Salem Five is headquartered in Salem and is the 5th largest bank in the state of Massachusetts. It is also the 236th largest bank in the nation. It was established in 1855 and as of March of 2022, it had grown to 613 employees at 34 locations. Salem Five's CD rates are 11% higher than the national average, and it has an A health rating.
Related Posts
4/27/11 - Salem Five CD and Savings Account Promo Updates
1/12/11 - Update on Salem Five Bank's CD Specials - Available Nationwide
12/15/10 - Competitive CD Specials at Salem Five Bank - Available Nationwide
7/4/10 - $100 Gift Card Bonus For Opening A Checking Account At Salemfive In MA
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!
If You Can Put Up With A 150-Year Old Institution . . .
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
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
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.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23296 |
| Year Established | 1855 |
| Employees | 613 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.6% |
| Return on Equity - YTD | 5.07% |
| Annual Interest Income | $41.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $6.04B$5.78B |
| Loans | Q1 2022vs Q1 2021 | $4.25B$4.09B |
| Deposits | Q1 2022vs Q1 2021 | $5.05B$4.38B |
| Equity Capital | Q1 2022vs Q1 2021 | $707.7MM$648.6MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $59.0MM$53.0MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $22.2MM$20.0MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |
