At a glance

4.5

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Salem Five Direct is an online bank that offers savers competitive yields.

Highlights

ATM Fee Refunds
High APY
Low Min Deposit

Overall

Salem Five Direct is best for savers who are comfortable banking online and who are seeking a competitive rate. The bank offers special CDs in addition to savings and checking accounts.

Pros

The bank offers very competitive annual percentage yields (APYs) on its savings account for all balances — from 1 cent to $1 million.
It provides generous ATM reimbursement on its checking account.
Its mobile app is favorably reviewed.

Cons

The bank offers a smaller selection of CDs than some banks.
CDs have a much higher minimum requirement to open than many banks or credit unions.
Salem Five Direct checking and savings customers have to pay a $9.95 bank transaction fee for having a transaction completed in a branch.
There’s a $10 fee to close your account via the mail.

We want to know what you think about Salem Five Direct

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Salem Five Direct banking products

4.9

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

5.01%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$10.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Good

4/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

5.01% APY

APY last updated between 5/6 and 5/12.

$10 minimum deposit to open

Salem Five Direct savings overview

The eOne Savings account offers savers a competitive yield and requires just $10 to open. There are no monthly fees either.

The account isn’t available to everyone. You can’t open an eOne Savings account if you have a Salem Five Bank checking or savings account. (You can apply if you have an eOne Checking account.) You also need to apply online for the eOne Savings account.

Pros

You only need to deposit $10 to open this account.
The yield is competitive.
There are no monthly fees.

Cons

There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle.

Rate history for Salem Five Direct's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

Salem Five Direct CD overview

Salem Five Direct offers a range of CD terms, including numerous “special” CDs with high yields and IRA CDs.

At $10,000, the minimum balance required to open a CD is higher than a lot of other online banks.

Pros

Some of the CD APYs are high.
The bank offers a selection of terms.

Cons

The bank doesn’t offer as many CDs terms as some other banks.
Salem Five Direct requires a relatively steep minimum balance to open a CD.

Rate history for Salem Five Direct's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

Salem Five Direct checking overview

Salem Five Direct’s eOne Checking requires no minimum balance and charges no monthly fee. You will earn a little bit of interest on your daily balance, and the bank doesn’t charge you fees for using non-Salem ATMs. It will also reimburse you up to $15 each statement cycle when the ATM’s operator charges you a fee.

Pros

The eOne Checking reimburses out-of-network ATM fees up to $15 per statement cycle.
You only need $10 to open this account.

Cons

The account is limited to those who apply online and don’t have a Salem Five checking account already.
The account earns a very small amount of interest at 0.01 percent APY.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	$35
Non-sufficient funds fee	$35
Monthly maintenance fee	$0
Out-of-network ATM fee	None
Excessive transaction fee	$10

Find out: Tips to avoid common bank fees

About Salem Five Direct

Salem Five Direct is an online division of Salem Five, a bank that was founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995.

Salem Five Direct offers certificates of deposit, savings accounts and checking accounts. Its fees are low, and its rates are competitive.

Bank experience

Salem Five Direct representatives can be reached toll-free by phone, but the bank also has a chat function on its website to help answer customer questions.

Its app has earned positive reviews in the Apple App Store and on Google Play. The app includes Zelle functionality, so you can easily send money to people you know. The app also includes card controls to quickly turn your debit card off within the app should the card go missing or be stolen.

How Salem Five Direct compares to other banks

Compare different account types offered by Salem Five Direct. Annual percentage yields (APYs) shown were updated between May 6, 2024 and May 12, 2024.

Selected bank Salem Five Direct savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Bask Bank savings account Member FDIC Bankrate score Rating: 4.7 stars out of 5 4.7 Bankrate Savings rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
5.01%	5.10%
Minimum balance for APY
$10.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,253	$1,275

The eOne Savings account offers savers a competitive yield and requires just $10 to open. There are no monthly fees either. The account isn’t available to everyone. You can’t open an eOne Savings account if you have a Salem Five Bank checking or savings account. (You can apply if you have an eOne Checking account.) You also need to apply online for the eOne Savings account.	Bask Bank’s Interest Savings Account earns a highly competitive APY, with no minimum balance requirement or monthly fees. The bank also offers a Mileage Savings Account, which allows you to earn American Airlines miles as rewards, based on your monthly balance.

