Salem Five Direct Bank Review 2022
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At a glance
CDs
Checking
Savings
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Salem Five Direct is an online bank that offers savers competitive yields.
Highlights
- ATM Fee Refunds
- High APY
- Low Min Deposit
Overall
Salem Five Direct is best for savers who are comfortable banking online and who are seeking a competitive rate.
Pros
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The bank offers competitive annual percentage yields (APYs) on its savings account.
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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.
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CDs have a higher minimum requirement to open than many banks or credit unions.
Salem Five Direct bank products
Salem Five Direct savings overview
The account isn’t available to everyone. To be eligible for an eOne Savings account, you must apply online not already have a Salem Five Bank checking or savings account, excluding the eOne Checking 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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The account isn’t available to everyone.
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.
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 certificates of deposit, savings accounts and checking accounts. Its fees are low, and its rates are competitive.
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.
