Salem Five Direct Review: Checking, Savings and CDs

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Overall bank rating

Salem Five Direct

    4.0

    NerdWallet rating 

    The bottom line:

    Salem Five Direct offers online checking and savings accounts with no monthly fees. Each has a reasonable $10 minimum opening deposit, and eOne Savings has a strong interest rate, as well.

     

    Salem Five Direct’s eCDs, on the other hand, have a steep $10,000 minimum to open. The certificates do offer competitive rates, however, and come in 12-month, 24-month and 36-month terms.

     

    Salem Five Direct is a subsidiary of Salem Five Bank, based in Salem, Massachusetts. Customers who already have a checking account at Salem Five Bank aren't eligible for online eOne checking.

     

    Best for: Customers who don’t have an existing branch banking relationship with Salem Five Bank and are looking for online checking and savings accounts that pay competitive rates, or want to open an online CD with a large deposit.

     

    » Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts.

    Pros

    • Competitive savings and CD rates.

    • Well-rated mobile apps.

    • Reimburses up to $15 in non-network ATMs fees other banks charge.

    Cons

    • High overdraft fees.

    • High minimum opening deposit for CDs.

    • Checking and savings account generally aren't available to customers of the brick and mortar Salem Five Bank.

    RATING METHODOLOGY

    NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.