Salem Five Direct Bank Review: Best Account For You

If you’re looking for other ways to bank without the unnecessary bank fees and the minimum balance requirements then Salem Five Direct may be just the bank for you. They don’t have minimum balance requirements on both their checking and savings account and the offer high-yield APYs.

Salem Five Direct is a subsidiary of Salem Five Bank, located in Salem, Massachusetts. They offer account options that you won’t find at the physical branches of Salem Five Bank. You should continue reading below, if you’re not sure if their services are worth giving up access to a physical bank!

eOne Checking

The eOne Checking Account makes it easy to manage your funds. You can open the checking account that offers a small interest rate on your balance, all you need is $100. You don’t have to worry about keeping a minimum balance or worry about paying a monthly service fee.

Additionally, Salem Five Direct also provides your first order of checks free of charge. To be eligible for this checking account, you can’t have a current checking account at Salem Five Bank. You also must use ‘new funds,’ or funds not on deposit at Salem Five Bank.

Compare Checking Accounts

Chase Total Checking®Chase Premier Plus Checking^SMHSBC Premier CheckingHSBC Advance CheckingHuntington Asterisk-Free Checking®Huntington 5 Checking®Huntington 25 Checking®BBVA Checking

• Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit • Access to 16,000 Chase ATMs and more than 4,700 branches • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. Apply Now at Chase

See all Chase Total Checking offers and all other Chase offers here.

See all Chase Premier Checking offers and all other Chase offers here.

• Get up to $600 with a 3% Cash Bonus Checking Offer when you open a new HSBC Premier checking account and complete the following qualifying activities. • Open your new HSBC Premier checking account online by March 31, 2021; and • Set up Qualifying Direct Deposits into your new HSBC Premier checking account; and then • Enjoy 3% Cash Bonus, up to $600, on Qualifying Direct Deposits up to $100 per month, during the first 6 calendar months after account opening • You will automatically receive the 3% Cash Bonus in your new HSBC Premier checking account approximately eight weeks after completing that month's qualifying activities. Apply Now at HSBC Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

• Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities. • Open your new HSBC Premier checking account online by March 31, 2021; and • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening. • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple. Apply Now at HSBC Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

*See all HSBC Premier Checking offers here and all other HSBC Bank offers here.

• Get up to $240 with a 3% Cash Bonus Checking Offer when you open a new HSBC Advance checking account and complete the following qualifying activities. • Open your new HSBC Advance checking account online by March 31, 2021; and • Set up Qualifying Direct Deposits into your new HSBC Advance checking account; and then • Enjoy 3% Cash Bonus, up to $240, on Qualifying Direct Deposits up to $40 per month, during the first 6 calendar months after account opening • You will automatically receive the 3% Cash Bonus in your new HSBC Advance checking account approximately eight weeks after completing that month's qualifying activities. Apply Now at HSBC Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

• Get a $200 Welcome Deposit for eligible new customers who open a new HSBC Advance checking account and complete the following qualifying activities. • Open your new HSBC Advance checking account online by March 31, 2021; and • Make recurring monthly Qualifying Direct Deposits totaling at least $500 from a third party to your HSBC Advance checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening • You will automatically receive the $200 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple. Apply Now at HSBC Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

*See all HSBC Advance Checking offers here and all other HSBC Bank offers here.

See all Huntington Asterisk-Free Checking offers and all other Huntington offers here.

See all Huntington 5 Checking offers and all other Huntington offers here.

Open your Huntington 25 Checking account today and enjoy: • $300 bonus by making cumulative new money deposits of at least $25,000 within 60 days of account opening. $500 will be deposited in your new account within 14 days of meeting requirements. • 24-Hour Grace Overdraft Fee Relief. It is designed to give you more time to make a deposit in order to avoid an Overdraft Fee. • Earn Interest on Balances. 0.05% Annual Percentage Yield applies to all balance tiers. • Free ATM Withdrawals. They’ll waive all non-Huntington ATM cash withdrawal fees at any ATM and reimburse you for some withdrawal fees charged by another ATM owner. • Waived Monthly Maintenance Fee • Credit score and identity monitoring at no added cost Apply Now at Huntington

See all Huntington 25 Checking offers and all other Huntington offers here.

