INTEREST CHECKING
Special Offer for eOne Savings Customers
Interest Checking
- No monthly maintenance fee
- Salem Five will not charge you any ATM fees³
- Fee-free ATM use at over 55,000 Allpoint® ATMs
- No incoming wire fee
- Free starter checks
- And, of course, a free Salem Five Visa® Debit Card
Added Benefits
- Award-winning online and mobile services, including mobile deposit
- Easy Transfers between your high-yield savings account and your new checking account⁴
- Manage and monitor your debit card from your smartphone with Card Controls
Online tools and on-the-go features
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Deposit checks from anywhere
Securely deposit checks from your phone.
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Lock/Unlock your debit card
Control your debit card, set limits and lock/unlock from your phone.
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Send money to anyone
Pay friends and family easily on the go with Zelle®.
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Budget and track spending
Budget, set alerts and view your accounts from other banks in Salem Five online banking.
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Convenient and secure
Touch and Face ID technology to keep you secure on the go.
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Custom text alerts
Get convenient customizable account updates sent directly to your phone or email.
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What You Will Need to Open Account
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
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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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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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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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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).
1 The Annual Percentage Yield (APY) is accurate as of 5/7/2024 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.
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 account
- Resides in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, or Vermont
- Does not have a Salem Five Checking account
4 eOne Savings is limited to six pre-authorized, automatic or telephone transfers per calendar month to third parties or between deposit accounts within the Bank. Debits in excess of these limitations are assessed the excess debit fee.