Learn More about Benefits, Rates and Minimums
About Salem Five Direct
Salem Five Direct is an online division of Salem Five, an innovative bank located in Salem, Massachusetts with over 160 years of banking experience. At Salem Five Direct you will find unique products not available through the Salem Five branch network and therefore will change from time to time.
The Salem Five Direct mission is to offer exceptional value to our direct banking customers through exclusive product features at highly competitive rates.
Deposits insured by the Federal Deposit Insurance Corporation (FDIC).
Important Legal Disclosures and Information
1 eOne Savings eligibility is limited to consumers who apply online and who do not have an existing checking or savings account with Salem Five Bank at the time of the application, except that consumers with an existing eOne Checking Account are eligible for the eOne Savings Account.
eOne Savings earns 5.01% APY1 (Annual Percentage Yield) on daily balances of $0.01-$1,000,000 and must be opened with funds not previously on deposit with Salem Five or Salem Five Direct. Salem Five reserves the right to transfer balances over $1,000,000 to a Statement Savings Account which currently earns an APY of .01%. eOne Savings may be used to provide overdraft protection for eOne Checking. You must deposit at least $10 to open this account. The stated APY1 applies to new eOne accounts opened as of today's date. Fees may reduce earnings.
2 Special CD Promo minimum balance to open a Special CD and obtain the Annual Percentage Yield (APY) is $10,000. Substantial penalty for early withdrawal. APY is current as of 9/12/2023 and subject to change. Maximum deposit amount is $500,000. Fees may reduce earnings. Personal accounts only.