Salem Five Direct Bank Review 2025
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At a glance
Overview
Salem Five Direct is an online bank that offers savers competitive yields. The online bank offers almost a full slate of deposit accounts, giving you the option to consolidate your finances under one roof. These accounts include certificates of deposit (CDs), checking and savings accounts. As the bank doesn’t have branches, you’ll need to be comfortable banking solely online.
Highlights:
High APY ATM Fee Refunds Low Min DepositHighlights:
CDs
Checking
Savings
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 = 4.6/5
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.
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 = 5/5
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.
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 deposit account seekers who are comfortable solely banking online. A highly-rated app combines with competitive yields to offer a positive experience. But those looking for the absolute highest yields — and those who don’t have $10,000 to open a CD — may want to look elsewhere.
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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Though the yields are solid, higher-yielding options on CDs, checking and savings accounts can be found elsewhere.
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
Salem Five Direct eOne Savings account
Pros
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You only need to deposit $10 to open this account, which is very low.
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The yield is competitive on any balance up to $1 million.
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There are no monthly fees, which is typical of online banks.
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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Many online banks don’t have a minimum deposit requirement.
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Balances above $1 million earn a rock-bottom APY.
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Salem Five customers — those with a checking or savings account at Salem Five Direct’s parent bank called simply Salem Five Bank — can’t apply for an eOne savings account.
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 certificates of deposit
Pros
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The CDs earn high yields.
Cons
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Salem Five Direct requires a relatively steep minimum balance to open a CD.
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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 eOne Checking account
Pros
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The eOne Checking reimburses out-of-network ATM fees up to $15 per statement cycle.
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You only need $10 to open this account, though many other online banks don’t have a minimum deposit requirement.
Cons
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The account is limited to those who apply online and don’t have a Salem Five checking account already.
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Higher-yielding checking accounts can be found elsewhere.
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 July 3, 2025 and July 9, 2025.
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Selected bank
Salem Five Direct savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 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 July 3, 2025 and July 9, 2025.
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| 4.01% | 4.20% | |
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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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| $2,005 | $2,100 | |
| Salem Five Direct’s eOne Savings account offers a competitive yield for balances up to $1 million. Every dollar after that amount earns a rock-bottom yield. While some online banks don’t require a minimum deposit, Salem Five Direct requires a $10 deposit to open an 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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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 |
Customer experience
Customer support. Salem Five Direct representatives can be by phone Monday through Friday from 8 a.m. to 6 p.m., Saturday from 9 a.m. to 3 p.m. and Sunday from 11 a.m. to 3 p.m., all Eastern time. There’s also a live chat support option available Monday through Friday from 8 a.m. to 6 pm. Eastern time.
Mobile app. 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.
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 48 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.
