Salem Five Direct

Popular Accounts at this Bank

APY	ACCOUNT TYPE	ACCOUNT NAME
1.35%	Savings	eOne Savings - New Money Only 1.20% - Synchrony Bank High Yield Savings
2.00%	3-year CD	36 Month eCD Special 1.85% - Synchrony Bank 36 Month CD
1.50%	18-month CD	18 Month eCD Special 1.45% - Synchrony Bank 18 Month CD

View all Salem Five Direct rates »

Overview / Commentary

www.salemfivedirect.com

800-850-5000

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.

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
3/19/08 - Online Banks Quick to Cut Rates after Yesterday's Fed Rate Cut
9/28/07 - Online Savings Account Rates Continue to Fall, Emigrant, iGobanking
6/12/07 - Update on Salem Five Direct's Checking Account

Reviews (18)

Featured Account Options

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+

11

Eone Savings APR .65% For EXISTING CUSTOMERS

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.

12

Terrible Experience With Salem Five

Posted by: Rsbrown | May 27, 2017

In my opinion, and based on my experience, the employees at this bank are rude and don't care one bit about building relationships with their customers. Will continue to bank with Bank of America.

Comment

3

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.

Comment

22

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Health

A+

Data as of Q1 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	23296
Year Established	1855
Employees	555
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	0.75%
Return on Equity - YTD	7.12%
Annual Interest Income	$35.6MM

Assets and Liabilities
Assets	Q1 2017vs Q1 2016	$4.19B$3.83B
Loans	Q1 2017vs Q1 2016	$3.05B$2.73B
Deposits	Q1 2017vs Q1 2016	$3.09B$2.85B
Equity Capital	Q1 2017vs Q1 2016	$444.3MM$411.1MM
Loan Loss Allowance	Q1 2017vs Q1 2016	$25.0MM$21.8MM
Unbacked Noncurrent Loans	Q1 2017vs Q1 2016	$13.6MM$16.1MM
Real Estate Owned	Q1 2017vs Q1 2016	$2.2MM$4.7MM

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