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,

The stated APY applies to new eOne accounts opened after 8/18/2017.

And in a Live Chat today, CSR stated,

The current rate offer of 1.35% APY is a promotion being offered to attract new customers, much like your initial rate was when you opened your account.

Please note the terms and conditions have changed for this new eOne Savings Account product. The maximum balance has been increased to $1,000,000.00. The rate is not guaranteed and could be subject to change at any time.

Hopeful news, maybe – in May, a few DA readers reported that their requests to have the new promotion rate applied to their existing accounts were approved. It’s always worth trying to get the higher rate, but you may lose the rate guarantee.

So here’s how things stand:

  • eOne Savings accounts opened as of today will earn 1.35% APY on balances up to $1 million.
  • Balances greater than $1 million earn 0.05% APY.
  • New money is required.
  • 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.”
1.35*%-$1mSalem Five DirecteOne Savings - New Money Only
OTHER TIERS: 0.05% $1mm+
Accounts mentioned in this post. Rates as of September 21, 2017.

Please refer to my May 2017 blog post for more information on a variety of topics, including fees, limits, and transfers times associated with the eOne Savings 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 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 3.36% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $231.39 million, an excellent annual growth rate of 8.11%. 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.”

Salem Five Bancorp (parent company of Salem Five) recently completed the acquisition of Georgetown Bank (MA) and Georgetown Bancorp Inc. Prior to the acquisition, Salem Five was Massachusetts’ ninth largest bank, with assets in excess of $4.19 billion.

How the eOne Savings Compares

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

The above rates are accurate as of 8/18/2017.

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, nationwide deals, Internet banks

Sperry8 | | Comment #1
Argh this bank is so annoying. I was able to get them to agree to give me, an existing customer, the 1.25% APY by chatting with CS. Now they're at it again... raising rates for everyone BUT their loyal customers.
Deal with it
Deal with it | | Comment #2
Well they are a business that exists to make a profit.......Not a non-profit entity there to cater to your needs.
Sperry8 | | Comment #7
My needs? So customers who are loyal and have been with them for years get a lower rate than new customers? That's quite a "customer retention policy' they've got there. Not going to be in business long with that profit making strategy.
Att | | Comment #9
I agree with you. Many banks want new money. The people who already have accounts in many cases don't check or won't bother moving their money. I don't like when banks offer a newly titled savings account that pays a higher rate of interest. CIT bank did this recently too.
Nothing | | Comment #11
Same principle as brick and mortar offering different rates than internet rate
DCGuy | | Comment #13
There are other banks in MA that do not offer the promo rate to their current customers. The promotional rate is to attract new customers, not to keep old customers.
#10 - This comment has been removed for violating our comment policy.
Att | | Comment #3
I would open an account with another bank. Dollar is offering 1.40%
NYCDoug | | Comment #4
Don't forget United Bank (MA)'s 1.36% APY Advantage Money Market Special.

In contrast with Salem, United's 1.35% rate was supposed to drop down to 1.25% after one year. Instead they automatically extended it when they began offering the higher rate as standard to new customers this year. (Now that's good service -- Salem take note of their customer retention policy!) And at United there is no limit of externally linked institutions, unlike Dollar's two. Nor the $3.00 fee that Salem charges for outgoing transfers.

[By the way, I find Dollar's allowable two links a pain to set up, and a pain to change: they require a form mailed to them with a voided check, following receipt of which they then contact your other bank(s) to confirm. It takes over a week.]

In sum, United Bank offers a better deal all around -- many more external links than DSD's two -- with no $3.00 charge for outgoing transfers, like Salem -- and the links are easy to set up with trial deposits via ACH.

The only caveat at United is that you need to maintain a $2,500 minimum balance to avoid fees.
Att | | Comment #5
And Dollar pays a little more (tiny). Also, next day ACH with Dollar. I don't like the 2 account limit but someone here stated if you call them you can send statement .VS a voided check. I like the no minimum with dollar as you can quickly close the account if you want to move funds. Again, each bank has different terms and features that suits different needs.
rzelman | | Comment #6
Thanks for the tip, I had not seen this bank listed on DA before and being from WA was able to open an account or at least complete the registration process. Apparently they will provide acc# and funding verification in a few days.
RichReg | | Comment #8
Also don't forget..! ......Checking Capabilities!
...with first batch of 40 checks FREE, so even easier liquidity than most.
DCGuy | | Comment #12
I tried to apply for an account on the United Bank's website. Their application process hung for over an hour on me and I refreshed and got no response. This was when I attempted to respond to the identify questions. I told them about my issues and they just responded that they could not get proof of identity on my application and just cancelled my application.
#14 - This comment has been removed for violating our comment policy.
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Availability: Nationwide (internet bank)

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