Salem Five Direct eOne Savings is a strong high-yield savings account that pays a much higher interest rate than the average savings account right now. It doesn't charge monthly services and has a low minimum deposit.
If you're worried about where you keep your account, it's important to note how much you keep. With more than $1 million in your account, Salem Five Direct may transfer money to a Statement Savings account. This account only offers 0.01% APY.
Salem Five Direct eOne Checking may appeal if you frequently use your debit card. If you purchase debit cards, you'll get $0.05 per transaction, which will be deposited into your bank account at the end of each month.
If you want to access the ATMs, you may also consider this account. The institution has a robust ATM network and you'll receive up to $15 in out-of-network ATM reimbursements each month.
Salem Five Direct offers competitive interest rates on short-term CDs of 1 year or less. To open a bank account, you'll need $10,000, a substantial amount compared to the initial deposits of other online banks. You can also find other online banks with more CD-terms.
Salem Five Direct is the Massachusetts-based bank salem five.
It also offers online-only savings accounts, checking accounts, and CDs. You're only eligible to open an online Salem Five Direct savings account if you don't have a bank account in a local Massachusetts branch.
The Allpoint network offers customers access to over 55,000 free ATMs.
The bank's mobile app has 3.2 out of 5 stars in Google Play Store and 4.7 out of 5 stars in the Apple Store.
Salem Five Direct online banking accounts are covered by the FDIC and DIF. If you have a bank account that is covered by FDIC, it is safe to use your account for up to $250,000. Banks with DIF insurance can exceed the $250,000 limit and protect any additional money deposited through private insurance.
Salem Five Direct hasn't been involved in any recent public scandals.
We also include reviews from the Better Business Bureau.
Businesses rated by customer concerns is rated by the BBB. Salem Five has an A+ rating.
A strong credit score doesn't always mean a perfect banking relationship. Capital One 360 is the online operations of Capital One Bank. We have compared the two institutions to determine which one is better.
If you want tools to set up individual savings goals, Capital One will edge out Salem 5 Direct. Capital One lets you divide your money by setting goals through the bank's mobile app.
On CDs, Capital One has a lower minimum opening deposit. If you're always looking for high interest rates, however, your best options will be determined by the account you choose. Salem Five Direct offers a higher interest rate on its savings account, while Capital One pays higher interest rates on CDs.
Salem 5 Direct is an option if you want to earn cash back on your checking account. You will get $0.05 for every debit card purchase. Rewards are deposited into your bank account at the end of each month.
Bank5 Connect, the online division of Boston-based Bank5, is part of Bank5. How do the two institutions stack up?
Bank5 Connect is a higher savings rate than Salem Five Direct. However, keep in mind that both banks must have a balance in place to earn interest.
Salem Five Direct generates 5.01% APY on account balances under $1 million. Bank5 Connect requires a minimum account balance of $100 to earn interest.
You may find it easier to earn interest at one bank than another, depending on your preferences.
Bank5 offers more CD terms to customers who want to open a CD. If you are applying for a loan, you'll also have to make a minimum opening deposit of $500.