Salem Five Direct vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Salem Five DirecteOne Savings Jan 7, 2026 | Wells FargoPlatinum Savings Jan 7, 2026 |
|---|---|---|
| APY | 3.61% | 0.05% |
Est. Earnings | $5,000+$181 $10,000+$361 $25,000+$903 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $10 | $25 |
Snapshot view. Rates subject to change. | ||
Terms | - | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Salem Five Direct vs. Wells Fargo
As of Salem Five Direct offers an APY of 3.61% for its eOne Savings account, with a minimum balance of $0.01, compared to Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
Salem Five Direct pays $356 more than Wells Fargo on a $10,000 balance after one year. Salem Five Direct pays $361, while Wells Fargo pays $5 - an APY advantage for Salem Five Direct.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account, with a minimum balance of $0.
Why Salem Five Direct?
- ✓Higher potential APY (3.61% vs 0.01%-0.05%) on all balances
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓Higher rated Android app (4.8 vs 4.2)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
Salem Five DirectSalem Five Direct's eOne Savings earns more on smaller deposits (approx. $361 vs $5/yr).
Better Returns at $25,000
Salem Five DirectSalem Five Direct's eOne Savings pulls ahead with larger amounts (approx. $903 vs $13/yr).
Best for Simplicity
Salem Five DirectSalem Five Direct's eOne Savings offers 3.61% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.8 (vs. 4.2)
Shared Benefits
Over a 1-year period, Salem Five Direct's eOne Savings pays $356 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Salem Five Direct offers a competitive eOne Savings account with a notable APY of 3.61%, making it a strong choice for savers looking for higher returns without the need for direct deposit or maintenance fees. The account requires a minimum deposit of just $10 and is available online only. In contrast, Wells Fargo's savings products, including the Way2Save Savings and Platinum Savings accounts, yield significantly lower APYs of 0.01% and 0.05% respectively, with the latter requiring a linked Premier checking account for optimal rates. Overall, Salem Five Direct's eOne Savings stands out for its simplicity and higher yield.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Salem Five Direct vs. Wells Fargo Savings Calculator
You earn $356 more with Salem Five Direct than Wells Fargo on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Salem Five Direct
eOne Savings
Savings Breakdown
- Interest Earned+$361.00(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,361.00
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Salem Five Direct | Wells Fargo |
|---|---|---|
| APY | 3.61% Verified: 1/7/2026 ↘︎ 0.40%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 1/7/2026 ↘︎ 2.46%90d Change |
| Product Name | eOne Savings | Platinum Savings |
| Minimum Deposit | $10 | $25 |
| Min. Balance for APY | $0.01 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.7 Android4.2 | iOS4.9 Android4.8 |
| Zelle® Support | Available Uses shared Salem Five mobile platform. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | A- | D- |
| Important Notes | - | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps | Visit SiteVerify at Salem Five Direct Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Salem Five Direct | Wells Fargo | |
|---|---|---|---|
| eOne Savings | Platinum Savings | Way2Save Savings | |
Current APY | 3.61% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -8.7 | -61.6 | -0.0 |
Days Since Change | 21 | 82 | 175 |
6-Month High | 4.01% | 2.51% | 0.01% |
6-Month Low | 3.61% | 0.05% | 0.01% |
Adjustments / Mo | 0.51 | 0.51 | 0.00 |
Volatility Score | 0.042 | 1.077 | 0.000 |
How to read these metrics(Click to expand)
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