bank rates

Salem Five Now Has Top Savings Account

It guarantees rate through August.It’s been like a revolving door in recent days as the bank offering the best nationally available savings rate repeatedly changes in the face of nonstop rate cuts.

The leadership position now belongs to Salem Five Direct (www.salemfivedirect.com), which is the last holdout paying 1.00% APY for savings accounts.

For months, UFB Direct (www.ufbdirect.com) held the top spot, paying 1.30% APY for its Airline Rewards Savings Account. But after three rate cuts in a month, UFB Direct is down to paying just 0.95% APY.

That put SFGI Direct (www.sfgidirect.com) in the top position — briefly — before the online bank cut its rate from 1.01% APY to 0.91% APY.

Salem Five Direct is the only one of late to defy the rate-cutting trend, instead upping the rate on its eOne Savings Account rate from 0.85% APY to 1.00% APY in late January. Salem Five also guarantees the new rate through the August statement cycle.

You need a $100 minimum deposit to open an account, but you don’t need to keep a certain amount in your account to earn 1.00% APY. The offer applies to balances up to $500,000.

Salem Five Direct is the online division of Salem Five Bank in Salem, Mass.

This rate is good on new accounts. Customers with existing savings accounts or branch bank checking accounts are not eligible.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (4)
1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 5.00 out of 5)
Loading...
4 Existing Comments
  1. Mike Cetera said:
    on February 14th at 04:27 pm

    UFB Direct has cut its rates for a fourth time, now down to 0.90% APY.

  2. Kathy at Bankaholic said:
    on February 23rd at 10:44 am

    Make that a fifth time for UFB Direct — it’s now 0.85%.

  3. Bob said:
    on February 23rd at 05:21 pm

    Just another example of deceptive practices. A call to Salem Five Direct reveals that their Savings account which pays 1% interest will limit your external transfers to $2,000 per day, $20,000 per month.

  4. Kathy at Bankaholic said:
    on March 5th at 09:50 am

    Salem Five’s savings rate is still available.