eOne High Yield Checking Account
from Salem Five Direct
salemfivedirect.com
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The eOne account from Salem Five is an online checking account that offers money market rates.
The 6.10% annual percentage intro rate may be gone, but the eOne account still has high rates.
You don't need to have big pockets to take advantage of the high rates with this account. Low balance depositors can get high rates too. Of course, the rates get better the higher your balance gets.
| | Balance | APY | $0-$49,999 | 2.75% | $50,000-$99,999 | 2.90% | $100,000-$999,999 | 3.25% | $1,000,000+ | 0.50% |
| www.salemfivedirect.com
(800) 322-2265
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Minimum Deposit
$100 | Monthly Fee
None | Minimum Balance
None | Check Writing
Unlimited |
The eOne account is a no monthly fee checking account that comes with many nice features, particularly ATM fee refunds. Salem Five will reimburse the ATM fees other banks charge up to $15 per statement cycle. Unlike those high-yield "reward checking" accounts that make depositors perform a number of transactions per statement cycle, there is none of that on the eOne account.
The eOne account requires a $100 minimum initial deposit. After that, there are no minimum balance requirements to worry about and there are no monthly service fees.
The account comes with free online bill payment, a debit card, and free first order of checks. Both check writing and debit card transactions are unlimited.
Since the eOne account is an online account, customers will need to accept eStatements. Strangely, signing up for the eOne account isn't a fully online process. After you fill out the application, you will need to print it out and mail it in with your ID and a check for your initial deposit.
Note that when you sign-up for the eOne Account, you will get a message that says that are applying for the Salem Five eOne Account and its partner account, the eOne Funding Account. According to a representative at Salem Five, the eOne Funding Account is used only if you have a balance over $1 million. The excess over $1 million gets placed into the eOne Funding Account where it earns the low rate of 0.50% apy.
Another feature that is lacking is easy external ACH transfers. Salem Five doesn't have a system in place for this. ACH transfers will have to be initiated from another bank that has that capability.
There is an option to wire transfer funds, but that can get expensive. Salem Five will refund the cost of a wire transfer up to $20 per cycle. That amounts to only one transfer.
If you have checks to deposit and you don't live near a Salem Five branch or ATM, you can use snail mail. Upon request, Salem Five will send you postage paid deposit envelopes so you can mail in your checks to be deposited into the eOne account.
Finally, there is a cash bonus to be had. Enroll in direct deposit and get a one time bonus of $25. The $25 bonus is an interest credit to be posted to your account within 60 days of initiating a recurring direct deposit such as payroll or social security payments. The recurring direct deposit must be initiated within 90 days of account opening.
Salem Five, is based in Salem, Massachusetts and was founded in 1855. Salem Five Direct is an online division of Salem Five. Salem Five Direct products are not available at Salem Five branches. Funds are FDIC insured.
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