Salem Five Direct is the Internet banking division of Salem Five Bank, which was founded in 1855 and holds assets in excess of $2.8 billion as of 2010.
Salem Five Bank is based in Salem, Mass., with numerous bank branches in greater Boston. In 2006, the bank acquired Heritage Co-operative Bank, another local bank based in Salem.
Salem Five Direct's online checking account options include eOne Checking, a checking account with no minimum balance requirement and a tiered APY that increases when balances are met. There's also an online high interest savings account that can be linked to the eOne Checking plan. The savings account features no monthly fee and no minimum balance as long as the bank's requirements are met.
All eOne accounts at Salem Five Direct can be opened with a single application form. On the checking account plan, bank services include free use of any ATM, anytime, anywhere. The bank offers a one-time $25 bonus for enrolling in direct deposit.
Other features include free online bill payment and unlimited checking, debit card and ATM transactions. On the savings account, customers have no monthly fees, no minimum balance, and a link to the eOne checking account.
Deposits with Salem Five Direct are held by the parent bank, Salem Five Cents Savings Bank, a member FDIC, meaning that all deposit accounts held at the bank are currently insured up to $250,000 per depositor. Joint accounts are currently insured by FDIC up to at least $250,000 per account holder.
In addition, the bank is a member of the Depositors Insurance Fund (DIF), which insures deposit amounts above the FDIC's current $250,000 limit.