Salem Five Direct Bank Review 2024
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
Salem Five Direct is an online bank that offers savers competitive yields.
Highlights
- High APY
- ATM Fee Refunds
- Low Min Deposit
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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Salem Five Direct offers a highly competitive annual percentage yield (APY) on its eOne Savings account for balances — of up to $1 million.
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It provides generous ATM reimbursement on its checking account.
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Its mobile app is favorably reviewed.
Cons
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The bank offers a smaller selection of CDs than some banks.
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CDs have a much higher minimum requirement to open than many banks or credit unions.
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Salem Five Direct checking and savings customers have to pay a $9.95 bank transaction fee for having a transaction completed in a branch.
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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
APY last updated between 12/15 and 12/21.
Salem Five Direct savings overview
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
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You only need to deposit $10 to open this account.
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The yield is competitive.
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There are no monthly fees.
Cons
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There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Salem Five DirectAPYAPY last updated between 12/15 and 12/21.APYAPY last updated between 12/15 and 12/21.National average APYHow 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.
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 |
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 Dec. 15, 2024 and Dec. 21, 2024.
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Selected bank
Salem Five Direct savings account
Bankrate score
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
Bankrate score
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. |
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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. |
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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 Dec. 15, 2024 and Dec. 21, 2024.
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| 4.25% | 4.50% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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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.
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| $2,125 | $2,250 | |
| 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. | |
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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.
Salem Five Direct FAQs
Review methodology
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.
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
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