CHECKING
ACCOUNT

Learn More about Benefits, Rates and Minimums

    • Checking

      .01%APY1

      On every dollar for balances up to $1,000,000

      Open a Salem Five Direct Checking Account

      • To apply, you will need:

        • Social Security Number
        • Driver's License
        • Home Address
        • Email Address
        • Joint Owner Information


        To fund a new account by electronic transfer, you will need:

        • Routing Transit Number
        • Account Number

    • Checking eligibility is limited to consumers who apply online and who do not have an existing checking account with Salem Five Bank at the time of the application. Account must be opened with funds not currently on deposit with Salem Five Bank.

      1 Checking earns 0.01% APY (Annual Percentage Yield) on daily balances of $0.01 - $1,000,000. Salem Five reserves the right to transfer balances over $1,000,000 to the eOne Funding Account which currently earns an APY of 0.10%.

      **With a Salem Five Direct Checking Account, Salem Five will never charge a fee for ATM transactions conducted at non-Salem Five ATMs, and we will reimburse the fees other banks charge up to $15 per statement cycle.

      You must deposit at least $10 to open this account. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened as of today's date.  Fees may reduce earning. Rewards apply to point-of-sale, non-PIN based debit card transactions (when you choose “credit”) with no minimum purchase amount and no cap to the cash rewards you may earn.  ATM and PIN based transactions do not qualify.  Cash Debit Rewards is at the rate of $0.05 for each debit card purchase (when you choose “credit”).  Rewards accrued are credited to your account on the last day of the statement cycle in which the purchase is posted.  Your account must be open and in good standing on the date the rewards are posted to receive the reward.  We reserve the right to deduct rewards credits if you return merchandise for which you have qualified or received debit rewards.  Any taxes related to debit rewards are the recipient’s sole responsibility.  Program may be terminated at any time at our sole discretion. This offer is not available at Salem Five branch locations. Consumer accounts only.

       

  • Member FDIC

    FDIC insurance covers depositors' accounts, whether using a physical branch office, salemfive.com or salemfivedirect.com, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit. The standard insurance amount is $250,000 per person, per bank, per ownership category.

    • Popular Questions

    • Deposit Insurance Coverage (FDIC)

      The FDIC insures all deposits.

      Watch the video to learn more about how the FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

      FDIC Video Tutorial