Available nationwide, Salem Five Direct eOne Savings is offering an astounding 4.25% APY Rate with absolutely no commitment. Open in minutes with just a $10 deposit, the account has no minimum balance and no monthly fees.
Update 11/23/24: The rate has decreased to 4.25% APY from 4.50%.
About Salem Five Direct eOne Savings
Salem Five Direct is the online banking division of Salem Five Bank and shares its financial history. The Salem Five Direct mission is to offer unprecedented value to their direct banking customers through exclusive product features at highly competitive prices.
Being an online account, they can offer one of the highest rates! The account gives you access to online banking, eStatements, mobile banking, text alerts, and so much more.
I’ll review Salem Five Direct eOne Savings below.
| Balance Requirement | APY Rate |
| $0.01 – $1,000,000 | 4.25% APY |
Salem Five Direct eOne Savings Rate
To earn Salem Five Direct’s competitive rate, simply have an opening deposit of $100. That’s all it takes and you’ll get to enjoy earning the high rate on balances up to $1,000,000.
- Account Type: eOne Savings
- Interest Rate: 4.25% APY
- Minimum Balance: None
- Maximum Balance: $1,000,000
- Availability: Nationwide (Online Bank)
- Credit Inquiry: Hard pull
- Opening Deposit: $10 minimum
- Monthly Fee: No monthly service fees
- Early Termination Fee: None
(FDIC Insured)
Important Details from Salem Five Direct
- If you have an account with them, you will need to do a Live Chat, by phone or send a secured message to get the new rate.
- Only one joint account holder and one beneficiary can be added during application. After the account is approved and opened, additional owners can be added over the phone.
- Balances over $1 million will be transferred to a Statement Savings Account that currently earns 0.01% APY
- eOne Savings may be used to provide overdraft protection for eOne Checking.
- New money (funds not previously on deposit with Salem Five or Salem Five Direct) is required for new accounts.
- Existing Salem Five Bank (not Salem Five Direct) checking or savings account holders are not eligible with the exception of eOne Checking Account holder.
Also, there is a $9.95 fee for a branch transaction fee along with a $2.95 fee for monthly paper statement fee. So don’t visit their branch or receive paper statement.
Salem Five Direct ACH Capabilities & Limits
| ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
| Push | 3 days | $5,000 | $20,000 | |
| Pull | 3 days | $25,000 | $25,000 |
How to Earn Salem Five Direct Rate
- Open a eOne Savings account from Salem Five Direct with an opening deposit of $10.
- Earn the rate of 4.25% APY on balances of $0.01 – $1,000,000.
Why You Should Sign Up For This Account
- Earn an industry-leading rate with absolutely no commitment.
- Open in minutes with just a $10 deposit
- No minimum balance and no monthly fees
- FDIC Insurance to protect your entire balance
- High-yield savings account
Bottom Line
Check out Salem Five Direct and open a eOne Savings account with this amazing rate! The fact that you can earn a high rate on balances up to $1,000,000 makes this Savings Account worthwhile. Let us know about your experience with this bank and comment below.
Interested in Bank Bonuses? See our favorite banks including HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank.
For more bank offers, see the complete list of Best Bank Rates!
Check back often to see the latest info on Salem Five Direct eOne Savings.