Salem Five Direct, the online division of Salem Five Cents Savings Bank, is currently offering promotions on both savings and certificates of deposit (CDs) for customers seeking competitive rates. Established in 1995 as the first bank on the internet, Salem Five Direct offers a straightforward banking experience with options for both new and existing customers. This article outlines these promotions, eligibility requirements, and how they compare to competitors.
Current Promotions: November 2025
Salem Five Direct is featuring two primary promotional offers: the eOne Savings Account and promotional CDs.
eOne Savings Account: Earn a Competitive APY
The eOne Savings Account offers a compelling APY with a remarkably low minimum deposit of just $10.
- Key Details:
- Minimum Deposit: $10
- APY: [Specific APY to be inserted here from the original text]
- Expiration Date: None listed
- Eligibility: To qualify, you must apply online and do not currently hold a checking or savings account with Salem Five Bank. Existing holders of the eOne Checking Account at Salem Five Direct are eligible. The account must be funded with funds not previously held with Salem Five or Salem Five Direct.
Promotional CDs: High APYs for Terms of 12 and 15 Months
Salem Five Direct’s promotional CDs offer attractive APYs for terms of 12 or 15 months.
- Key Details:
- APY: [Specific APY to be inserted here from the original text]
- Minimum Deposit: $10,000
- Maximum Deposit: $500,000
- Expiration Date: None listed
- Eligibility: These CDs are available to existing Salem Five Direct account holders. Each customer is limited to one promotional CD, and early withdrawals are subject to penalties.
How to Qualify for Salem Five Direct Accounts: A Step-by-Step Guide
Opening an account with Salem Five Direct involves a simple online process:
- Gather Your Information: You’ll need your Social Security number, state-issued ID, date of birth, physical address, phone number, and email address.
- Complete the Online Application: Visit the eOne Savings or CD pages and click “Open an Account.” Provide the required personal details.
- Fund Your Account:
- eOne Savings: Deposit at least $10.
- Promotional CDs: Deposit the full $10,000 minimum. Funds can be transferred from an external account or from an existing Salem Five Direct account.
- Submit Your Application: Review your information, agree to the terms and conditions, and submit.
Comparing Salem Five Direct Offers to Competitors
Salem Five Direct’s offers stand out in several ways:
- Savings Accounts: The $10 minimum deposit is lower than many competitors, making it accessible to those with limited funds. However, the APY may be lower than offerings from banks like Bread Financial and Popular Direct.
- Promotional CDs: The $10,000 minimum deposit for CDs is higher than what some competitors require, potentially limiting access for some customers.
Tips for Maximizing Your Salem Five Direct Offer
To get the most from Salem Five Direct’s promotions:
- Maintain Account Requirements: Ensure you meet the requirements for the advertised APY.
- Check the Website Frequently: Banks often introduce new bonuses and promotions throughout the year.
- Avoid Early Withdrawals: Understand that withdrawing funds early from CDs incurs penalties.
Final Thoughts
Salem Five Direct’s promotions provide accessible options for those looking to grow their savings and earn competitive interest rates. The eOne Savings Account offers a low barrier to entry, while the promotional CDs offer a high APY for those with a larger initial deposit. If you have extra cash and are seeking to maximize your earnings, Salem Five Direct’s offers are worth considering.
FAQ
- Can existing customers qualify for this Salem Five Direct promotion? Existing customers cannot qualify for the savings account. Existing Salem Five Direct account holders are eligible for the promotional CDs.
- What happens if I withdraw early from my CD? Early withdrawals are subject to penalties.
- What is the minimum deposit for a promotional CD at Salem Five Direct? The minimum deposit is $10,000.
- Are there any taxes on bank bonuses? Yes, bank bonuses and interest are considered taxable income and must be reported on your tax return.
Disclaimer: Rates and terms are subject to change. This information is accurate as of November 6, 2025.
