When people think of Salem, Mass., a history of witches is the first thing to come to mind. There is nothing magical about Salem Five savings account rates, and mere mortals are invited to join the savings action. To earn Salem Five savings interest rates some deposit terms must be met including:
- Minimum opening balance of $10,000 required
- There are no monthly fees
- Account provides instant liquidity
- Interest is compounded monthly and will be credited on a monthly basis
- Interest will be forfeited if account is closed prematurely
- Salem Five utilizes the average daily balance method to calculate the interest on your account
- Monthly transactions are capped at 6 or additional penalties of $10 per transaction will apply
- FDIC insured
Salem Five’s Premium High Yield Deposit Accounts rates are based on variable tiered of deposit amounts. The bank’s highest savings account rates are:
- $0 to less than $10,000 can earn .10% APY
- $10,000 to less than $25,000 can earn .50% APY
- $25,000 to less than $50,000 can earn .50% APY
- $50,000 to less than $75,000 can earn .50% APY
- $75,000 to less than $100,000 can earn .50% APY
- $100,000 & over can earn .50% APY
Salem Bank has a history dating back to 1855. At that time, the financial institution was called the “Nickel Bank” as that was the average size of the deposits. Those small increments added up as now, Salem Bank has over $2.8 billion in assets. The corporate headquarters for the bank is based in Salem Massachusetts and the bank has branches all throughout the state.
Current Salem Five CD Rates
Other Salem Five Rates
Other Terms and Conditions may apply. Additionally, rates may have changed since this offer was posted. Please contact the financial institution for the most recent rate updates and to review the terms of the offer.
