Top online bank: Salem Five Direct
Salem Five Direct impresses with a high-yield savings account that has no monthly fees. Right now, you can earn 1.91 percent APY on its savings account. You will, however, need at least $100 to open the account.
Its checking account can also help you earn a little extra money. It pays 0.25 percent APY on your balance. You can also earn cash back on your debit card purchases and won’t pay a monthly fee for the account. The bank never charges you for ATM transactions and will reimburse up to a certain amount of fees others banks charge.
While there’s nothing innovative about the bank’s mobile app, it scores well in the app stores and will let you tackle the important chores, like deposit checks and pay bills.
Salem Five Direct is an online division of Salem Five Bank in Salem, Massachusetts.
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