Salem Five Direct Features eOne Savings Rate Guarantee


Availability: Nationwide (internet bank)

Salem Five Direct has just increased the rate on its eOne Savings (1.10% APY on balances up to $500k), and guaranteed that rate through January 1, 2017 for new eOne customers.

In the past six years since Salem Five Direct began offering the eOne Savings, there have a number of guaranteed rate promotions and 20 rate changes (ranging from the initial 1.45% APY in January 2010, to a low of 0.75% APY in June 2012).

1.10*%-$500kSalem Five DirecteOne Savings - New Money Only
OTHER TIERS: 0.05% $500k+
Accounts mentioned in this post. Rates as of April 24, 2017.

While advertised as having "absolutely no commitment. Just $100 to open, no minimum balance, and no monthly fees," this promotion comes with a fair amount of fine print.

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.

Salem Five reserves the right to transfer balances over $500,000 to a Statement Savings Account which currently earns an APY of .05%.

The stated APY applies to new eOne accounts opened after 1/28/2016.

When I wrote about an earlier eOne Savings promotion in January 2015, I listed some of the fees, limits, and transfer times associated with the account; according to CSR, these are still in effect and are listed below.

  • External transfers out of the account will incur a $3.00 charge; external transfers into the account are free.
  • Outgoing external transfers are limited to $5k per transaction, $5k in aggregate per day, and $20k in aggregate per calendar month. If a transfer total exceeds $5k, more than one transfer will be required, as a result of the $5k per transaction limit.
  • Once an external transfer from Salem Five Direct is initiated, it could take up to three days for the other institution to receive the funds.


As an online division of Salem Five Cent Savings Bank, Salem Five Direct is able to offer its product line nationwide to U.S. Citizens and Resident Aliens with valid Social Security numbers.

As an internet bank, Salem Five Direct has no brick-and-mortar branches and opening an eOne Savings account with must be done online.

Bank Overview

Salem Five Direct has an overall health rating of "A" at, with a Texas Ratio of 5.09% (excellent) as of December 31, 2015. In the past year, Salem Five Direct has increased its total deposits by $110.17 Million, an excellent annual growth rate of 4.09%. Please refer to our financial overview of Salem Five Direct for more details.

Established in 1855, Salem Five Cents Savings Bank was known as the "Nickel Bank," because the first day’s deposits ranged from five cents and up. Headquartered in Salem, Massachusetts, the Bank has always considered itself "innovative," and its latest nod to technology is the Cardless Cash ATM. According to an August 20, 2015 article in the Boston Business Journal,

Cardless Cash, which was developed by payments technology provider FIS, enables users to open the bank’s mobile app on their smartphone, put in the amount they want withdrawn, then visit an ATM, scan a QR code, and pick up their money. There’s no need to insert a card or input a PIN number.

How the eOne Savings Compares

When compared to the 145 Savings Accounts tracked by that are available nationally, Salem Five Direct’s eOne Savings APY currently ranks second. The rate guarantee through January 1, 2017, only adds to the account’s competitiveness.

The above rates are accurate as of 3/5/2016.

To search for nationwide Savings Account rates and Savings Account in your state, please refer to the Savings Account rates section of, or our new Rates Map page.

Sperry8   |     |   Comment #1
Don't understand why this bank refuses to open this up to current customers who move in new money.  I have $100 in this bank.  I'd move in substantive funds if they allowed new money.  But they never do.  Why is my new money different than a new customers money?  Who is running this operation?
Anonymous   |     |   Comment #2
Avoid SalemFive.  Customer service is terrible.
jjbiv   |     |   Comment #3
Salem Five has provided me with great customer service for many years. What was your issue?
NYCDoug   |     |   Comment #4
Been with them for years. Just discovered this morning that their existing customer rate has dropped to .9% APY . . . The beginning of the end of my interest in their interest!
Anonymous   |     |   Comment #5
Noticed today that sometime within the last 3 days, my Salem5 Direct "eOne Savings" rate has dropped from 1.10% (where it had been for quite a while), to 1.00%.  I may investigate "Bank Popular",  or whatever it's called, at 1.26, or I may stick with reliable Alliant at 1.00.
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