Salem Five Direct Review: High Interest on Deposit Products
Written by
Caitlyn Moorhead
Edited by
Joe Evans
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- Salem Five Direct at a Glance
- Salem Five Direct Checking Accounts
- Salem Five Direct Savings Accounts
- Salem Five Direct CDs
- Banking Experience
- Fees and Account Access
- Customer Service
- Comparable Online Bank Options
- Safety and FDIC Insurance
- Who Salem Five Direct Is Best For
- Overall Experience
- Final Take to GO
Salem Five Direct offers top-tier interest rates with no fees or minimums.
Salem Five Direct, the online-only division of Salem Five, provides competitive checking, savings and CD accounts that feature higher-than-average annual percentage yields. With a focus on simplicity, the bank appeals to customers who want straightforward financial products without worrying about hidden fees or minimum balance requirements.
Salem Five Direct is the online-only savings arm of Salem Five Bank, created to offer a simpler, digital-first way to save without branch overhead. Unlike its parent bank’s traditional accounts, Salem Five Direct is designed specifically for savers who want higher interest rates, low friction and minimal fees, all managed online.
This review explains how Salem Five Direct works, its current savings and CD offerings, who it’s best suited for and where it may fall short.
Salem Five Direct at a Glance
| Category | Details |
|---|---|
| Parent bank | Salem Five Bank |
| Banking model | Online-only savings brand |
| Physical branches | None |
| Deposit insurance | FDIC (through Salem Five Bank) |
| Best known for | High-yield online savings and CDs |
Salem Five Direct Checking Accounts
Salem Five’s eOne Checking account comes with a variety of features. Here are some key takeaways to consider before opening an account:
- No minimum balance and no monthly fees.
- You can open a new account with just $10.
- You will never pay an ATM fee when using Salem Five ATMs.
- You can also get reimbursed up to $15 per statement cycle for the ATM fees other banks charge.
- The account pays interest.
- When you use your Salem Five debit card for purchases and select “credit” at the point of sale, you’ll get $0.05 cash back for each transaction. There’s no limit to the amount of cash back you can earn, and you get the rewards in your checking account on the last day of the statement cycle. It’s a unique perk since earning rewards with a checking account is usually impossible.
- You can an eOne Checking and eOne Savings account at the same time. You can easily move money between accounts with online banking or the Salem Five mobile app.
Best For
Online Banks
High-Yield Savings Accounts
Mobile App
No Fees
Great APYs
Earn Interest and Cash Back on Purchases
Salem Five Direct eOne Checking has no minimum balance requirements, pays interest and rewards you with cash back on debit card purchases. Plus, get reimbursed for out-of-network ATM fees up to $15 per statement cycle.
Fees
No monthly service fee
APY
Min Opening
$10
Pros
- You can get reimbursed for out-of-network ATM fees up to $15 per statement cycle
- There is only a $10 minimum opening deposit requirement
- Earn APY on every dollar for balances up to $1,000,000
Cons
- You cannot apply for this account if you already have a Salem Five checking account
Why We Like Salem Five Direct
With the Salem Five Direct eOne Checking, you can earn interest on your balance and earn cash back for every purchase, making it a great option for your everyday spending.
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Salem Five Direct Savings Accounts
Salem Five Direct’s core product is its online high-yield savings account. — and for good reason.
- The Salem Five Direct eOne Savings account pays APY on every dollar of savings, up to $1,000,000.
- There are no monthly maintenance fees and no minimum balance requirements.
- You can open an account with as little as $10.
Best For
Online Banks
High-Yield Savings Accounts
Mobile App
No Fees
Great APYs
Earn on Your Balance
The Salem Five Direct eOne Savings account offers a high APY with no minimum balance requirement. Open with just $10 and enjoy no monthly fees.
Fees
No monthly service fee
APY
Min Opening
$10
Pros
- Low minimum opening deposit requirement of $10
- No monthly fees
- Competitive APYs
Cons
- $10 fee for making more than six withdrawals or transfers during a statement cycle
Why We Like Salem Five Direct
Salem Five Direct offers an easy entry into high-yield savings with just $10 to open, no monthly fees and a competitive APY for steady growth.
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Salem Five Direct CDs
Salem Five offers competitive CD rates, but the term length offerings are limited. Here’s what you need to know:
- Current CD specials only come in 6-month, 9-month and 12-month term options.
- Rates range from to APY, with the highest rates available on 6-month CDs.
- The minimum balance to open a new Salem Five CD is $10,000 — much higher than most banks require.
- The maximum deposit is $500,000.
- As with CD offerings at any bank, there’s a substantial penalty for taking money out before the end of the term.
Best For
Online Banks
High-Yield Savings Accounts
Mobile App
No Fees
Great APYs
High APYs on Short-Term CDs
Salem Five Direct CDs offer competitive rates with terms ranging from 6 to 12 months. While the minimum deposit of $10,000 may be higher than most banks, the attractive APYs make them a great option for those looking to earn a solid return on their savings.
