Review: SalemFiveDirect’s eOne Savings Account

Posted March 12, 2018 8:00 a.m. EDT

SalemFiveDirect’s eOne Savings account is an online-only savings account currently offering 1.85% APY. The account requires no minimum balance, and has no fees associated with general maintenance. It does require a $100 minimum initial deposit to open, and any activity that is performed outside the Internet, a phone line, or an ATM will result in a service charge.

The 1.85% APY is only available to those who do not currently have an account with Salem Five. The only exception is if you have an eOne Checking account. In this case, you can still open an eOne Savings account with the arguably competitive APY, but you cannot pull that initial $100+ deposit to your savings account from the eOne Checking account. It must come from an outside source.

How to Open an Account

In order to open an eOne Savings account, you must apply online. The process takes about 10-20 minutes. SalemFiveDirect complies with Know Your Customer regulations, requiring you to provide the following information:

  • Full Name
  • Social Security Number
  • Date of Birth
  • Driver’s License Number
  • Address
  • Email Address
  • Appropriate Information for any Joint Owners

Funding the Account

Because this account is online only, all funding must be completed via electronic transfer, or direct deposit. Before initiating a transfer, you will need to fill out ACH information, providing SalemFiveDirect with:

  • The Name of the Financial Institution
  • Your Account Number
  • The Routing Number

Once this is set up, you will be able to pull in funds from outside bank accounts. To avoid fees, when you are withdrawing money from your eOne Savings you will want to initiate the transfer with the outside financial institution to which you are transferring the money.

Fine Print

While the eOne Savings account boasts no maintenance fees, there are some service charges you should be aware of. In addition to fees associated with funding your account at a physical branch, you will also be charged $2.75 per month if you do not elect to receive your statements electronically within 30 days of opening your account.

Federal regulation dictates that savings accounts can only have six outgoing transfers within a statement period. Go beyond this, and you will be charged a fee as your account is simultaneously converted to a transaction account. SalemFiveDirect follows this federal mandate.

For high rollers, any amount in your account over $1,000,000 will be automatically transferred to a Statement Savings account which has a much lower APY of 0.05%. The 1.85% APY on its eOne Savings, like most savings accounts, is subject to change at the financial institution’s discretion. When there is a change, SalemFiveDirect puts it in affect on Tuesdays.

When you apply, you will be required to give SalemFiveDirect permission to pull your credit score. It does not always do so, but when it decides it is necessary as a part of the application process, it will do a hard pull on your credit report, which may affect your credit score.

Finally, an eOne Savings account can only be used for consumer purposes. That means that you cannot use it as a business account.

Who It’s Best For

Because this account is only accessible online, it is best suited for the computer literate, and those who feel comfortable managing their finances via the Internet. Because of SalemFiveDirect’s restrictions, it is also best for those who do not already hold other accounts with the institution. Aside from the eOne Checking, having any other account open with Salem Five or SalemFiveDirect will disqualify you from taking advantage of the 1.85% APY.


on Salem Five Direct’s secure website

How it Stacks Up

Synchrony Bank offers 1.55% APY with no monthly fees. The unique feature of this savings account is ATM access to your funds. If you need fast access to cash, then you can use your ATM card instead of needing to transfer the money electronically, which can take a few days.


on Synchrony Bank’s secure website

Member FDIC

Ultimately, the eOne Savings account is fairly standard as far as online savings accounts are concerned. While the interest rates won’t blow you out of the water, they are considerably higher than the common 0.01% APY you’ll be able to get at a traditional brick-and-mortar bank branch. As long as you are aware of the potential service charges, the lack of maintenance fees is an attractive draw.

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