Salem Five


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!

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

Posted by: |

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.

Stay Away From Here

Posted by: |

Fees are insane and customer service is not very helpful. Lost my job and overdrew my account by 9 dollars; was charged a 35 dollar fee. Deposited money to get back in the positive, but was not able to get the fee reversed or even reduced.

When I went to close my account, I was told I needed something notarized; which I cannot even afford until I start my new job. Just lacking compassion plus high fees. Stay away

Skip This Bank

Posted by: |

Only use this bank if you have read all 25 pages of disclosure.
I have used online banking for many years now and have never run into the kinds of restrictions imposed by Salemfive.
For instance, you cannot transfer out any sums over $5000 and you cannot transfer out any sums over $20,000 per month.
A very similar situation for transfers into Salemfive.
Their website is not as user friendly as other online institutions I have used.

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Health

Health Grade Components

Overall
FDIC Certificate #23296
Year Established1855
Employees613
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.6%
Return on Equity - YTD5.07%
Annual Interest Income$41.3MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$6.04B$5.78B
LoansQ1 2022vs Q1 2021$4.25B$4.09B
DepositsQ1 2022vs Q1 2021$5.05B$4.38B
Equity CapitalQ1 2022vs Q1 2021$707.7MM$648.6MM
Loan Loss AllowanceQ1 2022vs Q1 2021$59.0MM$53.0MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$22.2MM$20.0MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%--Open Savings
0.01%--Statement Savings Account
0.01%--Gold Star Saver
0.01%$10-18/65 Savings

Salem Five Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%*$100k*-Advantage Money Market
OTHER TIERS: 0.01% Up to $10k | 0.05% $10k - $100k
0.10%*$10k*$1mGold Star Money Market Account - New Money
OTHER TIERS: 0.05% Up to $10k
0.05%--Retirement Money Market

Salem Five CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$10k-60 Month CD Special
2.25%$10k-48 Month CD Special
2.00%$10k-36 Month CD Special
2.00%$10k-24 Month CD Special
2.00%$10k-30 Month CD Special
1.50%$10k-18 Month CD Special
1.00%$10k-12 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
0.25%$500-12 - 17 Month CD
0.25%$500-18 - 23 Month CD
0.25%$500-24 - 29 Month CD
0.05%$2.5k-3 Month CD
0.05%$2.5k-6 Month CD
0.05%$10k-9 Month No Penalty CD

Salem Five IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$2k-60 Month IRA Special
2.25%$2k-48 Month IRA Special
2.00%$2k-30 Month IRA Special
2.00%$2k-36 Month IRA Special
2.00%$2k-24 Month IRA Special
1.50%$2k-18 Month IRA Special
1.00%$2k-12 Month IRA Special
0.50%$500-42 - 59 Month IRA
0.50%$500-60 Month IRA
0.35%$500-30 - 41 Month IRA
0.35%$500-36 - 41 Month IRA
0.25%$500-12 - 17 Month IRA
0.25%$500-18 - 23 Month IRA
0.25%$500-24 - 29 Month IRA
0.05%$500-3 Month IRA
0.05%$500-6 Month IRA
Locations

Availability



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