Featured Savings Rates
Featured Accounts

Salem Five Direct

Popular Accounts at this Bank

1.35%SavingseOne Savings - New Money Only
2.00%3-year CD36 Month eCD Special
1.50%18-month CD18 Month eCD Special

Overview / Commentary
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.

Related Posts

Salem Five Direct Offers 1.35% APY On New eOne Savings Accounts - 8/18/2017

Salem Five Direct (internet bank) is offering 1.35% APY on new eOne Savings accounts on balances up to $1 million; balances over $1 million earn 0.05% APY.

Salem Five Direct's eOne Savings Rate Guaranteed To 7/1/18 - 5/17/2017

Salem Five Direct has raised the rate on its eOne Savings (1.25% APY), with a rate guarantee through July 1, 2018. Available to new eOne Savings customers only.

2.00% APY CD Special - 5/17/2017

Salem Five Direct is posting a 2% 36-month CD special as of today.

View all posts from:

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+


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.

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.

Terrible Customer Service

Tried to open an account and they rejected my application. When I inquired as to why they referred me to the credit agency they used to assess my past banking relationships. Then I requested the report from the credit agency and it was clean. When I called back they said they could not tell me why they denied my application. I asked to talk to a supervisor and they said they were all busy and would call me back within 2 hours. Nobody has ever called me back. Sounds like discrimination to me.



Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.74%
Return on Equity - YTD7.18%
Annual Interest Income$74.4MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$4.67B$3.94B
LoansQ2 2017vs Q2 2016$3.46B$2.86B
DepositsQ2 2017vs Q2 2016$3.34B$2.90B
Equity CapitalQ2 2017vs Q2 2016$455.7MM$418.2MM
Loan Loss AllowanceQ2 2017vs Q2 2016$25.8MM$21.7MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$13.2MM$15.5MM
Real Estate OwnedQ2 2017vs Q2 2016$2.3MM$3.5MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Salem Five Direct Savings Account Rates

1.35%*-$1meOne Savings - New Money Only
OTHER TIERS: 0.05% $1mm+

Salem Five Direct Checking Account Rates

0.25%*-$1meOne Checking
OTHER TIERS: 0.10% $1mm+

Salem Five Direct CD Rates

2.00%$10k$500k36 Month eCD Special
2.00%$10k$500k48 Month eCD Special
1.50%$10k$500k18 Month eCD Special
1.30%$10k$500k30 Month eCD Special

Salem Five Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 71 Washington Street - Salem, MA 01970