eOne Savings
3.51%APY1
On every dollar for balances up to $1,000,000
CD Specials
4.00%APY2
7-month or 12-month CD
eOne Savings
Earn an industry-leading High-Yield Savings rate of 3.51% APY1 with no commitment.
- $10 deposit to open online
- No minimum balance/monthly fees
eOne Checking
Get started with a eOne checking3 account without a monthly fee or hoops to jump through.
- Free ATMs4
High-Yield CDs
There are no monthly fees and you get the peace of mind of FDIC insurance to protect your entire High Yield Certificate of Deposit2 account balance. Open an account online in just minutes.
Our Mobile Banking App is perfect for people on the move.
Safe and Secure Online Tools
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Manage
With mobile deposit you can deposit checks from virtually anywhere
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Transfer
Easily initiate transfers in and out of your account
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Protect
Set alerts and monitor your account for any unusual activity
Access your Salem Five Direct Accounts with our App.
Over 160 Years of Banking Experience.
Salem Five Direct is an online division of Salem Five, an innovative bank located in Salem, Massachusetts with over 160 years of banking experience. The Salem Five Direct mission is to offer exceptional value to our direct banking customers through exclusive products at highly competitive rates.
Deposits insured by the Federal Deposit Insurance Corporation (FDIC).
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*Important Legal Disclosures and Information
1 eOne Savings eligibility is limited to consumers who apply online and who do not have an existing checking or savings account with Salem Five Bank at the time of the application. Consumers with an existing eOne Checking Account are eligible for the eOne Savings Account.
eOne Savings earns 3.51% APY1 (Annual Percentage Yield) on daily balances of $0.01-$1,000,000 and must be opened with funds not previously on deposit with Salem Five or Salem Five Direct. Salem Five reserves the right to transfer balances over $1,000,000 to a Statement Savings Account which currently earns an APY of .01%. eOne Savings may be used to provide overdraft protection for eOne Checking. You must deposit at least $10 to open this account. The stated APY1 applies to new eOne accounts opened as of today's date. Fees may reduce earnings.
2 High-Yield CDs - A penalty will be imposed for premature withdrawal from Certificates of Deposit (CDs). Personal accounts only. Rates stated are accurate as of today. Fees may reduce earnings. Maximum deposit amount is $500,000 for Special CDs.3 eOne Checking eligibility is limited to consumers who apply online and who do not have an existing checking account with Salem Five Bank at the time of the application. Account must be opened with funds not currently on deposit with Salem Five Bank.
The eOne Checking account earns 0.01% APY (Annual Percentage Yield) on daily balances of $0.01 - $1,000,000.
4 Free ATMs - eligibility with an eOne Checking Account, Salem Five will never charge a fee for ATM transactions conducted at non-Salem Five ATMs, and we will reimburse the fees other banks charge up to $15 per statement cycle.
You must deposit at least $10 to open this account. The rate may change after the account is opened. The stated APY applies to new eOne Checking accounts opened as of today's date. Fees may reduce earnings. This offer is not available at Salem Five branch locations. Consumer accounts only. -
Member FDIC
Member FDIC - Understanding FDIC Insurance
FDIC insurance covers depositors’ accounts at each FDIC‑insured bank, dollar‑for‑dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the applicable insurance limits.
The standard FDIC insurance amount is $250,000 per depositor, per FDIC‑insured bank, for each account ownership category.
To learn more about the Federal Deposit Insurance Corporation or to understand how your specific accounts may be insured, customers may use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at www.fdic.gov/edie/.
For more information about deposit insurance coverage, the FDIC Deposit Insurance At A Glance brochure may be helpful.-
Popular Questions
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What does Member FDIC mean?
Salem Five Bank is a member of the Federal Deposit Insurance Corporation (FDIC). FDIC insurance protects deposits held at FDIC‑insured banks, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs).
Deposits are insured up to the standard insurance limit of $250,000 per depositor, per FDIC‑insured bank, for each account ownership category, including principal and accrued interest through the date of an insured bank’s closing. -
Has any depositor ever lost money in a Member FDIC bank?
Since the FDIC was established in 1933, no depositor has ever lost a penny of FDIC‑insured funds. Deposits above the applicable insurance limits may not be fully protected in the event of a bank failure. -
If an FDIC‑insured bank fails, how do I get my money?
In the unlikely event of an FDIC‑insured bank failure, the FDIC typically arranges for a healthy bank to assume the insured deposits. Depositors generally have access to their insured funds by the next business day. In some cases, the FDIC may issue payment directly to depositors, usually within one to two business days. -
What does the FDIC insure — and what does it not insure?
FDIC insurance covers deposits held in checking accounts, savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs). FDIC insurance does not cover investment products, including stocks, bonds, mutual funds, crypto assets, annuities, life insurance policies, or the contents of safe deposit boxes, even if such products are purchased from an FDIC‑insured bank. -
Where can I learn more about the FDIC?
For additional information on FDIC Insurance, please call us at (800) 850-5000 or check the resources on the FDIC website. You can also call the FDIC at (877) 275-3342.
https://www.fdic.gov/resources/deposit-insurance
https://edie.fdic.gov/ -
How are trust and Payable‑on‑Death (POD) accounts insured by the FDIC?
Revocable trust accounts, including Payable‑on‑Death (POD/ITF) accounts, are insured by the FDIC based on the account owner and qualifying beneficiaries, subject to FDIC rules.
Effective April 1, 2024, FDIC insurance coverage for revocable trust accounts is capped at $1,250,000 per owner, regardless of the number of beneficiaries named. Coverage is determined by FDIC regulations and the titling of the account.
Customers may calculate their insurance coverage using the FDIC’s Electronic Deposit Insurance Estimator (fdic.gov/edie)
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What does Member FDIC mean?
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Deposit Insurance Coverage (FDIC)
The FDIC insures all deposits.
Watch the video to learn more about how the FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.
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