Salem Five Direct is still offering their high yield savings account called eOne Savings Account which earns 1.25% APY for deposits of up to $1 Million. This high interest savings account does not have a minimum balance requirement and does not impose any monthly service fees.

You can take advantage of the best interest rates by completing a form online. According to the bank’s customer service they do a hard credit pull when you apply for an account but one of our readers reported that he did not get a hit when he opened one of these eOne accounts from Sale Five Direct.

Take note that this savings account is only offered online. You cannot open this kind of account at any of their branches. When you sign up online, you will need a your social security number, driver’s license number, home address, email address, and joint owner information if you have one.

You can initially fund your savings via electronic transfer. Make sure you have your account number, routing number, and name of bank from which the funds will be drawn.

Salem Five Direct is the online division of Salem Five Cents Savings Bank based in Massachusetts. The bank has a long history of banking experience with a declared asset of almost $3 billion. If you want to know more about their products and services, you can call Salem Five Direct through 1800-850-5000.

BauerFinancial issued 4 stars while bankrate.com gave the bank 3 stars when they reviewed its performance using their March 2009 data.

Salem Five is insured with the FDIC through certificate # 23296. They are also a member of the DIF.