Does anyone on this forum have a HYSA with this bank? How has the experience gone?
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If you’re asking about HYSA experiences with a specific bank, it’s crucial to review customer feedback on interest rates, fees, and customer service. Check forums and reviews for real user experiences. Generally, satisfaction depends on competitive rates and responsive support. Make sure to compare with other banks before deciding.
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Salem Five Direct is a digital banking service offering competitive rates on savings and checking accounts. Users often appreciate its online convenience and straightforward banking options. Reviews are generally positive, but experiences can vary based on individual needs and preferences.
Two weeks ago, I applied to start an eSaving account with Salem Five Direct, and they fulfilled their promise by opening my account right away. After two weeks, I get information that: (1) my account has been frozen because they need more illegible proof of my residence; and (2) a hard credit pull has been made on my Equifax credit record. It doesn’t say anywhere on the application that they conduct a hard credit check, so I deliberately phoned them prior to make sure. They said that, sure, they do that when you open the SAVINGS account. This is something they said this morning after pulling money from my account. To cut a long tale short, avoid this bank if you don’t want a two-year stain on your credit report.