EONE CHECKING
ACCOUNT

Learn More about Benefits, Rates and Minimums

    • eOne Checking

      .01%APY1

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

      Open an eOne Checking 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

    • 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.

      1 eOne Checking earns 0.01% APY (Annual Percentage Yield) on daily balances of $0.01 - $1,000,000.

      **With a 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 Checking accounts opened as of today's date. Fees may reduce earnings. This offer is not available at Salem Five branch locations. Consumer accounts only.

       

  • Member FDIC - Understanding FDIC Insurance

    FDIC insurance covers depositors’ accounts at each FDIC‑insured bank, dollar‑for‑dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the applicable insurance limits.

    The standard FDIC insurance amount is $250,000 per depositor, per FDIC‑insured bank, for each account ownership category.

    To learn more about the Federal Deposit Insurance Corporation or to understand how your specific accounts may be insured, customers may use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at www.fdic.gov/edie/.

    For more information about deposit insurance coverage, the FDIC Deposit Insurance At A Glance brochure may be helpful.

    • Popular Questions


      • Salem Five Bank is a member of the Federal Deposit Insurance Corporation (FDIC). FDIC insurance protects deposits held at FDIC‑insured banks, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs).

        Deposits are insured up to the standard insurance limit of $250,000 per depositor, per FDIC‑insured bank, for each account ownership category, including principal and accrued interest through the date of an insured bank’s closing.

      • Since the FDIC was established in 1933, no depositor has ever lost a penny of FDIC‑insured funds. Deposits above the applicable insurance limits may not be fully protected in the event of a bank failure.

      • In the unlikely event of an FDIC‑insured bank failure, the FDIC typically arranges for a healthy bank to assume the insured deposits. Depositors generally have access to their insured funds by the next business day. In some cases, the FDIC may issue payment directly to depositors, usually within one to two business days.

      • FDIC insurance covers deposits held in checking accounts, savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs). FDIC insurance does not cover investment products, including stocks, bonds, mutual funds, crypto assets, annuities, life insurance policies, or the contents of safe deposit boxes, even if such products are purchased from an FDIC‑insured bank.

      • For additional information on FDIC Insurance, please call us at (800) 850-5000 or check the resources on the FDIC website. You can also call the FDIC at (877) 275-3342.

        https://www.fdic.gov/resources/deposit-insurance

        https://edie.fdic.gov/

      • Revocable trust accounts, including Payable‑on‑Death (POD/ITF) accounts, are insured by the FDIC based on the account owner and qualifying beneficiaries, subject to FDIC rules.

        Effective April 1, 2024, FDIC insurance coverage for revocable trust accounts is capped at $1,250,000 per owner, regardless of the number of beneficiaries named. Coverage is determined by FDIC regulations and the titling of the account.

        Customers may calculate their insurance coverage using the FDIC’s Electronic Deposit Insurance Estimator (fdic.gov/edie)

    • 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.

      FDIC Video Tutorial