Salem Five Direct eOne Savings Account – 5.01% APY With No Requirements

Update 1/8/24: Increased to 5.01%

Update 12/13/22: Increased to 4.1%

Update 10/30/22: Increased to 3.50%

Update 9/20/19: Rate decreased to 2.01%.

Update 8/21/19: Rate decreased to 2.20%.

Update 8/7/19: Rate decreased to 2.35%.

Update 6/2/19: Rate increased to 2.51%, hat tip to reader bbbb.

Update: Rate increased to 2.3% APY on 1/19/19.

Originally posted 3/19/18. Reposting 7/4/18 since rate increased from 1.85% to 2.05% putting them at the top of the market, currently.

Offer at a glance

• Interest Rate: 1.85% 2.05% APY
• Minimum Balance: None, $100 minimum opening balance
• Maximum Balance: $1,000,000
• Availability: Nationwide
• Hard/soft pull: Hard (all datapoints are quite old though). Recent datapoint says soft
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: None
• Insured: FDIC up to $250,000

The Offer

Direct link to offer

• Salem Five Direct is offering 1.85% 2.05% APY on balances up to $1,000,000 with their eOne Savings account

 

Avoiding Fees

This account has no monthly fees to worry about

Our Verdict

This is currently the highest APY savings account with no requirements. Accounts with requirements earn up to 5%. An account like this is more suited to somebody who just wants to set and forget their money, or has so much in cash that they can’t manage enough rewards checking accounts (these all have caps anywhere from $1,000-$20,000+). It looks like this account does have a hard pull, or at least Salem Five used to do a hard pull. I’d like to see some newer data points on that if I’m honest. Either way it’s nice to see deposit accounts continue to offer higher and higher APYs and this might be an account worth considering for some people.

Readers point out in the comments that it looks like Salem Five Direct does not automatically raise rates for existing account holders and you have to call in to get the higher rates. I hate this practice as it removes the set and forget factor that is attractive on basic savings accounts.

Please feel free to share your own experiences with Salem Five Direct in the comments below.