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!
Table of Contents
- 1 eOne Checking
- 2 Compare Checking Accounts
- 3 eOne Savings
- 4 Compare Savings Accounts
- 5 eOne Checking/Savings Combo
- 6 eCD’s
- 7 Compare CD Accounts
- 8 Reasons to Bank with Salem Five
- 9 Reasons Not to Bank with Salem Five
- 10 Salem Five Direct Bank Routing Number
- 11 Contact Customer Service
- 12 How Salem Five Direct Bank Compares
- 13 Bottom Line
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
Open your Huntington Platinum Perks CheckingSM account today and enjoy:
• $300 bonus by making cumulative new money deposits of at least $25,000 within 60 days of account opening. $300 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.
• 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
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
With the American Express® High Yield Savings Account:
• Earn 1.50% APY as of 8/11/22 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.
• 24/7 Account Access
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 up to 0.70% 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
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB622 by 09/15/2022
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 1.60% 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
See advertiser website for full details
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.
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
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.50% APY up to 3.20% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 2.10% APY on a 13-Month CD Term
• $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!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 2.00% 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.
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.
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!