Featured Savings Rates
Featured Accounts

I Love Them!

Posted by: Checkers | Nov 13, 2017

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!

If You Can Put Up With A 150-Year Old Institution . . .

Posted by: nevemin | Dec 30, 2017

This 150-year old brink-n-mortar bank is trying to join the 21st century by becoming an "internet bank" - it fails msierably.They have no clue how internet banking works! And interest in learning how either. They think people still use horse-n-buggy for transport and women wear very tight corsetts.

So, why am I trusting them with my money? They have very conservative thinking - which is good. Their state - Massechussetts - forces them to insure a much higher limit than FDIC. They pay better interest rates. And I don't have to see their CEO or bank employees in person to aggravate me further.

They have STUPID limits on incoming deposits - as if Butch Cassidy is going to deposit their loot into this bank.

The CEO must be a complete idiot not to hire top-notch software talent to learn from them to become an internet bank.

Salem Five--Steep Withdrawal Penalty!!!

Posted by: Xoomer01 | Jul 22, 2013

I just chatted with someone at Salem Five to see what the withdrawal penalty on a 5 year CD was and the guy told me 4% of the balance of the CD!  That's too much for me.

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 screwed 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.



Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.71%
Return on Equity - YTD6.97%
Annual Interest Income$160.5MM
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$4.68B$4.12B
LoansQ4 2017vs Q4 2016$3.51B$2.98B
DepositsQ4 2017vs Q4 2016$3.40B$3.09B
Equity CapitalQ4 2017vs Q4 2016$470.6MM$435.6MM
Loan Loss AllowanceQ4 2017vs Q4 2016$28.7MM$24.6MM
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$13.7MM$14.7MM
Real Estate OwnedQ4 2017vs Q4 2016$1.6MM$2.0MM
Report an Issue

Always verify rates and promotions with the bank or credit union. We are not Salem Five; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Salem Five Savings Account Rates

0.05%--Statement Savings Account
0.05%--Gold Star Saver
0.05%--Star Savings
0.05%--Smart Student Saver

Salem Five Money Market Rates

1.50%-$1mGold Star Money Market Account
0.12%*$100k*-Advantage Money Market
OTHER TIERS: 0.02% Up to $10k | 0.05% $10k - $100k
0.10%*$50k*-Star Money Market Account
OTHER TIERS: 0.02% Up to $10k | 0.05% $10k - $50k
0.05%$500-Retirement Money Market

Salem Five Checking Account Rates

0.01%--Star Checking
0.01%--Gold Star Checking
0.01%--Smart Student Checking

Salem Five CD Rates

2.00%$10k-18 Month CD Special
2.00%$10k-36 Month CD Special
2.00%$10k-60 Month CD Special
2.00%$10k-48 Month CD Special
1.40%$10k-24 Month CD Special
1.30%$10k-30 Month CD Special
1.15%$500-60 Month CD
1.00%$500-42 - 59 Month CD
1.00%$10k-13 Month CD Special
0.90%$25k-36 Month Callable CD - 6 Month Lock
0.90%$25k-60 Month Callable CD
0.70%$10k-12 Month CD Special
0.65%$500-30 - 41 Month CD
0.40%$500-18 - 29 Month CD
0.25%$500-12 - 17 Month CD
0.20%$10k-9 Month No Penalty CD
0.15%$2,500-6 Month CD
0.10%$2,500-3 Month CD

Salem Five IRA Rates

2.00%$2k-18 Month IRA Special
2.00%$2k-36 Month IRA Special
2.00%$2k-60 Month IRA Special
2.00%$2k-48 Month IRA Special
1.40%$2k-24 Month IRA Special
1.30%$2k-30 Month IRA Special
1.00%$500-42 - 59 Month IRA
1.00%$2k-13 Month IRA Special
0.70%$2k-12 Month IRA Special
0.65%$500-30 - 41 Month IRA
0.40%$500-18 - 29 Month IRA
0.25%$500-12 - 17 Month IRA
0.15%$500-6 Month IRA
0.10%$500-3 Month IRA