Updated: Nov 05, 2023

Salem Five Direct eOne Savings Account 2024 Review

Our review of Salem Five Direct's eOne Savings Account looks at the interest rates, account fees, and other features that are most important to savers.
Editor's Rating
Today's Rates
Super boost your savings with highest rates.
Savings Accounts up to:
5.35% APY

Salem Five Direct offers the eOne Savings account with a competitive APY for savers up to a balance of $1 million. It has no monthly fees and it only requires a $10 minimum deposit to open an account. Complemented by online banking and native mobile apps, customers can conduct the majority of their banking transactions digitally.

Our Verdict

The Salem Five Direct eOne Savings Account offers one of the most competitive APYs of any online savings option. With a low minimum deposit requirement and no monthly fees, it could be an attractive choice for savers who want to make the most of their money. 

Saving with Salem Five Direct could be right for people who:

  • Are looking for a competitive APY that applies across all balances. 
  • Don't mind maintaining accounts at an online bank.
  • Have at least $10 to start saving.
  • Would prefer to avoid a monthly maintenance fee.

You can open an eOne Savings Account if you apply online and do not have an existing checking or savings account with Salem Five Bank. There is an exception if you open an eOne Checking Account and an eOne Savings Account together. 

The eOne Checking Account earns interest, though the APY is much lower. The minimum deposit requirement for this account is also $10.

Salem Five Direct eOne Savings Account Pros & Cons

  • Earn a competitive interest rate on up to $1 million
  • No monthly maintenance fees or minimum balance requirement
  • FDIC-insured up to the eligible limits
  • No ATM card or branch access

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Compared to Other Savings Accounts

American Express High Yield Savings Account

American Express has a high-yield savings account option with an above-average APY. There are no minimum balance requirements and no monthly maintenance fees. You won't get branch or ATM access with this account but you can easily transfer money to and from linked accounts at other banks. 

Read our review

Quontic High Yield Savings Account

Quontic is an adaptive digital bank that offers high-yield savings and CD accounts, as well as money market accounts and rewards checking. Quontic's savings account rates are solid, though not as good as Salem Five Direct. You'll need at least $100 to open a savings account here. 

Read our review

Lending Club High Yield Savings Account

Lending Club's high-yield savings option features a competitive APY, though it's not quite as high as what you'll get with Salem Five Direct. The minimum deposit requirement is also higher, at $100. But there are no monthly maintenance fees and this account does include a free ATM card. 

Read our review

Bread Savings High Yield Savings Account

Bread Savings lets you earn an APY that's comparable to what you'll get with Salem Five Direct, though there is one difference. Instead of a $10 minimum opening deposit, you'll need at least $100 to open an account. Bread Savings accounts are FDIC-insured and there are no monthly maintenance fees. 

Read our review

Interest Rates

Salem Five Direct pays an impressive rate to savers and there are no tiers or minimum balance requirements. That means you'll get the same great APY whether you save $1 or $1 million in your account. 

Keep in mind that savings account rates can go up or down over time. So it's possible that Salem Five Direct might offer an even better APY going forward (or reduce the APY). 

Here are a few other things to keep in mind as you shop around for a new savings account:

  • Opening deposit requirements
  • Minimum balance requirements to earn interest 
  • Monthly maintenance fees and ways to waive them
  • How frequently interest compounds and when it's credited to your account
  • Whether rates are tiered or apply equally across all balances
  • Mobile and online banking access
  • ATM access and whether an ATM card is available

Compared to other banks, Salem Five Direct has one of the best savings account rates overall. But it's important to consider how comfortable you are with an online-only savings account. 


Online banks tend to charge fewer fees than traditional banks, which is a good thing. Fewer fees mean you get to keep more of your money.

Here's how the fees add up at Salem Five Direct.

Other Service Fees - Salem Five Direct eOne Savings

Type Fee
Monthly fee $0
Excess debit fee $10
Incoming wire transfer $0

ATM Access

Salem Five Direct doesn't offer a separate ATM card with the eOne Savings Account. That might be inconvenient if you'd like to deposit or withdraw cash.

You can, however, get a debit card with the eOne Checking Account. In that case, you could transfer funds from savings to checking to make withdrawals at ATMs. 

Account Management/Features

Salem Five Direct offers both online and mobile banking access. 

Some of the ways you can manage your savings account include:

  • Checking balances
  • Reviewing transaction history
  • Transferring funds between Salem Five accounts
  • Transferring funds between linked accounts at a different bank
  • Viewing account statements
  • Depositing checks with mobile deposit

There aren't a lot of extra features, however. If you're looking for savings buckets or round-ups, for example, Salem Five Direct doesn't offer them. 

FDIC Insurance

Salem Five Direct is FDIC-insured. If you're not familiar with the FDIC coverage limit it's $250,000 per depositor, per account ownership type, per financial institution.  

FDIC insurance offers protection against bank failures. Should a bank fail, the FDIC steps in to ensure that depositors are able to recover their money, up to the insured limit. It's worth noting that bank failures are exceptionally rare.