaranteed the advertised rate for a certain amount of time. Now all I find on their website is this quote: "The rate may change after the account is opened." I talked to a customer rep who said the rate is subject to change on Tuesday of each week, but rarely changes. Still couldn't get a straight answer as to when the 1.00% would change for newer accounts.

As far as transfer/ACH out: The $3 charge is only if the transfer is initiated at Salem Five as a transfer OUT. Three ways to get money out of eOne Savings with NO FEES: 1) Initiate a transfer at the account you want the money to go to. 2) Open an eOne checking account when you open an eOne Savings account -only $100 minimum to open, no minimum to maintain, no fees and some free checks plus .25% interest- transfer whatever amount you want to withdraw to checking and use bill pay which also has no fees and usually ends up being an ACH anyway depending on who you are paying, or 3) write yourself or whoever a paper check. I have had good customer service with them although they sometimes don't answer emails promptly.

Customer Service Is Atrocious

Posted by: FLAbanker | Dec 4, 2017

A week after verifying two deposits into my funding account, my SalemFiveDirect account still wasn't opened. I called (and waited endlessly for a rep) and I was told by the rep that he would call be back the next day. Three business days later, no one had called back. Today's call to SalamFiveDirect had me on hold for more than 30 minutes. Turns out that last week's rep did do anything that he said he would do. The account is now open and I hope I never have to call customer service again.

Another Bad Bank

Posted by: dmuessig | Oct 28, 2017

Did a hard pull just to open a checking account with no overdraft and denied me. Never even bothered to send a letter or e-mail. Now I have another inquiry on my credit report for nothing. THANKS ALOT!



Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.77%
Return on Equity - YTD7.5%
Annual Interest Income$117.1MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$4.68B$4.08B
LoansQ3 2017vs Q3 2016$3.50B$2.94B
DepositsQ3 2017vs Q3 2016$3.36B$3.08B
Equity CapitalQ3 2017vs Q3 2016$465.7MM$428.5MM
Loan Loss AllowanceQ3 2017vs Q3 2016$27.7MM$22.0MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$13.6MM$14.6MM
Real Estate OwnedQ3 2017vs Q3 2016$1.5MM$2.7MM
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* 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

1.50%*-$1meOne Savings - New Money Only
OTHER TIERS: 0.05% $1mm+

Salem Five Direct Checking Account Rates

0.25%*-$1meOne Checking
OTHER TIERS: 0.10% $1mm+

Salem Five Direct CD Rates

2.00%$10k$500k36 Month eCD Special
1.75%$10k$500k18 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