You only need to deposit $10 to open this account The yield is competitive There are no monthly fees	Bask Bank’s Interest Savings Account earns a top-notch yield. The Interest Savings Account doesn’t charge a maintenance fee or require a set minimum balance.	N/A
There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle	Bask charges $35 per outgoing wire transfer, which is steep compared to other banks. Neither savings account comes with ATM access.	N/A

APY offering: 5.01% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $10.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 5.10% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Salem Five Direct CD Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate CD rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Amerant Bank CD Member FDIC Bankrate score Rating: 3.3 stars out of 5 3.3 Bankrate CD rating = 3.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
5.00%	4.75%
Minimum deposit
$2,000.00	$10,000.00
Term
1 yr	1 yr

Salem Five Direct offers a range of CD terms, including numerous “special” CDs with high yields and IRA CDs. At $10,000, the minimum balance required to open a CD is higher than a lot of other online banks.	Amerant Bank is a viable option for those with $10,000 or more to put into a CD. The bank offers CDs with terms ranging from one year to five years, meaning the bank could be good for savers looking to build a CD ladder.

Some of the CD APYs are high The bank offers a selection of terms	Amerant Bank offers a competitive yield on some of its CDs. Amerant Bank has enough CD options for someone to build a CD ladder.	N/A
The bank doesn’t offer as many CDs terms as some other banks Salem Five Direct requires a relatively steep minimum balance to open a CD	Amerant Bank requires at least $10,000 to open a CD. Amerant Bank doesn’t offer CD terms shorter than one year. The bank’s CDs aren’t available in Florida or Texas.	N/A

APY offering: 5.00% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $2,000.00 3/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Poor 1/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 4.75% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $10,000.00 2/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 yr - 5 yrs 3/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Average 3/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank Salem Five Direct checking account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Checking rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Customers Bank checking account Member FDIC Bankrate score Rating: 4.5 stars out of 5 4.5 Bankrate Checking rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
N/A	2.00%
Minimum balance to open
N/A	$50.00

Salem Five Direct’s eOne Checking requires no minimum balance and charges no monthly fee. You will earn a little bit of interest on your daily balance, and the bank doesn’t charge you fees for using non-Salem ATMs. It will also reimburse you up to $15 each statement cycle when the ATM’s operator charges you a fee.	Customers Bank offers Free Checking — an account that only requires $10 to open. As the name implies, the account doesn’t charge a monthly maintenance fee. Customers Bank also offers an Interest Checking account that earns a competitive yield. You can open the account with just $50. There’s a base yield applicable to all accounts, but you can earn a bonus APY when you complete one direct deposit or two bill payments per statement cycle. There are no monthly fees. Customers Bank is part of the Allpoint network, which will give you fee-free ATM access to over 55,000 locations. The bank doesn’t charge a fee for using out-of-network ATMs.

The eOne Checking reimburses out-of-network ATM fees up to $15 per statement cycle You only need $10 to open this account	The account offers a competitive yield There’s a low minimum deposit to open an account There’s no monthly fee The bank won’t charge you to use ATMs out of its network	N/A
The account is limited to those who apply online and don’t have a Salem Five checking account already The account earns a very small amount of interest at 0 01 percent APY	The bank’s mobile app isn’t highly rated You must visit a branch to open an account	N/A

Salem Five Direct vs. UFB Direct

UFB Direct is the online-only division of Axos Bank. It offers similarly high rates on its deposit product, but doesn’t offer the same breadth of financial products and services as Salem Five Direct. As far as deposit products go, UFB Direct only offers a savings account and a money market account. In contrast, Salem Five Direct, offers a wide variety of CDs, checking and savings accounts.

