INTEREST
CHECKING

Special Offer for Select Customers

Three percent APY 1 for Balances of $10,000 +
We've developed a new Interest Checking Account exclusively for select customers in New England2. This account features a highly competitive 3.00% APY1 rate when you maintain a balance of $10,000 or more. It’s the best of both worlds – a great interest rate combined with the benefits of a Salem Five checking account. Features include:
Open Interest Checking

Online tools and on-the-go features

  • Deposit checks from anywhere Icon

    Deposit checks from anywhere

    Securely deposit checks from your phone.

  • Icon for Lock/Unlock your debit card

    Lock/Unlock your debit card

    With Card Controls you can manage and monitor your Salem Five Visa® Debit Card

  • Icon for Send money to anyone

    Send money to anyone

    Pay friends and family easily on the go with Zelle®.

  • Image for Deposit checks from anywhere
  • Image for Lock/Unlock your debit card
  • Image for Send money to anyone
  • Image for Budget and track spending
  • Image for Convenient and secure
  • Image for Custom text alerts
Image for Online tools and on-the-go features Phone Image
  • Icon for Budget and track spending

    Budget and track spending

    Budget, set alerts and view your accounts from other banks in Salem Five online banking.

  • Icon for Convenient and secure

    Convenient and secure

    Touch and Face ID technology to keep you secure on the go.

  • Icon for Custom text alerts

    Custom text alerts

    Get convenient customizable account updates sent directly to your phone or email.

  •  

    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

  • 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.

    • Popular Questions

    • 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.

      Online Bank Tour

About Salem Five Direct

Salem Five Direct is an online division of Salem Five, an innovative bank located in Salem, Massachusetts with over 160 years of banking experience. At Salem Five Direct you will find unique products not available through the Salem Five branch network and therefore will change from time to time.

The Salem Five Direct mission is to offer exceptional value to our direct banking customers through exclusive product features at highly competitive rates.

Deposits insured by the Federal Deposit Insurance Corporation (FDIC).

FAQs About Salem Five Bank

1 The Annual Percentage Yield (APY) is accurate as of 10/22/2024 and subject to change. 3.00% APY earned on daily balances of $10,000 or more. Daily balances under $10,000 will not earn interest. Rate may change after account is opened. Minimum deposit to open is $10. Fees may reduce earnings. Personal accounts only.

2 Interest Checking may only be opened online at SalemFiveDirect.com and eligibility is limited to customers meeting the following criteria:

  • Has an eOne Savings or eOne Checking or Certificate of Deposit that was opened online
  • Resides in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, or Vermont
  • Does not have a Salem Five Checking account
3 With Interest Checking, Salem Five will not charge a fee for ATM transactions conducted at non-Salem Five ATMs, however, the institution that owns the terminal may assess a fee (surcharge).