MAKE YOUR MONEY
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HIGH YIELD SAVINGS
1.01% APY*

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Higher rates and lower risk, all in one.

With industry leading checking and savings rates and fully insured balances, Salem Five Direct delivers competitive opportunities to save, protect and manage your money. Experience accounts loaded with great benefits and personalized service when you need it.

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    • eOne Savings

      1.01% APY*

      On every dollar for balances up to $1,000,000

      Open eOne Savings

    •     Bankrate Top Online Bank.png     Best Online Banks of 2022 Forbes Advisor 

      • To apply, you will need:

        • Social Security Number
        • Driver's License Number
        • Home Address
        • Email Address
        • Joint Owner Information

        To fund a new account by electronic transfer, you will need:

        • Name of Bank or Financial Institution
        • Routing Transit Number
        • Account Number



    • 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 1.01% APY (Annual Percentage Yield) on daily balances of $0.01-$1,000,000. 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 APY applies to new eOne accounts opened as of today's date. Fees may reduce earnings.

    • eOne Checking

      .01% APY*

      On every dollar for balances up to $1,000,000

      Open eOne Checking

      • To apply, you will need:

        • Social Security Number
        • Driver's License
        • Home Address
        • Email Address
        • Joint Owner Information


        To fund a new account by electronic transfer, you will need:

        • Routing Transit Number
        • Account Number

    • eOne Checking eligibility is limited to consumers who apply online and who do not have an existing checking account with Salem Five Bank at the time of the application. Account must be opened with funds not currently on deposit with Salem Five Bank.

      *eOne Checking earns 0.01% APY (Annual Percentage Yield) on daily balances of $0.01 - $1,000,000. Salem Five reserves the right to transfer balances over $1,000,000 to the eOne Funding Account which currently earns an APY of 0.10%.

      **With an eOne Checking Account, Salem Five will never charge a fee for ATM transactions conducted at non-Salem Five ATMs, and we will reimburse the fees other banks charge up to $15 per statement cycle.

      You must deposit at least $10 to open this account. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened as of today's date.  Fees may reduce earning. Rewards apply to point-of-sale, non-PIN based debit card transactions (when you choose “credit”) with no minimum purchase amount and no cap to the cash rewards you may earn.  ATM and PIN based transactions do not qualify.  Cash Debit Rewards is at the rate of $0.05 for each debit card purchase (when you choose “credit”).  Rewards accrued are credited to your account on the last day of the statement cycle in which the purchase is posted.  Your account must be open and in good standing on the date the rewards are posted to receive the reward.  We reserve the right to deduct rewards credits if you return merchandise for which you have qualified or received debit rewards.  Any taxes related to debit rewards are the recipient’s sole responsibility.  Program may be terminated at any time at our sole discretion.

      This offer is not available at Salem Five branch locations. Consumer accounts only.

  • eOne CheckingTM and eOne SavingsTM

    This bundled combo includes the eOne Checking and the eOne Savings account for additional value. Easy online application for opening multiple accounts.

    • eOne Savings

      1.01% APY*

      On every dollar for balances up to $1,000,000

      Open Combo

      eOne Checking

      .01% APY*

      On every dollar for balances up to $1,000,000

      • To apply, you will need:

        • Social Security Number
        • Driver's License Number
        • Home Address
        • Email Address
        • Joint Owner Information


        To fund a new account by electronic transfer, you will need:

        • Name of Bank or Financial Institution
        • Routing Transit Number
        • Account Number



    • 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 1.01% APY (Annual Percentage Yield) on daily balances of $0.01-$1,000,000. 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 APY applies to new eOne accounts opened as of today's date. Fees may reduce earnings.

    • eOne Checking eligibility is limited to consumers who apply online and who do not have an existing checking account with Salem Five Bank at the time of the application. Account must be opened with funds not currently on deposit with Salem Five Bank.

      *eOne Checking earns 0.01% APY (Annual Percentage Yield) on daily balances of $0.01 - $1,000,000. Salem Five reserves the right to transfer balances over $1,000,000 to the eOne Funding Account which currently earns an APY of 0.10%.

      **With an eOne Checking Account, Salem Five will never charge a fee for ATM transactions conducted at non-Salem Five ATMs, and we will reimburse the fees other banks charge up to $15 per statement cycle.

      You must deposit at least $10 to open this account. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened as of today's date.  Fees may reduce earning. Rewards apply to point-of-sale, non-PIN based debit card transactions (when you choose “credit”) with no minimum purchase amount and no cap to the cash rewards you may earn.  ATM and PIN based transactions do not qualify.  Cash Debit Rewards is at the rate of $0.05 for each debit card purchase (when you choose “credit”).  Rewards accrued are credited to your account on the last day of the statement cycle in which the purchase is posted.  Your account must be open and in good standing on the date the rewards are posted to receive the reward.  We reserve the right to deduct rewards credits if you return merchandise for which you have qualified or received debit rewards.  Any taxes related to debit rewards are the recipient’s sole responsibility.  Program may be terminated at any time at our sole discretion.

      This offer is not available at Salem Five branch locations. Consumer accounts only.

  • High-yield Certificates of Deposit

    A CD from SalemFive Direct is an easy way to be smart about your savings. There are no monthly fees and you get the piece of mind of FDIC and DIF insurance to protect your entire balance. Open an account online in just minutes.

    • 24-month

      2.00% APY*

      CD Special

      Open Now

      18-month

      1.50% APY*

      CD Special

      Open Now

      12-month

      1.00% APY*

      CD Special

      Open Now

    • Minimum balance to open a High-yield CD and obtain the Annual Percentage Yield (APY) is $10,000. Substantial penalty for early withdrawal. APY is current as of 5/10/2022 and subject to change. Maximum deposit amount is $500,000. Personal accounts only.

  • Member FDIC and Member DIF

    Thanks to a combination of deposit insurance safeguards, each depositor at Salem Five Cents Savings Bank, whether using a physical branch office, salemfive.com or salemfivedirect.com, is fully insured, regardless of the number of accounts or the total funds on deposit.

    It works like this: The Federal Deposit Insurance Corporation (FDIC) now insures each depositor, for each ownership category, up to $250,000.

    Deposits at Salem Five in excess of the standard insurance amounts provided by the FDIC are covered by the Depositors Insurance Fund (DIF). The DIF is a private, industry-sponsored insurance fund that insures all deposits above FDIC limits at Massachusetts-chartered savings banks. The DIF was established by the Massachusetts legislature in 1932 and has been insuring deposits since 1934. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.

    The result? Your deposits at Salem Five are completely protected – without limitation.

    • FDIC/DIF FAQs

    • Deposit Insurance Coverage (FDIC)

      The FDIC insures all deposits.

      Watch the video to learn more about how the FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

      Interactive Video Player

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 unprecedented value to our direct banking customers through exclusive product features at highly competitive rates.

All deposits are fully insured through a combination of insurance by the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Depositors Insurance Fund (DIF).

FAQs About Salem Five Bank

It's a very personal relationship with Salem Five, built on honesty, integrity, and trust.

Steve C., Woburn, MA