Learn more: Best online banks

Salem Five Direct FAQs

Salem Five Direct is best for consumers comfortable banking completely online, as Salem Five Direct is the online-only division of Salem Five Bank. Moreover, the bank may appeal to those looking to consolidate their banking under one roof, especially since the bank offers high yields on many deposit products.
Yes, all accounts at Salem Five Direct are FDIC-insured up to the amount allowed by law: $250,000 per account, per customer.
Yes. Salem Five Direct is the online-only division of Salem Five Bank, which was founded in 1855.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Salem Five Direct APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.01%	0.58%
04/30/2024	5.01%	0.58%
04/23/2024	5.01%	0.58%
04/16/2024	5.01%	0.58%
04/09/2024	5.01%	0.58%
04/02/2024	5.01%	0.58%
03/26/2024	5.01%	0.57%
03/19/2024	5.01%	0.57%
03/12/2024	5.01%	0.57%
03/05/2024	5.01%	0.57%
02/27/2024	5.01%	0.58%
02/20/2024	5.01%	0.58%
02/13/2024	5.01%	0.58%
02/06/2024	5.01%	0.58%
01/30/2024	5.01%	0.58%
01/23/2024	5.01%	0.58%
01/16/2024	5.01%	0.58%
01/09/2024	5.01%	0.58%
01/02/2024	5.01%	0.58%
12/26/2023	5.01%	0.57%
12/12/2023	5.01%	0.57%
12/05/2023	5.01%	0.57%
11/28/2023	5.01%	0.60%
11/21/2023	5.01%	0.60%
11/14/2023	5.01%	0.60%
11/07/2023	5.01%	0.60%
10/31/2023	5.01%	0.58%
10/24/2023	5.01%	0.58%
10/17/2023	5.01%	0.58%
10/10/2023	5.01%	0.58%
10/03/2023	5.01%	0.58%
09/26/2023	5.01%	0.57%
09/19/2023	5.01%	0.57%
09/12/2023	5.01%	0.57%
09/05/2023	5.01%	0.57%
08/29/2023	5.01%	0.54%
08/22/2023	5.01%	0.54%
08/15/2023	5.01%	0.54%
08/08/2023	5.01%	0.54%
08/01/2023	5.01%	0.54%
07/25/2023	5.01%	0.54%
07/18/2023	5.01%	0.54%
07/11/2023	5.01%	0.54%
07/04/2023	5.01%	0.54%
06/27/2023	5.01%	0.49%
06/20/2023	5.01%	0.49%
05/24/2023	5.01%	0.47%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Salem Five Direct APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	2.25%	1.42%
04/30/2024	2.25%	1.42%
04/23/2024	2.25%	1.42%
04/16/2024	2.25%	1.42%
04/09/2024	2.25%	1.42%
04/02/2024	2.25%	1.42%
03/26/2024	2.25%	1.43%
03/19/2024	2.25%	1.43%
03/12/2024	2.25%	1.43%
02/27/2024	2.25%	1.42%
02/20/2024	2.25%	1.42%
02/13/2024	2.25%	1.42%
02/06/2024	2.25%	1.42%
01/30/2024	2.25%	1.43%
01/23/2024	2.25%	1.43%
01/16/2024	2.25%	1.43%
01/09/2024	2.25%	1.43%
01/02/2024	2.25%	1.43%
12/26/2023	2.25%	1.43%
12/12/2023	2.25%	1.43%
12/05/2023	2.25%	1.43%
11/28/2023	2.25%	1.45%
11/21/2023	2.25%	1.45%
11/14/2023	2.25%	1.45%
11/07/2023	2.25%	1.45%
10/31/2023	2.25%	1.46%
10/24/2023	2.25%	1.46%
10/17/2023	2.25%	1.46%
10/10/2023	2.25%	1.46%
10/03/2023	2.25%	1.46%

Salem Five Direct Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Salem Five Direct

Salem Five Direct banking products

Salem Five Direct savings overview

Pros

Cons

Rate history for Salem Five Direct's Savings account

Salem Five Direct CD overview

Pros

Cons

Rate history for Salem Five Direct's CD accounts

Salem Five Direct checking overview

Pros

Cons

Bank fees

About Salem Five Direct

Bank experience

How Salem Five Direct compares to other banks

Salem Five Direct vs. UFB Direct

Salem Five Direct FAQs

Who is Salem Five Direct best for?

Is Salem Five Direct safe?

Is Salem Five Direct a legitimate bank?

Review methodology

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