Tuesday, 24 November 2020

Salem Five Direct Review: Checking, Savings and CD Accounts

Salem Five Direct Review: Checking, Savings and CD Accounts
26 Oct
4:02

Salem Five Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Salem Five Direct Statement Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

Salem Five Direct’s Checking account options

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How Salem Five Direct’s checking accounts compare

There’s a lot to like about the Salem Five Direct checking account. It has no balance requirement or monthly fee, earns cash back on debit purchases, reimburses up to $15 of ATM fees from non Salem Five ATMs and comes with a free order of checks.

The only downside is the account’s interest rate is not as high as it could be, though it’s definitely better than the nonexistent rates at many large national banks. However, there are other online banks that pay much more interest on checking accounts, while still offering the same benefits as Salem Five Direct.

Salem Five Direct’s Savings account options

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How Salem Five Direct’s savings accounts compare

The Salem Five Direct savings account is a fantastic option. If you look at our list of the best savings accounts in the country, Salem Five Direct made the cut thanks to its spectacular interest rate, low initial deposit requirement and no monthly fee.

However, there is one downside for this account — if you don’t live near a Salem Five ATM, taking your money out of this account could get a little expensive. It charges a $2 fee for out-of-network ATM transactions and does not refund fees from the ATM owner.

To get around this problem, Salem Five Direct offers a promotion where you can open both their online checking and savings accounts with one application — that way, you can quickly transfer money out of the savings account into checking, which provides lower-cost ATM access.

Salem Five Direct’s CD rates

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How Salem Five Direct’s CD rates compare

The Salem Five Direct CDs will not be a match for everyone. They require a high opening deposit of at least $10,000 and only come in two terms, 18 month and 36 month. But if you plan on depositing this much and the terms match what you’re looking for, then the Salem Five Direct CDs could be an excellent fit.

The 18 month CD is the better option of the two but there are a few other CDs which pay a higher rate for the same time commitment.

If you’d like to open a CD for a different term, for less than $10,000, or just want to see what else is out there, check out these best CDs on the market today.

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David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/salem-five-direct/

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