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The Boston Globe


Seeking a higher rate? Bank won’t always steer you online

Deymond Lashley has never set foot in a Salem Five Bank branch — or even the bank’s hometown of Salem, for that matter.

But when the New Yorker started hunting for high-paying online savings accounts, he discovered that Salem Five’s Internet banking division, Salem Five Direct, paid 1.25 percent a year, one of the highest rates in the country. He set up an account and locked in the rate last month.

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