Salem Five Direct Ups eOne Savings Rate To 2.30% APY

POSTED ON BY

Deal Summary: eOne Savings, 2.30% APY, $100 minimum opening deposit, $1 million maximum, new eOne Savings customers with some exceptions.

Availability: Nationwide (internet bank)

It’s been six months since Salem Five Direct last raised the rate on its eOne Savings account. At that time, the eOne Savings' 2.05% APY was a rate leader for nationally available savings account. As of today, the eOne Savings account earns 2.30% APY on all balances up to $1 million, but the 2.30% APY falls short of be a rate leader. FYI – balances over $1 million will be transferred to a Statement Savings Account which currently earns 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30*%-$1mSalem Five DirecteOne Savings
OTHER TIERS: 0.25% $1m+
Rates as of March 24, 2019.

Salem Five Direct added the eOne Savings to its product line almost nine years ago. Since then, there have been a number of guaranteed rate promotions and 25 rate changes, which ranged from the initial 1.45% APY in January 2010, to a low of 0.75% APY in June 2012. In the past 20 months, a total of 120 bps have been added to the APY.

DA readers who are familiar with the eOne Savings account (and its previous rate increases) will probably recognize the following statement from the promotion page.

The stated APY applies to new eOne accounts opened after 1/8/2019.

In the past, some DA readers reported that their requests to have the new promotion rate applied to their existing accounts were approved. In a Live Chat this morning, CSR confirmed that the new rate does not automatically apply to existing accounts, but current eOne Savings account holders can contact Salem Five Direct to request the new rate. DA reader, CDsForMe, stated in a Forum post today,

I can confirm that if you call they will upgrade the interest rate on your savings account. I just called in and it was no problem. She said they don't upgrade automatically but if you call they will be happy to upgrade whenever there is a change.

There is a sentence under “What You Will Need to Open Account” that continues to be confusing, unless you read carefully:

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.

The first time I read “existing checking or savings account with Salem Five Bank,” I thought Salem Five Direct, which made no sense, since “consumers with an existing eOne Checking Account are eligible.” If you currently have a Salem Five Bank (not Salem Five Direct) checking or savings account, you are not eligible to open an eOne Savings Account.

Summary

  • eOne Savings accounts opened as of today will earn 2.30% APY on balances up to $1 million.
  • Balances greater than $1 million earn 0.05% APY.
  • New money is required for new accounts.
  • There is no rate guarantee.
  • The minimum opening deposit is $100.
  • This account must be opened online.
  • Existing Salem Five Bank (not Salem Five Direct) checking or savings account holders are not eligible, “except that consumers with an existing eOne Checking Account are eligible for the eOne Savings Account.”

More than two years ago, I posted about the fees, limits, and transfers initiated from Salem Five Direct. According to CSR, the following are still in effect today.

  • 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.

Thanks to DA reader, solarado, for the Forum post about the eOne Savings’ new APY.

Depositors Insurance Fund

Like all Massachusetts banks, Salem Five Direct’s deposits are insured by the FDIC and Depositors Insurance Fund (DIF).

The combination of FDIC and DIF insurance provides customers of Salem Five with full deposit insurance on all of your deposit accounts. The FDIC insures all deposits up to $250,000 per depositor and up to $250,000 per depositor for traditional and Roth IRAs. All deposit amounts above the FDIC limits are insured in full by the Depositors Insurance Fund.

Availability

As an online division of Salem Five, Salem Five Direct offers its product line nationwide to all U.S. citizens and resident aliens with valid Social Security numbers.

Salem Five Direct has no brick-and-mortar branches. Opening any type of account, including an eOne Savings account, must be done online.

Bank Overview

As an online division of Salem Five, Salem Five Direct operates under Salem Five’s FDIC Certificate and shares its financial history.

Salem Five Direct/Salem Five has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.68% (excellent) based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $423.54 million, an excellent annual growth rate of 12.59%. Please refer to our financial overview of Salem Five Direct/Salem Five (FDIC Certificate # 23296) 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 in 2015 added the Cardless Cash ATM, which allows customers 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.”

In 2017, Salem Five Bancorp (parent company of Salem Five) completed the acquisition of Georgetown Bank (MA) and Georgetown Bancorp Inc. Nearly two years after the acquisition, Salem Five has become Massachusetts’ seventh largest bank, with assets in excess of $4.9 billion and more than 166,000 customer accounts.

How the eOne Savings Compares

When compared to 216 Savings Accounts tracked by DepositAccounts.com that are available nationwide, Salem Five Direct’s eOne Savings APY ranks seventh, regardless of minimum balance requirements.

The above rates are accurate as of 1/9/2019.

To search for the best Savings Account, either nationwide or state specific, please refer to DepositAccounts.com’s Savings Account Rates page.

