bank rates

Salem Five Guarantees Savings Rate

Turned off by savings accounts because banks can slash the rates at any time?

This deal is good through June 1Act fast, and you can score the top nationally available deal at a rate guaranteed for one year.

Salem Five Direct is offering 1.25% APY on its eOneSavings account.

You must apply by June 1. The bank says the rate will be good until April 1, 2012.

You won’t earn quite as good a return on this deal as you would with the top 1-year CD on our CD Rates Leaderboard. But you can access your money penalty-free at any time.

With its special offer, Salem Five Direct, the online division of Salem Five Bank in Salem, Mass., beats out the 1.21% APY offered by SFGI Direct.

The online division of Summit Community Bank in Moorefield, W.Va., had been on top of the Leaderboard for months. Just two months ago, it offered 1.41% APY on savings accounts. Since then SFGI Direct has trimmed its rate two times.

The Salem Five offer is good on balances up to $1 million.

Although Salem Five has 22 branches in the Boston area, the account must be opened online to receive the highest rate. A minimum deposit of $100 is required to open the account.

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Comments (2)
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  1. Anurag said:
    on April 21st at 10:39 am

    Good deal! We all know other banks “may change rates without notice” anytime so I opened an account as a backup when my “higher” paying banks tumble rate I will move all my money to this – at least I will get 1.25% while other “higher” paying banks pay 0.25% in near future.

  2. Kathy at Bankaholic said:
    on May 18th at 07:01 am

    Still time to take advantage of this one.