Fees
Early withdrawal penalties will apply
APY
Up to
Min Opening
$10,000
Pros
- APYs are quite competitive
Cons
- High minimum balance requirement
Why We Like Salem Five Direct
Salem Five Direct CD term lengths may be limited but the rates are high. Putting your money in a Salem Five Direct CD could be a savvy savings move.
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Banking Experience
Salem Five Direct has no branches — although its parent, Salem Five, has over 30 branches in Massachusetts. You can do all your banking online, on the mobile app and at ATMs.
Customers use the same Salem Five Banking mobile app as customers of the brick-and-mortar banks. The app has a rating of 4.5 out of 5 stars on Google Play and 4.7 out of 5 stars on the App Store.
You can move money between your Salem Five Direct accounts on the app and transfer money to and from accounts at outside banks.
Fees and Account Access
Salem Five Direct keeps its fee structure simple.
- No monthly maintenance fees
- No minimum opening deposit for savings
- No branch access; all banking is handled online
- Transfers are completed electronically
This structure works well for users comfortable managing money digitally.
Customer Service
Despite the reasonable fees, Salem Five’s customer service reviews are mixed. Although customers appreciate Salem Five’s high-yield savings account rates, some report low deposit limits and slow response times from representatives.
Comparable Online Bank Options
If you’re looking for a new bank, it’s important to compare your options to find the right fit. Think about how you will use your bank and which features matter most. Then, compare the available options to choose the best option.
Here are some comparable banks that are worth considering.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$0 to $10
$0 to $25
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$10
$25 to $100
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
$0 to $4.99
APY
APY
APY
–
Min Opening
Min Opening
Min Opening
$10
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalties will apply
Early withdrawal penalties may apply
No monthly service fee
APY
APY
APY
Up to
Up to
–
Min Opening
Min Opening
Min Opening
$10,000
$1,000
$1,000- $25,000
Salem Five Direct vs. First Internet Bank
First Internet Bank is also an online-only bank and has been since it opened in 1999. In addition to deposit products, First Internet Bank offers loans, mortgages, banking products and business services.
Its Money Market Savings account pays APY for balances less than $1 million, and there’s a $5 monthly maintenance fee. It also has two checking accounts: a Free Checking account with no monthly fee but no interest, and an Interest Checking account that pays APY with a $10 monthly fee unless you maintain a $500 average daily balance.
Salem Five Direct vs. Bank5 Connect
Bank5 Connect also offers only deposit products. Its Connect Savings account pays just APY. However, its High-Interest Checking account pays APY if you maintain a $100 balance. Like Salem Five Direct, Bank5 Connect offers free ATMs nationwide and reimburses up to $15 per statement cycle for the ATM fees charged by other banks.
Salem Five Direct vs. Citizens Bank
Citizens Bank has multiple account types, products and services with many accounts having no minimum requirement to open. It is also easy to avoid most monthly account fees.
Safety and FDIC Insurance
Although Salem Five Direct operates online, deposits are held by Salem Five Bank.
- Funds are FDIC-insured up to standard limits
- Accounts benefit from the stability of a long-established regional bank
Who Salem Five Direct Is Best For
Best Fit
- Savers who want higher interest than traditional branch banks
- Digital-first users comfortable with online banking
- Emergency funds or short-term savings goals
Less Ideal
- Customers who want branch access
- Savers chasing the absolute highest APY available
- People who prefer in-person customer service
Overall Experience
Salem Five Direct delivers a clean, straightforward online savings experience backed by a traditional bank. While it doesn’t always offer the top rate in the market, it balances competitive yields with simplicity, security and brand stability.
Final Take to GO
Salem Five Direct is a solid option for savers who want better rates than brick-and-mortar banks without the complexity of more aggressive online platforms. Its fee-free structure, FDIC insurance and backing from Salem Five Bank make it a reliable choice for cash savings.
For savers who prioritize convenience and stability over chasing the highest possible yield, Salem Five Direct can fit well into a broader savings strategy.
Salem Five Direct FAQ
Here are the answers to some common questions about Salem Five Direct:- Is Salem Five Direct FDIC-insured?
- Yes. Deposits are insured by the FDIC through Salem Five Bank, up to applicable limits.
- Does Salem Five Direct offer a checking account?
- No. Salem Five Direct focuses on savings and CDs, not everyday checking.
- Is Salem Five Direct a separate bank?
- No. It is an online savings brand operated by Salem Five Bank.
- Are Salem Five Direct rates higher than Salem Five Bank branch rates?
- In many cases, yes. Salem Five Direct is designed to offer more competitive online savings and CD rates.
- Who should consider a different option?
- Savers who want branch access or who are focused on finding the absolute highest APY available may prefer another setup.
Daria Uhlig, Taylor Milam-Samuel and Karen Doyle contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 5, 2026.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
