Salem Five is headquartered in SALEM and is the 5th largest bank in the state of Massachusetts. It is also the 210th largest bank in the nation. It was established in 1855 and as of December of 2023, it had grown to 654 employees at 35 locations. Salem Five's money market rates are 8X the national average, and it has an A health rating.
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7/23/08 - 5.00% 60-Month CD at Salem Five Bank
1/14/07 - 5.25% Savings Account at Salem Five
5/26/06 - 4.75% Money Market Account at SalemFive
5/12/06 - 5.30% 9-Month CD at a Massachusetts Bank (open to all)
10/19/05 - 4.25% CD/Savings Account and a 3-year 5% CD
I Love Them!
I had to write this review because I am shocked at these ratings. This bank is GREAT! Great products, no fees, good service, up to date with the times. I have the SalemFive Direct eOne Savings and Checking combo with an interest rate of 1.5%. Not bad for complete freedom to your money! Other Banks don't have a rate like this for CD's! I do agree; however, that their penalty for breaking a CD is much too high - they need to fix that!
Trust Not Allowed As Beneficiary
I'm a customer at 11 banks, and Salem Five is the only one that does not allow a Trust as beneficiary. Their very good savings APY tempts me to fund it up to the FDIC limit, but when I die I want that money to go to my Trust, not argued in court.
Otherwise, as other reviewers have pointed out, the transfer limits are another major factor when considering putting more than a few K in the account.
What a shame, because they're nice folks to deal with, their website is user friendly, and I like having paper checks.
No Internal Transfers??
Update 11/16/23
Internal transfer from savings to checking is working now.
Original posting:
I opened savings and checking accounts at Salem Five about a month ago, and everything seemed nicely handled on their website. A few days ago, I anticipated writing a large check and thought, "No problem, I'll just move cash from savings to checking." NO! "What??!" Of the dozens of bank accounts that I've had in my life, this is the only one that does not allow transfers between checking and savings. The only way you can put money into your Salem Five checking account is by transferring from another bank. Is this insane, or am I missing something?
CD Early Withdraw Penalty Is 4% Of Prin.
I was informed today that my CD yielding 0.75 % would incur a penalty of 4 % of principal for early withdrawal. For a bank that in theory is customer owned this policy seems customer hostile.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23296 |
| Year Established | 1855 |
| Employees | 654 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.91% |
| Return on Equity - YTD | 8.04% |
| Annual Interest Income | $298.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $7.29B$6.62B |
| Loans | Q4 2023vs Q4 2022 | $5.33B$4.7B |
| Deposits | Q4 2023vs Q4 2022 | $5.13B$4.96B |
| Equity Capital | Q4 2023vs Q4 2022 | $821.2MM$756.5MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $63.4MM$62.5MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $12.8MM$16.2MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $12.2MM$0 |
