Salem Five Direct is a popular, highly-rated bank that offers a wide range of banking services, including wealth and trust management, personal and commercial insurance, loans, and personal and internet banking. One of its most attractive services is the eOne Savings Account, which currently has a 5.01% annual percentage yield (APY) and no monthly fees or minimum balance requirements. This account is a great option for savers who are looking for a high-yield savings account with low fees.
High-yield savings accounts are a great option for individuals looking to save money and grow their wealth. They offer a much higher APY than traditional savings accounts, which typically have an APY of around 0.40%. For example, if you open a traditional savings account with an APR of 0.40% and deposit $1,000, your savings balance after one year would be $2,206.40. If, however, you open a high-yield savings account with an APR of 5.01% and make the same deposit, you would have $2,281.85 at the end of the year. This is because most high-yield savings accounts compound their interest daily, allowing for higher returns.
To be eligible for an eOne savings account, you must submit an online application. The account is not available to consumers who have an existing checking or savings account with Salem Five Bank at the time of application, except for customers who have an existing eOne checking account. The minimum deposit to open the account is $10, and there are no monthly fees or minimum balance requirements.
In summary, Salem Five Direct’s eOne Savings Account is currently one of the most attractive high-yield savings account options on the market. It offers a 5.01% APY, no monthly fees or minimum balance requirements, and is an excellent option for savers looking to grow their wealth.
Additional Piece:
While high-yield savings accounts are a great way to grow your wealth, it’s important to remember that they are not without risk. The interest rate on these accounts can fluctuate with market conditions, meaning that your returns might not always be so high. Additionally, high-yield savings accounts can sometimes come with strings attached, such as minimum balance requirements or early withdrawal penalties.
That being said, there are many benefits to high-yield savings accounts that make them worth considering. For one, they typically offer a higher return on your investment than other savings account options. Additionally, some high-yield savings accounts, such as the eOne Savings Account, have no fees or minimum balance requirements, making them accessible to a wide range of savers.
If you’re thinking about opening a high-yield savings account, it’s important to do your research and shop around. Look for an account that offers a competitive APY with minimal fees or requirements. Additionally, be sure to read the fine print and understand all the terms and conditions associated with the account before opening it.
Overall, high-yield savings accounts can be a valuable tool for savers looking to grow their wealth. While they do come with some risks, the potential for high returns and minimal fees make them an attractive option for many people. By doing your research and choosing the right account, you can maximize your savings and achieve your financial goals.
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Over the past year, savers have benefited from Fed rate hikes as the APR on savings accounts has elapsed national averageswith some accounts reaching more than 4% and even 5%.
One of the highest currently available APYS: Salem Five Direct’s eOne Savings Account.
Salem Five Direct High Yield Savings Account Offers 5.01%
Salem Five Direct is a subsidiary of Salem Five Bank based in Salem, Massachusetts with offices throughout the Boston area. It began as a small savings bank in New England in 1855 and has since offered lending, personal and internet banking, personal and commercial insurance, and wealth and trust management services.
The Salem Five Direct High Yield Savings Account currently boasts one of the highest APRs on the market.
key figures
Minimum deposit to open: $10
Monthly fee: $0
APY: 5.01%
For savers looking to boost their savings with a robust APR and no monthly fees or minimum balance requirements, this high-yield savings account could be the right savings tool.
To be eligible for an eOne savings account, you must submit an online application. This account is not available to consumers who have an existing checking or savings account with Salem Five Bank at the time of application, except for customers who have an existing eOne checking account.
How a High Interest Savings Account can boost your savings
The main difference between a traditional savings account and a High Interest Savings Account is that a high-yield savings account typically offers an APY well above the national average.
The latest Rates by the Federal Deposit Insurance Corporation (FDIC) puts the national savings APY average at 0.40%, while most high-yield savings accounts offer 1.00% APY or more.
Let’s say you open a traditional savings account with an APR of 0.40%. If you made an initial deposit of $1,000 and made a monthly contribution of $100, your savings balance would be $2,206.40 after one year.
If you chose a high-yield savings account with an APR of 5.01% and made the same initial deposit and monthly contribution, you would have $2,281.85. Assuming the two accounts accumulate interest daily, after a year you would have an additional $75.45 left over if you chose a high-yield savings account.
take that away
Sometimes increasing your savings can be so simple that you reconsider where you keep your money. If you’re looking for an inexpensive way to put your money to work for you, it might be time to consider a new savings account – one with a higher APR.
https://fortune.com/recommends/banking/salem-five-direct-high-yield-savings-account-over-5-percent-apy/
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