December 6, 2018 12:00 PM PT

Salem Five Direct Review

Read more about Salem Five Direct
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Are you tired of bank fees and meeting minimum balance requirements? Salem Five Direct may be the answer to your needs. They don't have minimum balance requirements on their checking and savings accounts and they offer high-yield APYs.

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Salem Five Direct is a subsidiary of Salem Five Bank, located in Salem, Massachusetts. Salem Five Direct offers account options that you won't find at the physical branches of Salem Five Bank. In exchange for the higher APYs and relaxed requirements, you won't have a physical branch to visit when banking with Salem Five Direct.

Are their services worth giving up access to a physical bank? Keep reading to find out.

eOne Checking

This online checking account makes it easy to manage your funds. With just $100, you can open this lucrative checking account that offers a small interest rate on your balance. You don't have to keep a minimum balance or worry about paying a monthly service fee. Salem Five Direct also provides your first order of checks free of charge.

In order 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, in order to open the account.

eOne Savings

The eOne Savings account offers a very competitive APY without any minimum balance requirements. This account doesn't have a monthly service fee and you need just $100 to open it. In order to be eligible for this high-yield online savings account, you cannot have a checking or savings account at Salem Five Bank.

If you have an eOne Checking account at Salem Five Direct, you can use your eOne Savings account for overdraft protection.

eOne Checking and eOneSavings Combo

You can also apply to have your checking and savings account in the same place. The eOne Checking and eOne Savings combo brings both accounts together on one application. In just 10 minutes, you can apply to open this combo account and earn competitive interest rates on your checking and savings accounts.

eCDs

Salem Five Direct offers CDs in 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 a minimum of $10,000 in order to open a Salem Five Direct CD, though.

Salem Five Direct Customer Service:

(800) 850-5000

Routing Number: 211370558

Reasons We Like Salem Five Direct

  • Your deposits have unlimited protection. Salem Five Direct operates in Massachusetts, where the Depositors Insurance Fund is effective. In fact, your Salem Five Direct checking, savings, or CDs 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 that limit. 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. Even though Salem Five is a regional bank, its subsidiary, Salem Five Direct, allows 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 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. If you use the online bill payment service, you can set up automatic payments or make manual payments as your bills become due.

  • You can deposit your checks with your mobile phone and the Salem Five Direct app. Depositing funds at an online only bank is easy with your smartphone. Just download the Salem Five Direct app and follow the prompts. You'll 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 so electronically by 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. 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 earned rewards on the last day of the cycle.

  • You may not pay ATM fees when you use your debit card at an ATM. Your eOne Checking account includes a debit card. 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 (the host bank may charge a fee) up to $15 per cycle.

  • You can set up text alerts. If you like to stay updated on any recent transactions, you have a low balance threshold, or you want to know when transactions over a certain amount post on your account, you can set up customized text alerts. This can help you stay informed on the status of your bank account without requiring you to log in and check your account all of the time.

  • You can open an account online. All that 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 also need the routing and account number for your external account.

  • You never have to step foot in a bank. Time is money and if you can save precious time banking from your computer or phone, why not do it, right? As an added bonus, you'll earn some competitive interest rates if you choose Salem Five Direct.

Reasons You May Want to Look Elsewhere

  • There are limited account options. If you like to choose from a large selection of account options, you won't find them at Salem Five Direct. They have one checking and one savings account. The only account with options is the CD, of which you just need to choose the term.

  • You can't use the Salem Five branches. 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 CDs 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.

Bottom Line

Salem Five Direct can offer a lucrative option for your money in both checking and savings no matter where you live. As long as you are comfortable managing your funds electronically and you don't use ATMs very frequently, you stand to benefit from the account options at this bank.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on December 6, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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