Salem Five Direct is an online division of Salem Five Bank, an innovative bank located in Salem, MA with over 150 years of banking experience. You will find unique bank product offerings developed exclusively for clients seeking to conduct business on the internet.
Yes, you are permitted to add up to 4 beneficiaries (individuals) per deposit account. To submit a request to add an additional beneficiary(ies) for an existing account, log into Online Banking and send us a secure message.
Yes, you will see the option to add a joint owner at the bottom of the ‘Personal Information’ page of the application. To submit a request to add an additional joint account holder for an existing account, log into Online Banking and send us a secure message.
You may make your initial funding deposit via Debit/Credit Card (up to $100), ACH transfer from another financial institution or by mailing in a check. If you are an existing Salem Five customer, you can transfer funds from an existing account.
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.