bank rates

Salem Five Direct Is Offering An Attractive 2.30% On Savings Accounts

If you’re in the market for a savings account, Salem Five Direct is offering one of the top rates around.

Requiring just a $100 minimum deposit, it’s paying 2.30% APY.

There are only a handful of banks we’ve seen matching or beating that deal. Pure Point Financial, BBVA Compass, Quontic Bank and PNC Bank are all offering 2.35% APY on a savings account, while TAB Bank is offering 2.30% APY.

These rates we’re seeing are a far better than we could have hoped for even last year. But they haven’t quite settled where we’d like.

That said, hooking up with a bank like Salem Five Direct, which consistently offers solid deals, can get you set up in this rising-rate environment.

Of course, it’s always important to shop around for the best savings account rates and compare features before settling on a bank.

You can use our savings account comparison tool to find the best nationally available savings account deals. 

Salem Five’s savings account can be opened online or in person at one of the bank’s 29 Massachusetts branches.

The Benefits

Salem Five Direct doesn’t require a minimum balance. It also doesn’t have any monthly fees.

In addition, there’s no commitment. The bank allows you to move money in and out whenever you’d like. A free online banking and mobile app helps with that process. And the mobile app allows for mobile deposit and text alerts.

About Salem Five 

Founded in 1855, and headquartered in Salem, Mass., Salem Five offers a variety of checking, savings and CD accounts, locally through 29 Bay State branches and nationally through Salem Five Direct, its Internet banking division.

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