“If their rate falls, or a bank I know to be better matches it, I would probably move all or most of my money away from Salem Five Direct,” said Lashley, 33.
The bank is now offering 1 percent interest for new customers but is continuing to honor the 1.25 percent promotion Lashley received.
Robert Goldware, a Salem Five Direct customer from San Francisco, found the bank while searching online for higher rates and has never visited a branch. In fact, he said, he has been to the Boston area only once in his life — for a weekend holiday trip in 1978.
“I’ve talked to them on the phone, and they have been exceedingly nice and helpful,” said Goldware, 59, a retired hospital administrator. “If I ever come to Boston, I will stop in and say hello.”
But if he tries to make a deposit, it will cost him $9.95.