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Salem Five Direct eOne Savings account review

Online application and ATM access, but transaction fees could hinder your savings.’s rating: 4.3 / 5.0


The Salem Five Direct eOne Savings account offers a competitive 0.45% APY, ATM access and no maintenance fees. There’s also a low $10 opening deposit. But account eligibility is limited as only new Salem Five Direct customers or those with an existing eOne Checking account can open it.






Minimum deposit to open


Annual percentage yield (APY)0.45%
To waive the feeNo minimum balance and no monthly fees
Minimum deposit to open$10
Minimum balance to earn interest$0
Interest compoundingMonthly
Fee per transaction over the limit$10

Review by

Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

The Salem Five Direct eOne Savings account offers a 0.45% APY, a low $10 opening deposit, no monthly fees and ATM access — a rare perk considering most savings
accounts don’t come with ATM cards.

The downside? You’re not eligible to open this account if you’re a current Salem Five Direct customer. The only exception is if you have an existing eOne Checking account. There are also fees for in-branch and excessive transactions, which could hinder the growth of your savings.

How do I open a Salem Five Direct eOne Savings account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From Salem Five Direct’s website, click Open eOne Savings.
  3. Enter your full name, phone number, email address, residential address, Social Security number and driver’s license or state ID number. Click Continue.
  4. Review Salem Five Direct’s account disclosures and privacy notice. Click Accept.
You’ll need an opening deposit of at least $10. Enter the bank account and routing number of the external account you’d like to use to fund your account.

Alternatively, you can mail a check to Salem Five at Salem Five Bank, ATTN Account Opening, 210 Essex Street, Salem, MA 01970 to fund your account.

Once your account is funded, you’ll receive an email from Salem Five Direct with instructions on how to register for online banking through its website. Once registered, you can access your funds through Salem Five Direct’s website or its mobile app.


You must meet the following criteria to be eligible for an eOne Savings account:

  • A US citizen
  • At least 18 years old
  • Have a Social Security number
  • A valid bank account
  • A new customer with Salem Five or hold an eOne checking account

Required documents

Make sure you have the following information before you apply:

  • Primary home address
  • Valid email address
  • Valid phone number
  • Social Security number
  • Driver’s license number

What are the benefits of savings account with Salem Five Direct?

This FDIC-insured savings account offers mobile banking and ATM access alongside the following perks:

  • Competitive APY. You’ll earn 0.45% APY on any balance below $1,000,000
  • No monthly fees. The eOne Savings account has no monthly maintenance fees. You can also open an account with as little as $10.
  • No minimum balance. Earn interest on any amount you deposit into your account with no minimum balance requirements.
  • Online application. Enjoy the convenience of an entirely online application process.

What should I look out for?

In addition to the standard limit of six transfers monthly, look out for the following potential drawbacks:

    • Limited eligibility. If you already hold a Salem Five checking or savings account, you can’t apply for the eOne Savings account. It’s only for new customers or customers who hold an eOne checking account.
    • Limited support. Since Salem Five Direct is an online bank, customer support is limited to telephone, email and live chat.
    • $10 excessive transaction fee. Any transaction beyond the allotted six can cost $10 for each transaction — many withdrawals could result in Salem Five Direct closing your account.
    • $9.95 branch transaction fee. If you conduct a transaction at a Salem Five bank branch, you’re charged a $9.95 branch transaction fee.

    You can explore your options with other providers before you apply to make sure you get the savings account that best fits your personal banking needs.

    Compare with other savings accounts

    Name Product Annual percentage yield (APY) Fee Minimum deposit to open
    Aspiration Spend & Save Account
    Finder Rating: 4.2 / 5: ★★★★★
    Aspiration Spend & Save Account
    $0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
    Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
    Quontic Bank High Yield Savings
    Finder Rating: 4.6 / 5: ★★★★★
    Quontic Bank High Yield Savings
    Interest is compounded daily. No monthly service fees. Competitive rates
    Axos Bank High Yield Savings
    Finder Rating: 4 / 5: ★★★★★
    Axos Bank High Yield Savings
    No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
    American Express® High Yield Savings
    Finder Rating: 4.6 / 5: ★★★★★
    American Express® High Yield Savings
    Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
    Gemini Earn
    Gemini Earn
    Up to 8.05%
    Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
    Ponce Bank Money Market Deposit
    Finder Rating: 4 / 5: ★★★★★
     Ponce Bank Money Market Deposit
    Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.41% APY.

    Compare up to 4 providers

    How do I deposit or withdraw my money?

    You can access the funds in your eOne Savings account in four different ways:

    • Online deposit. Move funds electronically between your eOne Savings account and an externally linked account.
    • Mobile check deposit. With the Salem Five Direct mobile app, you can deposit checks with your mobile device.
    • ATM. Withdraw funds with your debit card at any Allpoint ATM.
    • In person. Deposit or withdraw funds in person at a Salem Five bank branch, but these transactions cost $9.95.

    How can I get in touch with customer service?

    Touch base with Salem Five Direct in three different ways:

    1. Phone. Call 800-850-5000 Monday to Friday from 8 a.m. to 6 p.m., Saturdays from 9 a.m. to 3 p.m. and Sundays 11 a.m. to 3 p.m.

    2. Email. Fill out a secure online form on Salem Five Direct’s website for an email response from the customer service team.

    3. Live chat. Chat with a rep from Salem Five Direct through the website’s online chat feature, available Monday to Friday, 8 a.m. to 6 p.m.

    Frequently asked questions

    Savings account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

    Read the full methodology of how we rate savings accounts.

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