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.

1.50*%-$1mSalem Five DirecteOne Savings - New Money Only
OTHER TIERS: 0.05% $1mm+
Accounts mentioned in this post. Rates as of January 22, 2018.

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 June 2012. In the past ten months, a total of 40 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 10/25/2017.

In the past few months, a few DA readers reported that their requests to have the new promotion rate applied to their existing accounts were approved. In a Live Chat today, CSR noted that the new rate does not automatically apply to existing accounts, but current eOne Savings account holders can contact Salem Five Direct to discuss how they can take advantage of the new 1.50% APY. As I do not have an eOne Savings account, CSR could not discuss the particulars of raising the rate on my “non-existent” current account, but he indicated there is a good possibility of securing the higher rate.

In summary,

  • eOne Savings accounts opened as of today will earn 1.50% APY on balances up to $1 million.
  • Salem Five reserves the right to transfer balances over $1 million to a Statement Savings Account which currently earns an APY of .05%.
  • New money is required for new accounts.
  • The rate is NOT guaranteed.
  • The minimum opening deposit is $100.
  • This account must be opened online
  • Existing Salem Five 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 statements are correct and 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.

eCD Specials

Salem Five Direct also raised the rate on its 18-month eCD Special to 1.75% APY, a 25 bps increase. The 36-month eCD Special continues to earn 2.00% APY. The minimum opening deposit for either eCD Special is $10k, with a balance cap of $500k.

2.00%$10k$500kSalem Five Direct36 Month eCD Special
1.75%$10k$500kSalem Five Direct18 Month eCD Special
Accounts mentioned in this post. Rates as of January 16, 2018.

As stated in the Special Term Deposit Account Disclosure, the Early Withdrawal Penalty reads as follows:

If you withdraw principal before the maturity date, a penalty equal to
4% of the principal balance withdrawn will be charged to your account.

Depositors Insurance Fund

Like all Massachusetts-chartered savings 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.


As an online division of Salem Five Cent Savings Bank, Salem Five Direct offers 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. Opening any type of account, including an eOne Savings account or eCD Special, with must be done online.

Bank Overview

As an online division of Salem Five Cents Savings Bank (Salem Five), Salem Five Direct operates under Salem Five’s FDIC Certificate (# 23296) and shares its financial history.

Salem Five Direct has an overall health grade of "A" at, with a Texas Ratio of 3.23% (excellent) based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $440.01 million, an excellent annual growth rate of 15.18%. Please refer to our financial overview of Salem Five Direct/Salem Five 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.”

Earlier this year, Salem Five Bancorp (parent company of Salem Five) completed the acquisition of Georgetown Bank (MA) and Georgetown Bancorp Inc. Following the acquisition, Salem Five has become Massachusetts’ seventh largest bank, with assets in excess of $4.6 billion.

How the eOne Savings Compares

When compared to the 204 Savings Accounts tracked by that are available nationwide, Salem Five Direct’s eOne Savings APY currently ranks first.

The above rates are accurate as of 10/25/2017.

To search for the best Savings Account, both nationwide and state specific, please refer to the Savings Account rates section of, or our Rates Map page.

Related Pages: savings accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

DCGuy   |     |   Comment #1
A good rate, but not an ACH friendly institution.
Deplorable   |     |   Comment #5
Agree, SFB was not customer friendly.
midas89   |     |   Comment #2
If you pull the ACH withdrawals of money from your 1.50% eOne account from an outside bank (as opposed to pushing the money out from Salem Five Direct), is there a limit imposed by Salem Five and is there that $3 fee? Thanks in advance.
CapitalClimate   |     |   Comment #3
If ACH withdrawals from outside are limited, their checking account with no minimum balance looks like an alternative.
Mona   |     |   Comment #4
I noticed one can only withdraw $5,000 per day so if you needed $50,000.00 in a hurry it would be bothersome. I hope I am comprehending this the right way. Please feel free to critique -- I appreciate all the advice and help from this website.
BeenBurned   |     |   Comment #6
I had one of these accounts some years ago. The 5k per day was in place then, and it certainly was a hassle. I finally needed access to the ~30k I had in the account and the best option for me was to just close the account and have them send a check. Plus I recall receiving many calls from the bank trying to have me open additional accounts, services etc.

