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Salem Five Direct Bank Review 2022

Updated November 17, 2022
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.3 stars out of 5

Checking

Rating: 5 stars out of 5

Savings

Rating: 5 stars out of 5

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Overview

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

Highlights

  • ATM Fee Refunds
  • High APY
  • Low Min Deposit
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Salem Five Direct is best for savers who are comfortable banking online and who are seeking a competitive rate.

Pros

  • Checkmark

    The bank offers competitive annual percentage yields (APYs) on its savings account.

  • 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.

  • CDs have a higher minimum requirement to open than many banks or credit unions.

Salem Five Direct bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

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. 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

  • Checkmark

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

  • Checkmark

    The yield is competitive.

  • Checkmark

    There are no monthly fees.

Cons

  • The account isn’t available to everyone.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
InfoHover for more
$0
Min balance for APY

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

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.