Salem Five Direct
source link: https://www.businessinsider.com/personal-finance/salem-five-direct-bank-review
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High-Yield Savings, Cash-Back Checking
Salem Five Direct review: Online bank with a high-yield savings account and cash-back checking account
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: You might like Salem Five Direct if you're searching for an online institution with a high-yield savings account and cash-back checking account. It has one of the best high-yield savings accounts right now. Its CDs have high minimum opening deposits, though.
Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 4.5 |
| Checking | 4 |
| CD | 3 |
| Trustworthiness | 5 |
| Total | 4 |
Pros and cons
| Pros | Cons |
|
|
Salem Five Direct eOne Savings review
Salem Five Direct eOne Savings is a strong high-yield savings account that pays a much higher interest rate than the average savings account right now. It doesn't charge monthly services and has a low minimum opening deposit.
You might want to take note of how much you keep in the account. Salem Five Direct may transfer money to a Statement Savings Account if you have more than $1 million in your account. This account only offers 0.01% APY (Annual Percentage Yield).
Salem Five Direct Salem Five Direct eOne Checking review
Salem Five Direct eOne Checking might be appealing if you frequently use your debit card. You'll get $0.05 for every debit card purchase, which will be deposited into your bank account at the end of each month.
You may also like this account if you want easy access to ATMs. The institution has an extensive ATM network and you'll get up to $15 in out-of-network ATM reimbursements each month.
Salem Five Direct High-Yield CD review
Salem Five Direct has only three CD options: a 12-month CD, a 24-month CD, and a 36-month CD.
You'll need a minimum of $10,000 to open an account, which is a pretty substantial amount compared to initial deposits of other online banks. You'll also find other online banks with more CD terms.
How Salem Five Direct works
Salem Five Direct is the online operation of the Massachusetts-based bank Salem Five.
It has online-only savings accounts, checking accounts, and CDs. You're only eligible to open an online Salem Five Direct savings or checking account if you do not have a bank account at a local Massachusetts branch.
Customers have access to over 55,000 fee-free ATMs through the Allpoint network.
Call the Contact Center anytime from 8 a.m. to 6 p.m. ET on weekdays, 9 a.m. to 3 p.m. ET on Saturdays, or 11 a.m. to 3 p.m. ET on Sundays. Representatives are also available from 8 a.m. to 6 p.m. via live chat.
The bank's mobile app has 3.2 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple store.
Salem Five Direct online bank accounts are FDIC insured and DIF insured. If your bank account is FDIC insured up to $250,000 is safe in your bank account. Banks with DIF insurance allow you to exceed the $250,000 limit and protect any additional money deposited through private insurance.
Salem Five Direct trustworthiness and BBB score
Salem Five Direct hasn't been involved in any recent public scandals.
We also include ratings from the Better Business Bureau.
The BBB rates businesses by how they deal with customer issues. Salem Five has an A+ rating.
A strong rating doesn't necessarily mean your banking relationship will be perfect. Talk to current customers or read online customer reviews to see if Salem Five Direct is a solid match.
Salem Five Direct vs. Capital One 630
Capital One 360 is the online operation of Capital One Bank. Below, we've compared the two institutions.
If you're looking for tools that help you set up individual savings goals, Capital One will edge out Salem 5 Direct. Capital One lets you separate your money by setting up goals through the bank's mobile app.
Capital One has a lower minimum opening deposit for CDs. However, if you're strictly searching for high interest rates, the best option for you will depend on the account you choose. Salem Five Direct offers a higher interest rate on its savings account while Capital One pays higher interest rates on CDs.
You might prefer Salem 5 Direct if you'd like to earn cash back on your checking account. You'll get $0.05 for every debit card purchase. At the end of each month, the rewards will be deposited into your bank account.
Salem Five Direct vs. Bank 5 Connect
Bank5 Connect is the online division of the Massachusetts-based bank Bank5. Here's how the two institutions stack up.
Salem Five Direct has a higher savings rate than Bank5 Connect. However, keep in mind that both banks also have balance requirements to earn interest.
Salem Five Direct lets you earn 5.01% APY on account balances under $1 million. Meanwhile, Bank5 Connect requires a minimum account balance of $100 to earn interest.
Depending on your preferences, you might find it easier to earn interest at one bank over the other.
If you're planning to open a CD, Bank5 offers more CD terms. You'll also need a minimum opening deposit of $500.
See Insider's list of the best savings accounts »
Frequently asked questions
You may open a Salem Five Direct bank account online from anywhere in the US. However, you're only eligible to open online savings or checking account if you do not have a bank account at a Salem Five branch in Massachusetts. This does not apply to CDs.
Salem Five Direct is insured by the Federal Deposit Insurance Corporation and Massachusetts Depositors Insurance Fund (DIF). When a bank is FDIC insured, up to $250,000 is secure in a bank account. If a bank has DIF insurance, any money deposited into your account that exceeds the $250,000 limit is protected through private insurance.
Salem Five Direct might be a good choice if you are comfortable with online banking. The bank has a fee-free high-yield savings account and a cashback checking account.
If you are planning open a CD, you may want to consider additional options. Salem Five Direct has limited terms and requires a minimum of at least $10,000 for an initial deposit.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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