Salem Five Direct is making headlines with its latest financial product, the 12-month eCD Special, boasting a 5.55% APY.
This offer is available nationwide. Anyone can apply online.
With a minimum deposit requirement of $10,000 and a cap at $500,000, this promotion is tailored for a wide range of savers.
READ MORE: SEE THE BEST CD RATES HERE
Salem Five Direct CD Promotion Details
Massachusetts-based Salem Five Direct has rolled out a series of promotional Certificate of Deposits, among which the 12-month eCD Special stands out with its 5.55% APY.
This rate is currently the highest for a 1-year CD offered by an internet bank, making it a notable option for savers seeking competitive returns.
The offer requires a significant opening deposit of at least $10,000, maxing out at $500,000.
It’s a limited-time deal, with no specific end date announced, implying it’s available until further notice.
Early Withdrawal Penalty and Account Opening Process
The early withdrawal penalty is set at 4% of the principal balance withdrawn, indicating a substantial deterrent to early access.
This penalty could potentially dip into the principal amount, depending on the accrued interest.
Funding and Other Account Details
Accounts can be funded via ACH, check, or internal transfers, with options for individual or joint ownership.
Interest is compounded and credited monthly, with flexibility in how it’s received.
Upon maturity, funds can be accessed or transferred in various ways, albeit with a $25 fee for wire transfers.
A notable limitation is the allowance of only one beneficiary per account.
About Salem Five Direct
Salem Five Direct has been an online presence for 17 years, offering a range of products nationwide.
As the online division of Salem Five, it benefits from the latter’s robust financial health and innovative banking solutions.
Salem Five’s history of acquisitions and growth, alongside its introduction of cutting-edge banking technology, underscores its commitment to innovation and customer service.
Comparing the 12-Month Salem Five Direct eCD Special
Compare Salem Five Direct’s CD offer with these other promotions:
- Rising Bank Best CD Account Rates: Earn Up To 5.20% APY (Nationwide)
- First Tech Federal Credit Union Promotion: 5.05% APY 13-Month Share Certificate (Available Nationwide)
- Barclays Bank Best CD Account Offers: Earn Up To 5.15% APY (Available Nationwide) – February 2024
- Earn Up To 5.00% APY: CIT Bank’s Best Certificate of Deposit Account Offers (Available Nationwide)
- Earn Up To 5.30% APY: Quontic Bank’s Best CD Account Offers (Available Nationwide)
Our Take on the Bank Offer
Salem Five Direct’s 12-month eCD Special is a nice offer. With a competitive 5.55% APY, it’s like putting your money in a supercharged savings account.
If you’re looking to boost your savings without taking a rollercoaster ride on the stock market, Salem Five Direct’s eCD might just be your ticket to a fatter bank account.