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eOne Savings
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eOne Savings
1.01% APY*
On every dollar for balances up to $1,000,000
eOne Savings
- Earn an industry-leading rate of 1.01% APY with absolutely no commitment.
- Open in minutes with just a $10 deposit
- No minimum balance and no monthly fees
- FDIC & DIF Insurance to protect your entire balance
- High-yield savings account
Added Benefits
- No commitment - move money in and out whenever you want
- Free Online Banking and mobile banking app
- Mobile deposit and text alerts
- External transfers to move money easily
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What You Will Need to Open Account
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
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What You Will Need to Open Account
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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.
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eOne Checking
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eOne Checking
.01% APY*
On every dollar for balances up to $1,000,000
eOne Checking
- Online Checking account without a monthly fee or hoops to jump through.
- Cash back on all your non pin-based purchases with your debit card
- Free ATMs**
- FDIC and DIF insurance to protect your entire balance
- No minimum balance
Added Benefits
- Free Online bill payment
- Mobile Check Deposit
- Free first order of checks
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What You Will Need to Open an Account
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
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What You Will Need to Open an Account
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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.
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eOne Savings/Checking Combo
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.
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eOne Savings
1.01% APY*
On every dollar for balances up to $1,000,000
eOne Checking
.01% APY*
On every dollar for balances up to $1,000,000
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What You Need to Open Account
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
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What You Need to Open Account
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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.
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eCD Specials
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.
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24-month
2.00% APY*
CD Special
18-month
1.50% APY*
CD Special
12-month
1.00% APY*
CD Special
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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.
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Fully Insured with FDIC and DIF
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.
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FDIC/DIF FAQs
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I've noticed that my bank displays the FDIC and DIF symbols. What does Member FDIC/Member DIF mean?
Salem Five is a member of both organizations that insure depositors' funds against loss. The first $250,000 per depositor is insured by the FDIC.
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Do all banks offer FDIC and DIF insurance coverage?
No. While there are other insuring entities, only Massachusetts-chartered savings banks offer the additional protection of DIF insurance.
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Are all my deposits at Salem Five insured in full?
Yes. All types of deposit accounts are covered, including savings, checking, and NOW accounts; money market accounts; certificates of deposit; IRAs and Keoghs; and all other deposit accounts held with Massachusetts-chartered savings banks.
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Has any depositor ever lost money in a Member FDIC/Member DIF bank?
No. The FDIC has always paid deposits in full up to its insurance limit. The DIF has always paid all deposits in excess of the FDIC's limit. No depositor has ever lost a penny in an FDIC/DIF member bank since either Fund was established.
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How financially strong are the FDIC and the DIF?
The FDIC is backed by the full faith and credit of the U.S. Treasury. While the DIF is not backed by federal, state, or local governments, the Fund is very strong and has extensive recourses. The banking crisis of the late 1980s serves as a poignant example of the DIF's financial strength. In this period, 18 DIF member banks failed. These banks contained funds from over 6,300 excess depositors. Their excess deposits totaled $250 million. Each and every depositor was paid in full. This was the worst period in the history of the Massachusetts thrift industry, yet the Fund has more money today than it did at the start of the crisis.
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Is the DIF subject to any form of regulatory scrutiny?
Yes. The DIF's financial records are examined regularly by the Massachusetts Commissioner of Banks, and audited annually by an independent auditor.
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If a Member FDIC/Member DIF bank ever got into financial trouble, how would I get my money?
Based on past experience, arrangements would be made for all deposits to be automatically transferred to another bank. All your deposit funds would be available with no interruption of service.
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I'd like to buy a CD for $325,000. Is it fully insured if I place it in one account, or will I need to open two accounts in different names?
You can buy a single CD for the entire amount. At a Member FDIC/Member DIF member bank, your deposits are fully insured, even if they exceed $250,000.
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Does the FDIC or the DIF insure investments in bank mutual funds?
No. Both the FDIC and DIF only cover deposits.
- Where can I learn more about the FDIC and DIF?
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I've noticed that my bank displays the FDIC and DIF symbols. What does Member FDIC/Member DIF mean?
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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).
It's a very personal relationship with Salem Five, built on honesty, integrity, and trust.
Steve C., Woburn, MA