At a glance

4.3

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Salem Five Direct is an online bank that offers savers competitive yields.

Highlights

High APY
ATM Fee Refunds
Low Min Deposit

Overall

Salem Five Direct is best for savers who are comfortable banking online and who are seeking a competitive rate. The bank offers special CDs in addition to savings and checking accounts.

Pros

Salem Five Direct offers a highly competitive annual percentage yield (APY) on its eOne Savings account for balances — of up to $1 million.
It provides generous ATM reimbursement on its checking account.
Its mobile app is favorably reviewed.

Cons

The bank offers a smaller selection of CDs than some banks.
CDs have a much higher minimum requirement to open than many banks or credit unions.
Salem Five Direct checking and savings customers have to pay a $9.95 bank transaction fee for having a transaction completed in a branch.
There’s a $10 fee to close your account via the mail.

We want to know what you think about Salem Five Direct

Do you have experience with Salem Five Direct? Let us know your thoughts.

Salem Five Direct banking products

4.9

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.25%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Good

4/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

4.25% APY

APY last updated between 11/14 and 11/20.

$0 minimum balance for APY

$10 minimum deposit to open

Salem Five Direct savings overview

The eOne Savings account offers savers a competitive yield and requires just $10 to open. There are no monthly fees either.

The account isn’t available to everyone. You can’t open an eOne Savings account if you have a Salem Five Bank checking or savings account. (You can apply if you have an eOne Checking account.) You also need to apply online for the eOne Savings account.

Pros

You only need to deposit $10 to open this account.
The yield is competitive.
There are no monthly fees.

Cons

There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle.

Rate history for Salem Five Direct's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.2

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

4.00%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$10,000.00

2/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

6 mos – 5 yrs

4/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Poor

1/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

No

0/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

2.00% – 4.20% APY

APY last updated between 11/14 and 11/20.

$10,000 minimum balance for APY

$10,000 minimum deposit to open

6 months – 5 years

Salem Five Direct CD overview

Salem Five Direct offers three CD terms, all of which earn high yields.

At $10,000, the minimum balance to open a CD is higher than what many other online banks require for CDs.

Pros

The CDs earn high yields.

Cons

Salem Five Direct requires a relatively steep minimum balance to open a CD.
Only three CD terms are offered.

Rate history for Salem Five Direct's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.6

Bankrate Score

Compare top checking rates

Salem Five Direct checking overview

Salem Five Direct’s eOne Checking requires no minimum balance and charges no monthly fee. You will earn a little bit of interest on your daily balance, and the bank doesn’t charge you fees for using non-Salem ATMs. It will also reimburse you up to $15 each statement cycle when the ATM’s operator charges you a fee.

Pros

The eOne Checking reimburses out-of-network ATM fees up to $15 per statement cycle.
You only need $10 to open this account.

Cons

The account is limited to those who apply online and don’t have a Salem Five checking account already.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	$35
Non-sufficient funds fee	$35
Monthly maintenance fee	$0
Out-of-network ATM fee	None
Excessive transaction fee	$10

Find out: Tips to avoid common bank fees

About Salem Five Direct

Salem Five Direct is an online division of Salem Five, a bank that was founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995.

Salem Five Direct offers CDs, savings accounts and checking accounts. Its fees are low, and its rates are competitive.

Bank experience

Salem Five Direct representatives can be reached toll-free by phone, but the bank also has a chat function on its website to help answer customer questions.

Its app has earned positive reviews in the Apple App Store and on Google Play. The app includes Zelle functionality, so you can easily send money to people you know. The app also includes card controls to quickly turn your debit card off within the app should the card go missing or be stolen.

How Salem Five Direct compares to other banks

Compare different account types offered by Salem Five Direct. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.

Selected bank Salem Five Direct savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Bask Bank savings account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
4.25%	4.65%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$2,125	$2,325

The eOne Savings account offers savers a competitive yield and requires just $10 to open. There are no monthly fees either. The account isn’t available to everyone. You can’t open an eOne Savings account if you have a Salem Five Bank checking or savings account. (You can apply if you have an eOne Checking account.) You also need to apply online for the eOne Savings account.	Bask Bank’s Interest Savings Account earns a highly competitive APY, with no minimum balance requirement or monthly fees. The bank also offers a Mileage Savings Account, which allows you to earn American Airlines miles as rewards, based on your monthly balance.

You only need to deposit $10 to open this account The yield is competitive There are no monthly fees	Bask Bank’s Interest Savings Account earns a top-notch yield. The Interest Savings Account doesn’t charge a maintenance fee or require a set minimum balance.	N/A
There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle	Bask charges $35 per outgoing wire transfer, which is steep compared to other banks. Neither savings account comes with ATM access.	N/A

Selected bank Salem Five Direct CD Member FDIC Bankrate score Rating: 3.2 stars out of 5 3.2 Bankrate CD rating = 3.2/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Amerant Bank CD Member FDIC Bankrate score Rating: 3.4 stars out of 5 3.4 Bankrate CD rating = 3.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
4.00%	4.15%
Minimum deposit
$2,000.00	$10,000.00
Term
1 yr	1 yr

Salem Five Direct offers just a handful of CDs, ranging from six months to two years. All CDs come with very competitive yields, but customers need $10,000 to open an account. The maximum deposit amount is $500,000.	Amerant Bank offers CDs with terms ranging from three months to five years, meaning the bank could be good for savers looking to build a CD ladder.

