Salem Five Direct: Savings Accounts & Rates

Savings rates updated: 8/15/2025

Mission statement: Banksparency aims to make Salem Five Direct's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

Note: Interest rates below are reported as APY, or Annual Percentage Yield

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Savings Overview

eOne Savings: 4.01% APY(Rank 45 out of 81 tracked HYSAs)

Minimum Deposit: $10 | Online Only

National Savings Interest Rate: 0.38% (as of 7/21/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Salem, Massachussets

Founded: 1855

Affiliation: Salem Five Direct is an online division of Salem Five Cents Savings Bank

Access to Branches: None

Deposit Insurance: FDIC Cert # 23296

BBB Rating: A- (Not BBB Accredited)

App Store Rating: 4.7/5

Google Play Rating: 4.4/5

Website: Visit Salem Five Direct

Our Take on Salem Five Direct

Highlights

Current APY of 4.01%, unchanged from 30 days ago.
No maintenance fees for the eOne Savings account.
Minimum deposit requirement is only $10.
High App Store rating of 4.7.

Considerations

No physical branches available.
Not BBB Accredited despite an A- rating.
Direct deposit is not required, which may limit some users.
Only one high-yield savings account option.

Summary: Salem Five Direct offers an eOne Savings account with a competitive APY of 4.01% and no maintenance fees. The account requires a low minimum deposit of $10, making it accessible. However, the bank lacks physical branches and is not BBB Accredited, which may concern some savers. With a solid App Store rating of 4.7, it appeals to those comfortable with online banking.

Savings Account: In-Depth View

Savings Account Offered by Salem Five Direct

Feature	eOne Savings
APY	4.01% (as of 8/15/2025)
APY Trend	Stable for the last quarter
Minimum Deposit	$10
Minimum Balance for APY	$0.01
FDIC-insured	Yes
Online Only	Yes
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	Monthly
Maintenance Fee	$0
Eligibility	United States
Sponsored Link
No deposit agreement summary available for this bank.

Calculate Savings for Salem Five Direct

All calculations are based on APY.

Savings Product:

eOne Savings (APY: 4.01%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $1,572.2 (10.10%)
Total contributions: $13,000 (83.48%)
Initial deposit: $1,000 (6.42%)

Your total balance

$15,572.20

Effective APY: 4.01% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Salem Five Direct Savings Rates Over Time

Historical APY Insights

Metric	eOne Savings
Latest APY	4.01 %
Trend	Sideways
Slope (bps/mo)	0.0
Rate Changes / Mo	0.00
Days Since Last Change	207
High (-7 m)	4.01 %
Low (-7 m)	4.01 %
Draw-down from High	0.0 %
Volatility (CV)	0.000

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 7 months (regression slope).
Slope (bps/mo): Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo: Typical number of APY moves per month.
Days Since Last Change: Recency of the latest APY adjustment.
High (-7 m): Highest APY in the last 208 days.
Low (-7 m): Lowest APY in the last 208 days.
Draw-down from High: How far today sits below the 7-month peak.
Volatility (CV): Coefficient of variation = stdev ÷ mean.

Why Track Savings-Account APYs?

See how quickly a bank reacts to Fed moves or competition.
Gauge “twitchiness” - frequent moves can annoy savers.
Spot if you're buying near a peak (draw-down) or riding a rise.
Slope (bps/mo) shows speed of change.
Volatility (CV) scales jumps by average level.

Compare Salem Five Direct's Savings Account

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Feature	Salem Five Direct	Select a bank...
Product	eOne Savings	N/A
APY	4.01% (as of 8/15/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	Yes	N/A
Compound Frequency	Monthly	N/A
Minimum Deposit	$10	N/A
Minimum Balance for APY	$0.01	N/A
Maintenance Fee	$0	N/A
Direct Deposit Required	No	N/A