Salem Five Direct vs. Wells Fargo
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 14, 2025
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Summary of Salem Five Direct vs. Wells Fargo
Key Metrics at a Glance
| Feature | Salem Five Direct | Wells Fargo |
|---|---|---|
| Top Savings APY | 3.71% eOne Savings | 0.05% Platinum Savings |
| Minimum to Open | $10 | $25 |
| Minimum Balance for Top APY | $0.01 | $1,000,000 |
| Note | 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. |
Salem Five Direct
Strengths
- Salem Five Direct offers a competitive APY of 3.71%, down from 4.01% last month.
- No maintenance fees on the eOne Savings account.
- Salem Five Direct has a strong App Store rating of 4.7.
Potential Drawbacks
- Salem Five Direct has no physical branches.
- Not BBB Accredited with a rating of A-.
Wells Fargo
Strengths
- Wells Fargo has a large branch network across 36 states and D.C.
- Wells Fargo's App Store rating is high at 4.9.
Potential Drawbacks
- Wells Fargo's highest APY is only 0.05%, unchanged from 30 days ago.
- Wells Fargo charges a $12 maintenance fee on the Platinum Savings account.
→ As of November 14, 2025 Salem Five Direct offers an APY of 3.71% 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 yields $366 more than Wells Fargo on a $10,000 balance after one year. Salem Five Direct pays $371, 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.
Calculate Savings Growth for Salem Five Direct vs Wells Fargo
Salem Five Direct - eOne Savings
Total savings breakdown:
- Interest earned: $2,248.1 (11.10%)
- Total contributions: $13,000 (64.20%)
- Initial deposit: $5,000 (24.69%)
Your total balance
$20,248.10
Total balance: $20,248.1
Earnings: $2,248.1
Bank OverviewWells Fargo - Platinum Savings
⚠️The higher APY only applies once your balance reaches $1,000,000.
Total savings breakdown:
- Interest earned: $28.6 (0.16%)
- Total contributions: $13,000 (72.11%)
- Initial deposit: $5,000 (27.73%)
Your total balance
$18,028.60
Total balance: $18,028.6
Earnings: $28.6
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Salem Five Direct's total earnings would be $2,219.5 higher than Wells Fargo's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Salem Five Direct's vs Wells Fargo's Savings Accounts
| Salem Five Direct | Wells Fargo | |||
|---|---|---|---|---|
| Product | eOne Savings | vs | Way2Save Savings | Platinum Savings |
| APY | 3.71% (as of 11/14/2025) | 0.01% (as of 11/14/2025) | 0.05% - 0.05% (as of 11/14/2025) | |
| Bundled Account | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | No | No | |
| Compound Frequency | Monthly | Daily | Daily | |
| Minimum Deposit | $10 | $25 | $25 | |
| Minimum Balance for APY | $0.01 | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $5. Waived under some circumstances. | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No | No | No | |
| Note | 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. | |||
| App Store Rating | 4.7/5 | 4.9/5 | ||
| Google Play Rating | 4.2/5 | 4.8/5 | ||
| BBB Rating | A- | D- | ||
Comparative Historical APY Insights (Last 4 Months)
| Salem Five Direct | Wells Fargo | |||
|---|---|---|---|---|
| Product | eOne Savings | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 3.71 % | 0.05 % | 0.01 % | |
| Trend | Falling | Falling | Sideways | |
| Slope (bps/mo) | -7.0 | -71.4 | -0.0 | |
| Rate Changes / Mo | 0.49 | 0.73 | 0.00 | |
| Days Since Last Change | 9 | 28 | 122 | |
| High (-4 m) | 4.01 % | 2.51 % | 0.01 % | |
| Low (-4 m) | 3.71 % | 0.05 % | 0.01 % | |
| Draw-down from High | -7.5 % | -98.0 % | 0.0 % | |
| Volatility (CV) | 0.028 | 0.624 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 4 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 (-4 m)
- Highest APY in the last 123 days.
- Low (-4 m)
- Lowest APY in the last 123 days.
- Draw-down from High
- How far today sits below the 4-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.