Salem Five Direct eOne Checking Account 2024 Review
Salem Five Direct eOne Checking is an interest-bearing checking account with no monthly fee. There are no minimum balance requirements and your first order of checks is free.
Salem Five Direct is designed for people who are comfortable with online banking and want a convenient checking account with no monthly fee. This account earns interest and you can get an even better APY when you open a Salem Five Direct eOne Savings account.
You might consider banking with Salem Five Direct if you:
- Want a checking account with no monthly fee or minimum balance requirements
- Would like to earn cash back on eligible debit card purchases
- Are interested in a checking account that offers ATM fee rebates
- Have at least $10 to open an account
The minimum opening deposit requirement is low but there is one caveat. You'll need to open your account with new money; you can't open this account if you already have a checking account with Salem Five Bank.
Salem Five Direct eOne Checking Account Pros & Cons
Compared to Other Checking Accounts
Chime Checking
Chime offers online checking with no monthly maintenance fees or minimum balance requirements. One nice feature of this account is the ability to deposit cash at Walgreens and Duane Reade locations, something you don't always get with online checking accounts. You can also withdraw cash fee-free at more than 60,000 ATMs.
Read our full editorial review of Chime Checking.
LendingClub Rewards Checking
LendingClub offers unlimited cash-back rewards on eligible purchases, along with unlimited ATM fee rebates. You'll need to meet a monthly direct deposit requirement to be eligible for the cashback program. There are no minimum balance requirements or monthly maintenance fees.
Read our full editorial review of LendingClub Rewards Checking.
MyCBB Free Checking
MyCBB Free Checking is a low-cost checking account that earns interest. There's no monthly maintenance fee or fees of any kind associated with this account. You can open a high-yield savings account to go along with your checking account or save with MyCBB CDs.
Read our full editorial review of MyCBB Free Checking.
SoFi Checking and Savings
SoFi blends checking and savings into a single account with no monthly maintenance fee. You'll earn a competitive APY on savings balances and you can get cash back when you make eligible purchases with your debit card. You also get the benefit of up to $2 million FDIC coverage through SoFi's partner banks.
Read our full editorial review of SoFi Checking and Savings.
Interest and Rewards
Salem Five Direct eOne Checking is an interest-bearing account. Compared to other interest checking accounts, however, the APY isn't as high as it could be.
You could get a better rate with a Salem Five Direct eOne Savings account. And you can link your savings account to checking for convenient transfers.
You'll earn cashback with your debit card when you make an eligible purchase. The cashback rewards rate is $0.05 per transaction. You'll just need to select 'Credit' when using your debit card for purchases.
All cashback rewards earned, along with ATM fee rebates, can be automatically swept into an eOne Savings account each month if you've opened one.
Fees
Fees are always something to weigh when opening a checking account. If you're trying to curb costs, it pays to look for a checking account with minimal fees.
Here's what you'll pay for an eOne Checking account from Salem Five Direct.
Other Service Fees - Salem Five Direct eOne Checking Account
| Type | Fee |
|---|---|
| Monthly Maintenance Fee | $0 |
| Foreign ATM Fee | $0 |
| Nonsufficient Funds Fee | Up to $35 |
| Returned Item | Up to $7.50 |
| Stop Payment | $30 |
| Paper Statement Fee | $3 |
| Inactivity Fee | $5 |
| Incoming Wire Transfer (Domestic and International) | $15 |
| Outgoing Wire Transfer (Domestic) | $25 |
| Outgoing Wire Transfer (International) | $30 in foreign currency; $40 in U.S. currency |
| Money Orders | $5 |
| Official Checks | $8 |
| Research Fee | $25/hour |
There's no monthly maintenance fee so you don't have to worry about meeting any special requirements to waive it.
Branch and ATM Access
Salem Five Direct does not have branches, since it's the online division of Salem Five Bank. You can, however, find Salem Five Bank branches in the Boston area.
You can use your debit card to withdraw cash at Salem Five ATMs and ATMs belonging to other banks. According to the fine print on this account, you won't be charged any foreign ATM fees if you use a non-Salem Five machine.
You'll get up to $15 in foreign ATM fee rebates each month. That's a plus if you need to withdraw cash from time to time and a Salem Five ATM isn't nearby.
Other banks may offer unlimited ATM fee rebates, though that's more of an exception than the rule. And some banks don't refund any foreign ATM fees at all.
Account Access
You'll be able to access your account through online and mobile banking, as well as ATMs. Again, there are no Salem Five Direct branches.
Your options for depositing money include:
- ACH transfer
- Wire transfer
- Remote check deposit
- Paper check (by mail)
Salem Five Direct works with Zelle and there's no fee to send or receive payments with friends and family. You'll need to check with the bank to find Zelle transfer limits for your account.
Other deposit limits can be found in the Salem Five Direct mobile banking app. You'll need to log in to the app to see where your limits are set.
FDIC Insurance
FDIC insurance is an important feature to have with any checking account. Should a bank fail, the FDIC's coverage protects depositors from losing all of their money.
Salem Five Direct deposits are FDIC-insured. The coverage limit is $250,000 per depositor.
What You Need to Open
You can open a Salem Five Direct eOne Checking account online. Here's what you'll need:
- Social Security number
- Driver's license
- Home address
- Email address
If you're opening a joint account, you'll both need to provide this information.
Once you're ready to make your opening deposit, you'll need to link an external bank account. You can do that using your bank account number and routing number.
Again, you can only open this account online and if you don't have a Salem Five Bank account. Your opening deposit can't come from funds that are already on deposit with Salem Five Bank.
Frequently Asked Questions
What's the difference between Salem Five and Salem Five Direct?
Salem Five Direct is the online banking division of Salem Five. Salem Five Direct offers savings accounts, checking accounts and CDs online.
What is the eOne Checking rate for Salem Five Direct?
The eOne Checking account interest rate is just 0.01%. That's as low as you can get if you're looking for an interest checking account. The eOne Savings account, on the other hand, earns a rate that's comparable to what you'll find at other top online banks.
What is the best high yield savings account?
The best high yield savings account is one that offers the convenience you need, a solid APY and minimal fees. Some of the best savings accounts can be found at online banks, which typically pay higher rates and charge fewer fees than traditional banks.
