MAKE YOUR MONEY
DO MORE.
HIGH YIELD SAVINGS
5.01% APY1
Earn an industry-leading High-Yield Savings rate of 5.01% 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 an Interest Checking2 account without a monthly fee or hoops to jump through.
- Free ATMs3
- No incoming wire fee
- Easy transfers from your High Yield Savings Account
Added Benefits
- No monthly maintenance fee
- Fee-free ATM use at over 55,000 Allpoint® ATMs
- Free starter checks
- Free Salem Five Visa® Debit Card
- Award-winning online and mobile services, including mobile deposit
There are no monthly fees and you get the piece of mind of FDIC insurance to protect your entire High Yield Certificate of Deposit4 account balance. Open an account online in just minutes.
- Various terms available
Our Mobile Banking App is perfect for people on the move.
-
Manage
With mobile deposit you can deposit checks from virtually anywhere
-
Transfer
Easily initiate transfers in and out of your account.
-
Protect
Set alerts and monitor your account for any unusual activity
Access your Salem Five Direct Accounts with our App.
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).
-
*Important Legal Disclosures and Information
1 High Yield 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.
High Yield Savings earns 5.01% 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%. High Yield Savings may be used to provide overdraft protection for 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 Interest 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 Annual Percentage Yield (APY) is accurate as of 1/9/2024 and subject to change. 3.50% 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.
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).
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 accounts opened as of today's date. Fees may reduce earning. 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 is posted. 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.
4 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 1/9/2024 and subject to change. Maximum deposit amount is $500,000. Fees may reduce earnings. Personal accounts only.