Get Ahead. Stay Ahead.
Earn a competitive 4.00% APY1 on your business savings so you’re prepared for tax season. Make every deposit an opportunity to stay ahead.
Stay Ready for Tax Season with 4.00% APY1 with SetAside Savings
Introducing our Business Ready Checking™ account and companion Business SetAside Savings™ account, both with competitive 4.00% APY1. Together with our Tax SetAside Text Tool, you’ll prepare for taxes throughout the year.
It’s your money, so you decide what to set aside for quarterly taxes. When you enroll for the SetAside tool, deposits made to the Checking account will generate a text message with your pre-selected transfer percentage already calculated. You decide whether to transfer to Savings or skip. The choice is always yours.
Future you will thank you.
It’s your money, so you decide what to set aside for quarterly taxes. When you enroll for the SetAside tool, deposits made to the Checking account will generate a text message with your pre-selected transfer percentage already calculated. You decide whether to transfer to Savings or skip. The choice is always yours.
Future you will thank you.
The SetAside Business Advantage
With Salem Five Business Ready Checking™ and Business SetAside Savings™, you move money quickly and easily via SMS so there's no surprises in April.
Your Operating Account
Business Ready CheckingTM
This is the operating account. 4.00% APY1, Salem Five Visa® Business Debit Card, Business Online Banking and our Cash Flow Solutions cash management services, as needed.
No app, no new login
Tax SetAside Text Tool
Deposit lands, you get a text, reply 'Y' to transfer your chosen percentage into savings or 'N' to skip.
save for taxes
Business SetAside SavingsTM
Upon transfer, the tax money lands here earning the same APY%.
How SetAside Text Works
1
Receive a text after every deposit into your Business Ready CheckingTM account
2
Reply 'Yes' to move your chosen percentage into savings or 'No' to skip
3
If 'Yes', your money lands into your SetAside Savings account. Easy as that!
See How Easy It is to Save Money
About Salem Five Direct
Salem Five Direct delivers competitive online banking backed by the strength of Salem Five, a trusted bank with more than 170 years of experience.
All deposits insured by the Federal Deposit Insurance Corporation (FDIC).
All deposits insured by the Federal Deposit Insurance Corporation (FDIC).
Frequently Asked Questions
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Do I have to open both accounts?
The SetAside Text Tool requires both a Business Ready Checking™ account and a Business SetAside Savings™ account. To make setup easy, both accounts are opened through a single application. You may open either account separately. However, you must have both accounts open to use the SetAside Text Tool.
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Is the tax money locked up?
No. You can transfer funds back to your checking account at any time. You may make up to six pre-authorized, automatic, or telephone transfers per calendar month from your Business SetAside Savings™ account to third parties or other Salem Five accounts. After six such transfers in a calendar month, a $15 Excess Debit Fee will apply to each additional transfer.
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Do I need to download an app?
No. SetAside Text works through regular text messages. No app, login, or password is required.
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How do you know what to set aside?
You choose your own percentage, and the Quarterly Tax Estimator helps you pick it. Change it whenever you like.
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Will you text me marketing?
No. You'll only receive the deposit approval texts you signed up for. We do not send marketing texts through this service. Reply HELP or STOP at any time.
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What if I don’t want to move the money this time?
Reply N. Nothing moves, and you’ll get another text on the next deposit.
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How long does opening the accounts take, and what do I need?
The application process takes less than 10 minutes. Have your business registration documents and ID for each signer ready. Applications are reviewed within two business days.
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Is this available outside Rhode Island?
Not yet. For now, Rhode Island businesses only.
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Who holds my money?
Your money is held by Salem Five Cents Savings Bank, a Massachusetts-chartered bank founded in 1855 and Member FDIC. Salem Five Direct is a division of Salem Five Cents Savings Bank.
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I’m ready to start using the Tax SetAside Tool. How do I register?
Simply text REG to 1 (401) 307-4272 to enroll today. In the event we need more information to properly identify you, you may be asked to reply with # followed by the last 4 of your SSN (e.g. #1234).
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I ordered a Salem Five Visa Business Debit Card. How long will it take to receive?
Customers typically receive their debit card within 10 business days from account opening.
Tax information and calculations provided through this service are for general informational and educational purposes only and are estimates. They are not intended as tax, legal, or accounting advice and may not reflect your individual circumstances. Salem Five does not provide tax advice. You should consult a qualified tax professional regarding your specific tax obligations.