See all other BBVA offers here.

eOne Savings

The eOne Savings account offers a competitive APY without any minimum balance requirements. This account doesn’t have a monthly service fee and you just need $100 to open. In order to qualify for their online savings account, you cannot have a checking or savings account at Salem Five Bank. If you already have an eOne Checking account, you can use your eOne Savings account for overdraft protection.

Salem Five Direct currently offers one of the best Savings Account rates with their online eOne Savings account.

• Minimum opening balance is $100
• No minimum balance to maintain
• No monthly fees to worry about
• FDIC and DIF insurance to protect your entire balance
• External transfers to move money in and out of the account easily

Compare Savings Accounts

American Express® Personal SavingsChase Savings^SMCIT Bank Savings BuilderDiscover Online SavingsAxos Bank High Yield Savings

With the American Express® High Yield Savings Account: • Earn 0.50% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • No monthly fees, no minimum balance. • 24/7 Account Access Apply Now at American Express

Learn more about American Express High Yield Savings and the latest Amex credit card offers here.

See all Chase Savings offers and all other Chase offers here.

With the CIT Bank Savings Builders account: • Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn 0.45% APY on your funds - grow your savings faster. • Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate. • FDIC Insured Apply Now at CIT Bank

Learn more about CIT Bank Savings Builder from CIT Bank. Our full list of CIT Bank bonuses here.

Open a Discover Online Savings Account for all these features: • Earn high interest rate of 0.40% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 Apply Now at Discover See advertiser website for full details

Read more about Discover Bank Online Savings here. Our full list of Discover Bank bonuses here.

• Earn 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account • No minimum balance requirements • Free ATM card upon request • $250 minimum opening deposit • Free Incoming Wires Apply Now at Axos Bank

Read more about Axos Bank High Yield Savings here. Our full list of Axos Bank Promotions here.

eOne Checking/Savings Combo

You can also apply to have both of your checking and savings account in the same place. The eOne Checking and Savings combo brings both accounts together on one applications. You can apply to open this combo account and earn competitive interest rates on both of your accounts.

eCD’s

Salem Five Direct offers CD‘s in either 18 month, 24 month, and 48 month increments. The longer the term you choose, the higher the rate of interest you will earn. You will need at least a minimum of $10,000 in order to open a CD account from them.

Salem Five Direct also offers some of the best online CD rates nationwide, with promotional rates available often.

• CD rate promotional rates occasionally change
• Minimum balance to open and earn the APY is $10,000
• Maximum deposit amount is $500,000
• FDIC and DIF insurance provides customers of Salem Five with full deposit insurance on all of your deposit accounts.

Compare CD Accounts

Discover CDCIT Bank CDCIT Bank No-Penalty CDBBVA CD

Read more about Discover Bank CDs here. Our full list of Discover Bank bonuses here.

• Available online nationwide • Earn 0.30% APY on a 12-Month CD Term • Earn up to 0.50% APY • $1,000 minimum to open • Selection of terms to meet your needs • A range of choices. Low minimum deposits. • No fees to open or maintain the account • Available as Custodial • Open a CIT Bank Certificate of Deposit Account today! Apply Now at CIT Bank

Learn more about CIT Bank CDs. Our full list of CIT Bank bonuses here.

With the CIT Bank No-Penalty 11-Month CD: • Earn 0.30% APY on your funds with just a $1,000 minimum deposit. • The perfect balance between a great fixed rate and flexible money access. • Access funds, if needed. No penalty. • No opening or maintenance fees • Shorter 11-month timeframe and a great APY • If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them. Sign Up at CIT Bank

Learn more about CIT Bank No-Penalty CD. Our full list of CIT Bank bonuses here.

See all BBVA CD offers and all other BBVA offers here.

