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71 Washington Street Salem, MA 01970 800.850.5000 www.salemfive.com  |
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Salem Five is headquartered in Salem and is the 9th largest bank in the state of Massachusetts. It is also the 249th largest bank in the nation. It was established in 1855 and as of December of 2012, it had grown to 486 employees at 24 locations. Salem Five has a 4-star health rating.
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Salem Five is advertising the following 2 new-branch deposit specials: 1.15% APY money market account with rate guaranteed through 2012. Checking account is required 1.15% APY 15-month CD. Minimum deposit $10K ($2K for an IRA) Specials are only avai
Salem Five Bank increased the rate of its 2-year CD special from 1.50% to 1.75% APY. Its other two special CD rates remain the same and not too competitive: 2.50% APY for 5 years and 1.10% APY for 14 ...
Salem Five Bank increased the rate of its 2-year CD special from 1.50% to 1.75% APY. Its other two special CD rates remain the same: 2.75% APY for 5 years and 1.35% APY for 14 months. Minimum deposit ...
Salem Five Bank is offering three special CDs: a 2.75% APY 5-year CD, a 1.50% APY 2-year CD and a 1.35% APY 14-month CD. Minimum deposit is $10K for a regular CD and $2K for an IRA CD. These CD rates ...
2010
Data for Q4 2012
Institution Statistics
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Institution Health
Overall Score:
4 out of 5 
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3-year Term IRA CD
1.21% APY
Capital One 360
360 Checking Account
0.85% APY
Mistakes, Mistakes & More Mistakes!
I've had nothing but trouble with Salem Five. Here is my experience, you be the judge.
First mistake: they started to withhold interest - when I asked why they said I must have inadvertently "checked off I was subject to backup withholding on my W9".
The next time they ****ed up was when they unexpectedly lowered my interest rate without informing me -- after they had assured me several months before that the rate was good thru a certain period. I never would have noticed but learned on the internet that other people had complained of the very same thing. That's when I checked my statement. The problem is that you won't know that your interest rate has been changed in the 30 days previous until you receive your next statement - so it was pretty deceptive. I phoned and demanded to speak to a supervisor who quickly "fixed the problem" when she heard me say I was going to complain online.
The last time was the final straw. After I'd been with them for a considerable time they informed that my SS# was incorrect and if I didn't send in the proper one within a certain time span I would go into backup withholding. It was their error. Obviously someone had mistyped my information. They refused to admit it but "couldn't locate the original W9". Then to make matters worse they "never received" the form they sent me to fill out. How odd -- I drove straight to the local post office and mailed it in one of their postage-free envelopes. How could they lose something like that?! I now have to worry about identity fraud.
In the past 35 years I've had dozens of accounts at many different banks & CU's and have never had a problem. I am obsessively careful when filling out bank documents.
Needless to say, after all this I closed my account.