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Salem Five Direct eOne Savings account review

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Online application and ATM access, but transaction fees could hinder your savings.

finder.com’s rating: 4.3 / 5.0

★★★★★

The Salem Five Direct eOne Savings account offers a competitive 2.01% APY, ATM access and no maintenance fees. But account eligibility is limited and an opening deposit of at least $100 is required.

2.01%

APY

$0

Fee

$100

Minimum deposit to open

Details

APY2.01%
Fee$0
To waive the feeNo minimum balance and no monthly fees
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingMonthly
Fee per transaction over the limit$10
More Info


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:

  • 2.01% APY. Earn 2.01% APY on any balance below $100,000
  • No monthly fees. The eOne Savings account has no monthly maintenance fees.
  • 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:

  • $100 opening deposit. You’ll need a minimum opening deposit of $100.
  • 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 Interest rate (APY) Fee Minimum deposit to open
1.75%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
2.00%
$0
$100
Earn a competitive rate with a balance higher than $10,000.
1.85%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Betterment Everyday Savings
Betterment Everyday Savings
1.85%
$0
$10
This savings account has no account and overdraft fees, plus it requires no minimum balance.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.

Compare up to 4 providers

How do I open an account?

Go to Salem Five Direct’s website and click Open eOne Savings.

  1. Go to Salem Five Direct’s website and click Open eOne Savings.
  2. Enter your full name, phone number, email address, residential address, Social Security number and driver’s license or state ID number. Click Continue.
  3. Review Salem Five Direct’s account disclosures and privacy notice. Click Accept.

You’ll need an opening deposit of at least $100. 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.

Eligibility

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

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:

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

Bottom line

The Salem Five Direct eOne Savings account offers a 2.01% APY, no monthly fees, ATM access and an entirely online application process. But eligibility and transfers are limited and transaction fees could hinder the growth of your savings.

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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