Salem Five Direct is a great online bank with low fees and good interest rates. If you like the idea of banking online and handling most of your transfers and other needs yourself, this bank's online checking and savings accounts are a competitive option. If you live in Massachusetts, the appeal is even greater.
About Salem Five Direct
All deposits are fully insured through a combination of insurance by the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Depositors Insurance Fund (DIF).
Learn more about how we review products and read our advertiser disclosure for how we make money. Vio Bank is the online-only division of MidFirst Bank. Headquartered in Oklahoma City, MidFirst was established in 1911. With more than $29 billion in assets, it is the largest, privately-owned bank in the U.S.
Yes, Axos Bank is FDIC insured (FDIC# 35546).
The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at our member banks. The DIF has been insuring deposits since 1934. ... Each depositor is insured by the FDIC to at least $250,000.
A: The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
While these disadvantages may not keep you from using online services, keep these concerns in mind to avoid potential issues down the road.
Online banks with standard security measures are just as safe as traditional banks. Look for features such as encryption and fraud monitoring, and before you open a bank account, make sure the money is insured by the Federal Deposit Insurance Corp.
As the bank also lacks physical branches and bank tellers, the only way to withdraw funds is to make an electronic funds transfer or send a domestic wire — international wire transfers are also unavailable. You can also request a physical check in the mail from Vio.
The bank has three branches located in San Diego, California; Las Vegas, Nevada;, and Columbus, Ohio.
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Axos Bank.
| Type | Subsidiary |
|---|---|
| Total equity | $0.960 billion (2018) |
| Number of employees | 801 (2018) |
| Parent | Axos Financial |
| Website | www.axosbank.com |
Bank products and services are offered by Axos Bank. All deposit accounts through Axos Bank are FDIC insured through Axos Bank. All deposit accounts of the same ownership and / or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546.
0.61% APY*. No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
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