Salem Five Direct
Salem Five Direct Review: Checking and Savings
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The bottom line:
Salem Five Direct offers online checking and savings accounts with no monthly fees. Each has a reasonable $10 minimum opening deposit, and eOne Savings has a strong interest rate, as well.
Salem Five Direct is a subsidiary of Salem Five Bank, based in Salem, Massachusetts. Customers who already have a checking account at Salem Five Bank aren’t eligible for online eOne checking. We didn’t review the bank’s certificates of deposit, since they’re CD specials, not regular CDs that we review for other banks.
Best for: Customers who don’t have an existing branch banking relationship with Salem Five Bank and are looking for online checking and savings accounts that pay competitive rates.
- Competitive savings rates.
- Well-rated mobile apps.
- Large, free, nationwide ATM network.
- High overdraft fees.
- Checking and savings accounts generally aren’t available to customers of the brick-and-mortar Salem Five Bank.
Full review
Salem Five Direct
Savings
Salem Five Direct eOne Savings
APY
4.01%
With $0.01 min. balance for APY
Bonus
N/A
Salem Five Direct’s eOne Savings account offers a competitive annual percentage yield and pays interest on balances up to a million dollars. You can open an account with $10 and there are no minimum balance requirements or monthly fees.
Margarette Burnette
Margarette Burnette is a NerdWallet authority on savings. Her work has been featured
in USA Today and The Associated Press.