Salem Five Direct offers high yields on all its CDs.	Amerant Bank offers a competitive yield on some of its CDs. Amerant Bank has enough CD options for someone to build a CD ladder.	N/A
Customers need a large amount of cash to open a CD. The minimum deposit amount is steep.	Amerant Bank requires at least $10,000 to open a CD. Amerant Bank doesn’t offer CD terms shorter than one year. The bank’s CDs are only available in Florida or Texas.	N/A

APY offering: 4.00% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $10,000.00 2/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Poor 1/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 4.15% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $10,000.00 2/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Average 3/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Salem Five Direct vs. UFB Direct

UFB Direct is the online-only division of Axos Bank. It offers similarly high rates on its deposit product, but doesn’t offer the same breadth of financial products and services as Salem Five Direct. As far as deposit products go, UFB Direct only offers a savings account and a money market account. In contrast, Salem Five Direct, offers a wide variety of CDs, checking and savings accounts.

Learn more: Best online banks

Salem Five Direct FAQs

Salem Five Direct is best for consumers comfortable banking completely online, as Salem Five Direct is the online-only division of Salem Five Bank. Moreover, the bank may appeal to those looking to consolidate their banking under one roof, especially since the bank offers high yields on many deposit products.
Yes, all accounts at Salem Five Direct are FDIC-insured up to the amount allowed by law: $250,000 per account, per customer.
Yes. Salem Five Direct is the online-only division of Salem Five Bank, which was founded in 1855.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Salem Five Direct customer reviews

Salem Five Direct has 23 reviews

Dive into community reviews below and see what others think about Salem Five Direct.

4.4

23 ratings

Star ranking and total number reflects the lifetime customer reviews received while this bank has been monitored by Bankrate. To help serve you with relevant information, the customer reviews shown below are limited to only those that this bank has received during the past 12 months.

Score breakdown

5 stars

57%

4 stars

35%

3 stars

4%

2 stars

0%

1 star

4%

Score by category

Overall Rating 4.4 / 5

Competitiveness of APY 3.9 / 5

Amount of fees 3.9 / 5

Customer support 4.3 / 5

Website / Mobile app 4.3 / 5

Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Salem Five Direct.

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Anonymous account holder

September 13, 2024

Salem five direct checking account is no cost, no minimum balance and no cost for ATM usage. My experience with Salem Five Direct is great overall. I very rarely run into a problem. The people are kind and patient to work with.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 4 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

Great experience. They are friendly and knowledgeable.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) Yes

Money Market Account (MMA) Yes

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

I’m gonna have some of the same ones in a couple days. The only way I could be a better player than him.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) Yes

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

In order to maintain these accounts you must maintain a certain amount in the accounts. I’ve been with them for a long time and they are a loyal company.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 2 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

Very positive good easy banking. Easy fast service and relatable.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account No

Anonymous account holder

September 13, 2024

I’ve had quite the experience, in all fairness, but I’d say the overall feeling edges towards an 8. Yeah, at times they take longer than usual to get back with the necessary details but ultimately they get it done. They’re closer to my spouse’s work place which is good for us. They are quite proactive and very professional, and they’ve got quite the reputation.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

Sure, they got consistency when it comes to banking issues, I just don’t trust them with large funds. I think they kind of hold up too much when we want to make large withdrawals, and that puts me off. I trusted them to be efficient.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

Convenience-wise, proximity has been really helpful. I enjoy the app as it’s quite easy to navigate. What gasses me up is the sweetness of their customer service reps; they’re such lively folks, so humble and helpful. The interest rate is better than that of the others I was offered.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

They have great customer service. Rates. Customer service. And ability to check accounts.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 5 / 5

Website / Mobile app 3 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account No

Checking Account Yes

Anonymous account holder

September 13, 2024

The speed of service. The customer service has to be the most important.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 4 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Salem Five Direct APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/13/2024	4.25%	0.56%
11/05/2024	4.50%	0.56%
10/01/2024	4.50%	0.57%
09/03/2024	5.01%	0.61%
05/07/2024	5.01%	0.59%
04/02/2024	5.01%	0.58%
03/05/2024	5.01%	0.57%
01/02/2024	5.01%	0.58%
12/05/2023	5.01%	0.57%
11/21/2023	5.01%	0.61%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Salem Five Direct APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
10/01/2024	2.25%	1.42%
09/03/2024	2.25%	1.43%
08/06/2024	2.25%	1.44%
07/02/2024	2.25%	1.42%
06/04/2024	2.25%	1.43%
04/02/2024	2.25%	1.42%
03/12/2024	2.25%	1.43%
02/06/2024	2.25%	1.42%
12/05/2023	2.25%	1.43%
11/21/2023	2.25%	1.45%

Salem Five Direct Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Salem Five Direct

Salem Five Direct banking products

Salem Five Direct savings overview

Pros

Cons

Rate history for Salem Five Direct's Savings account

Salem Five Direct CD overview

Pros

Cons

Rate history for Salem Five Direct's CD accounts

Salem Five Direct checking overview

Pros

Cons

Bank fees

About Salem Five Direct

Bank experience

How Salem Five Direct compares to other banks

Salem Five Direct vs. UFB Direct

Salem Five Direct FAQs

Who is Salem Five Direct best for?

Is Salem Five Direct safe?

Is Salem Five Direct a legitimate bank?

Review methodology

Salem Five Direct customer reviews

Salem Five Direct has 23 reviews

Community Reviews

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