HIGH-YIELD
SAVINGS
Earn an industry-leading rate
High Yield Savings
5.01%APY1
On every dollar for balances up to $1,000,000
To apply, you will need:
- Social Security Number
- Driver's License Number
- Home Address
- Email Address
- Joint Owner Information
To fund a new account by electronic transfer, you will need:
- Name of Bank or Financial Institution
- Routing Transit Number
- Account Number
High Yield Savings
- Earn an industry-leading rate of 5.01% APY* with absolutely no commitment.
- Open in minutes with just a $10 deposit
- No minimum balance and no monthly fees
- The first $250,000 per depositor is insured by the FDIC
Added Benefits
- No commitment - move money in and out whenever you want
- Free Online Banking and mobile banking app
- Mobile deposit and text alerts
- External transfers to move money easily
Learn More
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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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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.
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FAQs
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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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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 High Yield Savings accounts opened as of today's date. Fees may reduce earnings.