Reasons to Bank with Salem Five

• Your Salem Five Direct checking, savings, or CD’s account have FDIC insurance coverage and DIF coverage. While FDIC insurance covers up to $250,000 per owner, the DIF insures amounts deposited that are above the limits. This protects your balances no matter how high they get.
• You can live anywhere in the U.S. and open an account at Salem Five Direct. They allow consumers from all over the United States to open an account. In addition to the competitive interest rates, consumers can take advantage of the higher level of protection of their funds.
• You can set up automatic payments or make manual payments as your bills become due.  Because you have access to free online banking and online bill payment, this makes it easy to manage your funds without the presence of a physical branch near you.
• You can deposit your checks with your mobile phone and the Salem Five Direct app. Depositing funds at an online bank is easy with your smartphone. Just download the Salem Five Direct bank app and follow the instructions. You” take a picture of the front and back of the check before you submit it.
• You can transfer funds to an external account or vice versa. If you have funds in an established account that you want to transfer to Salem Five Direct, you can do it by electronically linking your external account to your Salem Five Direct account. You can also transfer funds out of your Salem Five Direct account to an external account.
• You may earn rewards on your non-pin-based transactions made with your debit card. To earn rewards, you must choose “credit” when you check out at a retailer to earn the rewards. You’ll earn $0.05 per qualifying transaction. Salem Five Direct credits your account with the earn rewards on the last day of the cycle.
• You may not pay ATM fees when you use your debit card at an ATM. If you use a non-Salem Five Direct ATM, Salem Five will not charge you a fee. In addition, they will reimburse any third party bank fees up to $15 per cycle.
• You can set up text alerts, if you like to stay updated on any recent transactions, have a balance threshold, or you want to know when transactions over a certain amount post on your account. You can set up customized text alerts, to help you stay informed on the status of your bank account without requiring you to login and check your account all of the time.
• You can open an account online. All you need is your personal identifying information along with your social security number and driver’s license number. If you plan to link an external account to fund your new account, you’ll will need the routing and account number for your external account.
• You never have to step foot in a bank because you can bank from your computer or phone! As an added bonus, you can earn competitive interest rates if you choose Salem Five Direct.

Reasons Not to Bank with Salem Five

• If you like to choose from a large selection of account options, you won’t find them at Salem Direct Five. They are limited account options, they have one checking and savings account. The only account options is the CD which you just need to choose the term.
• You won’t have a physical branch to visit if you like banking that way. You conduct your banking transactions online or through the mobile app. You can make withdrawals from an ATM, but you can’t make deposits at an ATM.
• The CD’s have high minimum opening balance requirements. You need at least $10,000 just to open a CD. This doesn’t open the doors up to just any saver, which can minimize the benefit of this bank.

Salem Five Direct Bank Routing Number

Salem Five Direct Bank can make either internal transfers or transfers from another financial institution using their routing number: 211370558.

Contact Customer Service

Reach Salem Five Direct Bank Customer Service at 1-(800) 850-5000. There are no specific hours listed for their customer service but they offer different lines by concern.

How Salem Five Direct Bank Compares

• Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
• Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
• First Tennessee: Limited to only a few states such as Arkansas, Alabama, Tennessee, Mississippi, North Carolina, Georgia, Kentucky, and Virginia. They can offer many bonuses depending on the account you sign up for.
• SunTrust Bank: As a Southeastern bank, SunTrust prides themselves in top-tier customer service. SunTrust offers a comparable selection of checking & savings accounts in comparison. However, you’ll need $100 to open an account at SunTrust. The bank also offers a cash back rewards program & a small number of checks come free with each checking account.
• Wells Fargo: Although there are more locations for this bank, their offerings pale in comparison to Salem Five Direct Bank because they don’t have as many. Wells Fargo, however, does have 24/7 customer service, but their benefits would be the most useful to current Wells Fargo mortgage customers instead.

Bottom Line

As long as your comfortable with managing your funds electronically and you don’t use ATM’s frequently, you stand to benefit with the account options from Salem Five Direct!

If you’re interested in banking with Salem Five, see what they have to offer for their Checking or Savings Account! And while you’re here on HMB, check our full list of Best Bank Promotions for more options!

Chase Coupon Promo Codes $100, $200, $300, $350, $500, $725, $1000, $2000 for February 2021

Huntington Bank Promotions: $200, $300, $400, $750 Checking Bonuses for February 2021

HSBC Bank Promotions: $200, $240, $450, $600, $2,000 Checking Bonuses for February 2021

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