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Salem Five Direct Bank Review 2024

Updated January 2, 2024
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.9 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 4.9 stars out of 5

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
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/20/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/20/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info
As of 6/20/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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

  • Checkmark

    The bank offers very competitive annual percentage yields (APYs) on its savings account for all balances — from 1 cent to $1 million.

  • Checkmark

    It provides generous ATM reimbursement on its checking account.

  • Checkmark

    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.

CTA We want to know what you think about Salem Five Direct

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
Rating: 4.9 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
5.01%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$10.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info

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

  • Checkmark

    You only need to deposit $10 to open this account.

  • Checkmark

    The yield is competitive.

  • Checkmark

    There are no monthly fees.

Cons

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

  • 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
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/20/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted 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

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.

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 June 13, 2024 and June 19, 2024.

Selected bank
Salem Five Direct savings account
Salem Five Direct Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info
Most comparable
Bask Bank savings account
Bask Bank Logo
Member FDIC
Bankrate score
Rating: 4.7 stars out of 5
4.7
Info
Read review
Caret Down
Bankrate score
Info
Read review
APY
Info
5.01% 5.10%
Minimum balance for APY
$10.00 $0.00
Estimated earnings
Info
$1,253 $1,275
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
APY offering:
5.01%
5/5
Info
Minimum balance to earn interest:
$10.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Good
4/5
Info
APY offering:
5.10%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Great
5/5
Info
Info
Info
Info
Info
Info
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.

Salem Five Direct FAQs

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.