Earn an industry-leading High-Yield Savings rate of 4.50% APY1 with no commitment.
- $10 deposit to open online
- No minimum balance/monthly fees
Added Benefits
- Free Online Banking and Mobile App
- Mobile Deposit and Text Alerts
- Easy External Transfers to Your Account
Get started with a eOne checking3 account without a monthly fee or hoops to jump through.
- Cash back on all your non pin-based purchases with your debit card
- Free ATMs4
Added Benefits
- No minimum balance
- Free Online bill payment
- Mobile Check Deposit
- Free First Order of Checks
There are no monthly fees and you get the piece of mind of FDIC insurance to protect your entire High Yield Certificate of Deposit2 account balance. Open an account online in just minutes.
- Various special terms available
Added Benefits
- Savings terms that work for you
- Earn higher interest rates
- FDIC-Insured
Our Mobile Banking App is perfect for people on the move.
Over 160 Years of Banking Experience.
Salem Five Direct is an online division of Salem Five, an innovative bank located in Salem, Massachusetts with over 160 years of banking experience. The Salem Five Direct mission is to offer exceptional value to our direct banking customers through exclusive products at highly competitive rates.
Deposits insured by the Federal Deposit Insurance Corporation (FDIC).
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*Important Legal Disclosures and Information
1 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. Consumers with an existing eOne Checking Account are eligible for the eOne Savings Account.
eOne Savings earns 4.50% APY1 (Annual Percentage Yield) on daily balances of $0.01-$1,000,000 and must be opened with funds not previously on deposit with Salem Five or Salem Five Direct. 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 APY1 applies to new eOne accounts opened as of today's date. Fees may reduce earnings.
2 High-Yield CDs - minimum balance to open a Special CD and obtain the Annual Percentage Yield (APY) is $10,000. Substantial penalty for early withdrawal. APY is current as of 10/1/2024 and subject to change. Maximum deposit amount is $500,000. Fees may reduce earnings. Personal accounts only.3 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.
The eOne Checking account earns 0.01% APY (Annual Percentage Yield) on daily balances of $0.01 - $1,000,000.
4 Free ATMs - eligibility 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 Checking accounts opened as of today's date. Fees may reduce earnings. 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 was made. 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. -
FDIC Insurance
Member FDIC
FDIC insurance covers depositors' accounts, whether using a physical branch office, salemfive.com or salemfivedirect.com, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit. The standard insurance amount is $250,000 per person, per bank, per ownership category.
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Popular Questions
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I've noticed that my bank displays the FDIC logo. What does Member FDIC mean?
Salem Five is a member of The FDIC (Federal Deposit Insurance Corporation). The first $250,000 per depositor is insured by the FDIC and is backed by the full faith and credit of the United States government.
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Has any depositor ever lost money in a Member FDIC bank?
No. The FDIC has always paid deposits in full up to its insurance limit. No depositor has ever lost a penny in an FDIC member bank since it was established in 1933.
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If a Member FDIC 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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Does the FDIC insure investments in bank mutual funds?
No. FDIC only cover deposits.
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Where can I learn more about the FDIC?
Visit the FDIC website where you can access additional information.
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I've noticed that my bank displays the FDIC logo. What does Member FDIC mean?
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