Salem Five Direct Review: Checking and Savings

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Salem Five Direct
  • Savings

Overall institution rating

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 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. We didn’t review the bank’s certificates of deposit, since they’re CD specials, not regular CDs that we review for other banks.

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.

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

Pros

  • Competitive savings rates.
  • Well-rated mobile apps.
  • Large, free, nationwide ATM network.

Cons

  • High overdraft fees.
  • Checking and savings accounts generally aren’t available to customers of the brick-and-mortar Salem Five Bank.

Full review

Savings

Salem Five Direct eOne Savings
Salem Five Direct eOne Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
5.01%
With $0.01 min. balance for APY
Bonus
N/A

Salem Five Direct’s eOne Savings account offers a competitive annual percentage yield and pays interest on balances up to a million dollars. You can open an account with $10 and there are no minimum balance requirements or monthly fees.

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.