Featured Savings Rates
Featured Accounts

Salem Five Direct

Popular Accounts at this Bank

1.10%SavingseOne Savings - New Money Only
1.25%18-month CD18 Month eCD Special
1.45%3-year CD30 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 Features eOne Savings Rate Guarantee - 3/5/2016

Salem Five Direct has a rate guarantee on new eOne Savings account (1.10% APY, up to $500k) through 1/1/2017. Requires new money, with a minimum of $100 to open.

Salem Five Direct eOne Savings 1.10% - 1/28/2016

eOne Savings eligibility is limited to consumers who apply online and who do not have an existing checking or savings account with Salem Five Bank at the time of the application, except that consumers with an existing eOne Checking Account are eligible for the eOne Savings Account. Account must be opened with funds not currently on deposit with Salem Five Bank. eOne Savings earns 1.10% APY (Annual Percentage Yield) on daily balances of $0.01-$500,000. Salem Five reserves the right to transfer balances over $500,000 to a Statement Savings Account which currently earns an APY of .05%. eOne Savings may be used to provide overdraft protection for eOne Checking. Minimum balance to open the account is $100. The stated APY applies to new eOne accounts opened after 1/28/16. Fees may reduce earnings.

Salem Five Direct Offers Two eCD Specials - 9/2/2015

Salem Five Direct (internet bank) has raised the rates on its 18-month eCD Special (1.30% APY) and 30-month eCD Special (1.60% APY). Minimum opening deposit is $10K.

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Excellent Bank

Posted by: Tee | Mar 17, 2015

Easy and fast opening of savings account earning 1.10% on a existing account...I am highly impressed with there customer service. Please mail in your signature card as soon as possible on your new account they put a hold on the entire balance until its received...No Complaints to date and I am the hardest to satisfy...A+


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.

Existing Customer Rate Is .6% APY.

Posted by: Sperry8 | Jan 20, 2014

I spoke with the bank as a current customer and they will not honor the higher promo rate (currently .9%) for existing customers. Further they will not honor the .9% rate for new money from existing customers. Apparently existing customers new money is less valuable than a new customers new money. Hmmmmmm.

Salem Five Direct Charges $3 To Process Many ACH Debits & Pulled Hard Credit Report

Posted by: Molotov | Feb 16, 2012

I find it incredibly hard to believe that people are signing up for Salem Five Direct's eOne Savings Account. Salem Five charges $3 for each ACH debit that you initiate through Salem Five Direct. A withdrawal from Salem Five Direct initiated through your external account is free.

This information is available in Salem Five Direct's Fee Schedule. You may have to do a site Search for it; it's somewhat buried.

This seems like a depositer-unfriendly fee which all the other online banks I've dealt with do not have. I assumed all banks ate the ACH fee in order to attract depositers. Even if they didn't, I wouldn't have expected it to rise above $1.00.

In addition, Salem Five Direct will assess a $10.00 fee for any account closed within 90 days. I guess this is to protect them from rate-hopping depositers, but it was difficult to find the info when I looked at opening an account there.

If you close the account by mail you will be assessed a $10.00 fee, as well (I guess online closure is free, but this isn't specifically stated).

Perhaps these fees were justified in the days of 5+% interest, but for an online bank offering 1% (as of 2/15/12) they seem out of line.

Perhaps most egregious is that Salem Direct Five pulled a hard credit report on me when I applied for an eOne Savings Account for under $500; an account which I did not consummate after doing a deeper dive into their Disclosures. This hard credit report pull will remain on my credit report for 2 years; potentially affecting my credit score--depending on who's looking, and how the credit agency applies its unique FICO algorithm--as if I had applied for credit.

I can not recommend Salem Five Direct to anyone for anything whatsoever.



Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.72%
Return on Equity - YTD6.84%
Annual Interest Income$126.8MM
Assets and Liabilities
AssetsQ4 2015vs Q4 2014$3.84B$3.63B
LoansQ4 2015vs Q4 2014$2.70B$2.45B
DepositsQ4 2015vs Q4 2014$2.80B$2.69B
Equity CapitalQ4 2015vs Q4 2014$404.3MM$379.0MM
Loan Loss AllowanceQ4 2015vs Q4 2014$22.3MM$21.5MM
Unbacked Noncurrent LoansQ4 2015vs Q4 2014$17.9MM$18.0MM
Real Estate OwnedQ4 2015vs Q4 2014$3.9MM$4.1MM
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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

1.10%*-$500keOne Savings - New Money Only
OTHER TIERS: 0.05% $500k+

Salem Five Direct Checking Account Rates

0.25%-$1meOne Checking

Salem Five Direct CD Rates

1.75%$10k-48 Month eCD Special
1.45%$10k-30 Month eCD Special
1.25%$10k-18 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