Related Pages: savings accounts, nationwide deals, Internet banks

Comments
111
111   |     |   Comment #1
I called Salem Five, and they did this for me - no problem. If you're pressed for time you might want to do a secure email instead, as their hold time was surprisingly long.
111
111   |     |   Comment #2
By "did this for me" I meant they upped the rate on my existing account to 2.3%, which as Ken Tumin stated does not happen automatically.

Also, they pay this rate on all balances, from $1 to 1 million.
NYCDoug
NYCDoug   |     |   Comment #3
An existing customer, I made my request for an increase yesterday, logged in to use secure email (as suggested by "111"). Tonight, under Account Information, I see the 2.276% (2.30% APY) rate already in effect for my eOne Savings account.

I also received the following reply to my secure email (with a disclaimer regarding future increases):

"Thank you for contacting us, As a valued Salem Five customer, I'm happy to be able to adjust the rate on your eOne Savings account to our newest 2.30 percent APY (Annual Percentage Yield) offer.

"Please note that the rate is variable, applies to funds up to the maximum deposit amount of $1,000,000 and that we may not be able to make a rate adjustment without meeting offer conditions for future promotions.

"Should you have any additional questions or need further assistance, please send us an email message."
NYCDoug
NYCDoug   |     |   Comment #4
And this morning there was interim interest (of 44 cents) posted to my eOne Savings account -- apparently at the old rate, to clear the books for the new rate.
Sperry8
Sperry8   |     |   Comment #5
I left this bank long ago. They are too annoying with their rate increases - requiring us to call and get "approved" for the increase if we were/are current loyal customers. If they were a rate leader I would've stayed and bothered with their nonsense, but since we can get up to .2% APY better at a variety of online banks I left.
-_-
-_-   |     |   Comment #6
Yep I dumped them for memory bank a few months back.
Salem Five Direct Ups eOne Savings
Deal Summary: eOne Savings, 2.05% APY, $100 minimum opening deposit, $1 million maximum, new eOne Savings customers with some exceptions.

Availability: Nationwide (internet bank)

With this week’s addition of 20 bps, Salem Five Direct eOne Savings account (2.05% APY, up to $1 million) is now a rate leader for nationally available savings account. Balances over $1 million will be transferred to a Statement Savings Account which currently earns 0.05% APY.

Salem Five Direct added the eOne Savings to its product line eight years ago. Since then there have...

Continue Reading
Salem Five Direct Ups 36-Month eCD Rate
Deal Summary: 36-month eCD, 3.00% APY, $10k minimum deposit, $500k maximum deposit.

Availability: Nationwide (internet bank)

As I was preparing to write this blog post, I was surprised to see that the last time I wrote about a Salem Five Direct eCD was more than three years ago. Salem Five Direct’s eOne Savings account, with its many rate increases, has been the subject of five blog posts since March 2016. That trend is about to change, after this week’s rate increase on the 36-month eCD. Following the...

Continue Reading
Salem Five Direct Ups eOne Savings APY
Deal Summary: eOne Savings, 1.85% APY, $100 minimum opening deposit, $1 million maximum, new eOne Savings customers, with some exceptions.

Availability: Nationwide (internet bank)

After adding 35 bps to its APY, Salem Five Direct’s eOne Savings account (1.85% APY, up to $1 million) now has the highest APY of any nationally available savings account. Balances over $1 million will be transferred to a Statement Savings Account which currently earns 0.05% APY.

Salem Five Direct added the eOne Savings to its product line eight years ago. Since then there...

Continue Reading
Salem Five Direct New eOne Savings Rate Raised
Deal Summary: eOne Savings, 1.50% APY, $100 minimum opening deposit, $1 million maximum, new eOne customers only.

Availability: Nationwide (internet bank)

As of this morning, Salem Five Direct's eOne Savings account now earns 1.50% APY on balances up to $1 million.

Salem Five Direct added the eOne Savings to its product line nearly eight years ago. Since then there have been a number of guaranteed rate promotions and 22 rate changes, which ranged from the initial 1.45% APY in January 2010, to a low of 0.75% APY in...

Continue Reading
Salem Five Direct Offers New eOne Savings Account
Deal Summary: eOne Savings, 1.35% APY, $100 minimum opening deposit, $1 million maximum, new eOne customers only.

Availability: Nationwide (internet bank)

This is the latest good news, bad news, and hopeful news about Salem Five Direct's eOne Savings account.

Good news – the rate has been increased to 1.35% APY and the balance cap has been raised to $1 million.

Bad news – the fine print on the promotion page reads,

And in a Live Chat today, CSR stated,

Hopeful news, maybe – in May, a few DA readers reported that their requests...

Continue Reading

More Past Offers



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.