Salem Five

Overview / Commentary
71 Washington Street
Salem, MA 01970

Salem Five is headquartered in SALEM and is the 5th largest bank in the state of Massachusetts. It is also the 208th largest bank in the nation. It was established in 1855 and as of March of 2024, it had grown to 646 employees at 35 locations. Salem Five's money market rates are 8X the national average, and it boasts an A+ health rating.

I Love Them!

Posted by: |

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.

Posted by: |

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.



Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.68%
Return on Equity - YTD6.02%
Annual Interest Income$84.2MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$7.34B$6.7B
LoansQ1 2024vs Q1 2023$5.38B$4.79B
DepositsQ1 2024vs Q1 2023$5.31B$5.02B
Equity CapitalQ1 2024vs Q1 2023$838.6MM$769.2MM
Loan Loss AllowanceQ1 2024vs Q1 2023$64.7MM$63.6MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$10.9MM$14.3MM
Real Estate OwnedQ1 2024vs Q1 2023$11.6MM$0
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* 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%$0-Open Savings
0.01%$10-Statement Savings Account
0.01%$0-Gold Star Saver
0.01%$10-18/65 Savings

Salem Five Money Market Rates

3.70%*$10k*-Retirement Money Market
OTHER TIERS: 0.10% $0 - $10k
3.70%*$50k*-Gold Star Money Market Account - New Money
OTHER TIERS: 0.10% $0 - $50k
0.10%*$100k*-Advantage Money Market
OTHER TIERS: 0.01% $0 - $10k | 0.05% $10k - $100k

Salem Five CD Rates

5.00%$500-12 - 17 Month CD
5.00%$10k$500k12 Month CD Special
5.00%$10k$500k6 Month CD Special
5.00%$10k$500k9 Month CD Special
4.50%$2.5k-6 Month CD
4.50%$10k$500k24 Month CD Special
4.50%$500-24 - 29 Month CD
4.25%$500-18 - 23 Month CD
4.25%$10k$500k18 Month CD Special
2.25%$10k$500k60 Month CD Special
2.25%$10k$500k48 Month CD Special
2.00%$10k$500k36 Month CD Special
2.00%$10k$500k30 Month CD Special
0.50%$500-42 - 59 Month CD
0.50%$500-60 Month CD
0.35%$500-30 - 35 Month CD
0.35%$500-36 - 41 Month CD
0.05%$2.5k-3 Month CD
0.05%$10k-9 Month No Penalty CD

Salem Five IRA Rates

5.00%$500-12 - 17 Month IRA
5.00%$2k$500k12 Month IRA Special
5.00%$2k$500k6 Month IRA Special
5.00%$2k$500k9 Month IRA Special
4.50%$500-6 Month IRA
4.50%$2k$500k24 Month IRA Special
4.50%$500-24 - 29 Month IRA
4.25%$500-18 - 23 Month IRA
4.25%$2k$500k18 Month IRA Special
2.25%$2k$500k60 Month IRA Special
2.25%$2k$500k48 Month IRA Special
2.00%$2k$500k30 Month IRA Special
2.00%$2k$500k36 Month IRA Special
0.50%$500-42 - 59 Month IRA
0.50%$500-60 Month IRA
0.35%$500-30 - 35 Month IRA
0.35%$500-36 - 41 Month IRA
0.05%$500-3 Month IRA


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