Just my experience...
rzelman   |     |   Comment #7
I have had no problem with them as a customer for over two years and they have always granted me the higher rates upon request. My account is inked to my Vanguard MM and I doubt I would encounter any problems pulling any amount out via ACH. I also have a internally linked checking account with a small balance that I keep as another mode of unlimited withdrawals. They have remained a rate leader for some time now and as a MA bank offer State Fund insurance that exceeds the FDIC limits. I see no reason not to take advantage of this rate offered.
rzelman   |     |   Comment #8
Just looked at their promo page and read that this offer is time limited and open only to new accounts but importantly also available to those with existing eOne accounts as long as they have a checking account. Opening and maintaining a checking account with them is a no brainer!
midas89   |     |   Comment #9
rzelman, it's good you're confident that you could pull out any amount by initiating the pull from your Vanguard acct. Thanks.
(Incidentally, I just read from an earlier Ken post that "Transfers initiated from another bank are not subject to the $3.00 withdrawal fee.")
Sperry8   |     |   Comment #12
I use Ally to initiate push/pulls and have never had a $5k withdrawal limit or any fee charged by SalemFive. Just use an outside bank to initiate.
deplorable 1
deplorable 1   |     |   Comment #10
It's nice to see a savings account with a high cap compete with All America/Redneck bank. The $3 ACH out fee would be a deal breaker for me though. With 4 Redneck accounts(2 people) I'm able to earn up to $140,000 @1.5%. I don't see why you would need anything more than a $250,000 cap as you would then exceed FDIC insurance coverage anyway. I wouldn't want to keep that much liquid cash around with better yielding CD's anyway.
rzelman   |     |   Comment #11
Many Banks in MA participate in a state fund that provides deposit insurance in excess of FDIC limits up to $500,000. There are people with high net worth who would rather consolidate cash in one bank rather than two. Most of my cash is held for the short term waiting for a better investment opportunity so liquidity is essential. I don't agree with your characterization of CD's as being of comparable liquidity.
rzelman   |     |   Comment #13
Just spoke to CSR to secure the higher rate. DIF is now unlimited for any amount beyond FDIC. SF is allowing deposits for up to 1M where previously if you went over 500K they deposited the excess in a passbook savings account.
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...

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Salem Five Direct's eOne Savings Rate Guaranteed To 7/1/18
Deal Summary: eOne Savings, 1.25% APY, $500k maximum, rate guaranteed through July 1, 2018, new eOne customers only. eCD Specials – 18-month (1.50% APY) and 36-month (2.00% APY), $10k min/$500k max.

Availability: Nationwide (internet bank)

Salem Five Direct has just increased the rate on its eOne Savings (1.25% APY, up to $500k), and guarantees that rate through July 1, 2018 for new eOne customers. The minimum opening deposit is $100.

Salem Five Direct added the eOne Savings to its product line over seven years ago....

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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).

While advertised as having "absolutely no commitment. Just $100 to...

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Salem Five Direct Offers Two eCD Specials
Availability: Nationwide Internet Bank

At the end of August, Salem Five Direct raised rate on its 18-month eCD Special (1.30% APY) and introduced a new 30-month eCD Special (1.60% APY). The rate increase on the 18-month eCD Special was the first in more than two years

The minimum opening deposit is $10K, with a maximum deposit of $500K. A combination of FDIC and Depositors Insurance Fund insurances provide Salem Five Direct customers with full coverage on all deposit accounts.

As stated on Salem Five’s Account Disclosure page, the...

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Salem Five Direct Increases Savings Account Rate - New Rate Guaranteed Until July

Update 3/25/15: The guarantee period has been extended to 1/1/2016.

Salem Five Direct just increased the new-account rate on its eOne Savings Account from 1.00% to 1.05% APY. There’s also a rate guarantee through July 1, 2015. The promo rate applies to balances up to $500,000, and there are no minimum balance requirements or monthly maintenance fees.

Just like before, this promo rate only applies for new accounts. In the small print, it says " The stated APY applies to new eOne accounts opened after 11/25/2014." If you had opened...

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