Salem Five Direct, a division of Salem Five Bank, has made available a high yield savings account, eOneSavings, to its online banking customers. In addition, Salem Five Direct now provides eOneChecking customers with cash back rewards – posting credit for a percentage of debit purchases into the account each month.
Salem Five has said that with eOneSavings, direct banking customers can earn money market rates, regardless of the balance. Account owners will also be able to easily transfer money between eOneSavings and eOneChecking accounts. Salem Five Direct’s eOneChecking account is also expected to offer features like high interest rate, no minimum balance, no monthly fee, free online bill payment, unlimited transactions, and free ATM use worldwide, including reimbursement of other bank’s fees.
Jay Spahr, senior vice president for e-commerce at Salem Five, said: eOneSavings is a natural extension of our product line and is a complement for our direct banking customers who are already utilizing eOne for checking, and want to earn a higher rate on a portion of their balances. Now, with our rewards program, customers who use their debit card, for everything from groceries and gas to gifts and dining, will be able to earn monthly cash rewards on all their purchases.
Massachussets-based Salem Five Direct is the direct banking division of Salem Five Bank. It provides customers with a range of retail and commercial banking products and services.
