Salem Five Direct Savings Account Review: Bank Online for High Rates

See the APY you can get with the eOne Savings account.

Salem Five Direct is the online division of Salem Five, a bank that has been serving the greater Boston area for more than 160 years. Salem Five Direct offers attractive rates for its high-yield savings account to help you achieve your financial goals. Read through this review to see if its savings accounts are right for you and learn about other high-yield products that Salem Five Direct offers.

Salem Five Direct Savings Account at a Glance
APY 2.05%
Minimum Deposit $100
  • High-yield APY for promoted savings
  • No monthly fees
  • Minimum balance to open online is $100
Information accurate as of Oct. 16, 2018.

Inside This Review:

Hurry: Do These 13 Things to Boost Your Retirement Savings Now

What You Need to Know About the Salem Five Direct Savings Account

Here are the most important features of Salem Five Direct’s savings accounts:

  • High-yield APY
  • Minimum balance to open online: $100

The high-interest savings account allows customers to save without incurring any monthly maintenance fees that would offset potential gains.

Best for: People interested in saving money

Grow Your Savings Today

Learn: Here’s Why You Need Multiple Savings Accounts

Best Features of Salem Five Direct Savings Accounts

Salem Five Direct’s eOne Savings account has a much higher APY than the savings account options from the brick-and-mortar Salem Five.

Account APY
eOne Savings (SFD) 2.05%
Gold Star Saver (SF) 0.05%
Star Savings (SF) 0.05%
Statement Savings (SF) 0.05%
Smart Student Saver (SF) 0.05%
Information accurate as of Oct. 16, 2018.

Salem Five Direct’s online savings account even has a higher APY than some of the best savings accounts of 2018.

Should You Open a Salem Five Direct Online Savings Account?

A Salem Five Direct online savings account offers customers an impressive APY with few drawbacks. The account also comes with free online mobile banking and the Salem Five banking app.

Click through to learn about the best savings account promotions available now.

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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Salem Five Direct.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

About the Author

Sean Dennison

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

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