Salem Five Bank Review: Fee-Free Checking and Extensive ATM Access
Written by
Allison Hache
Edited by
Joe Evans
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
ON THIS PAGE
Salem Five Bank offers fee-free checking and broad ATM access.
Whether you're a Massachusetts resident looking for a simple, low-cost checking account or a business owner needing a reliable banking partner, Salem Five Bank has options designed to meet your needs. GOBankingRates ranked Salem Five Bank as one of the Best Banks in Massachusetts for 2025.
Salem Five Bank is a long-standing regional bank based in Massachusetts, offering a full range of personal and business banking products. With a strong branch presence across the state and a reputation for community involvement, Salem Five emphasizes relationship banking and local service over leading the market on deposit rates.
This review breaks down Salem Five Bank’s savings, money market, CD and checking offerings, who the bank is best suited for and where it may fall short for yield-focused savers.
Salem Five Bank at a Glance
| Category | Details |
|---|---|
| Founded | 1855 |
| Headquarters | Salem, Massachusetts |
| Branch footprint | Primarily Massachusetts |
| Banking model | Regional community bank |
| Deposit insurance | FDIC |
Salem Five Bank Checking Accounts
Salem Five has one checking account, the Open Account. This fee-free account offers affordability and convenience, making it a solid choice for everyday banking. Notable features include:
- Open an account with only $10.
- No monthly maintenance fees keep this account cost-effective.
- Earn $0.05 cashback for every debit card purchase with the Open Rewards option.
- Enjoy fee-free withdrawals at over 55,000 Allpoint ATMs, with reimbursement for out-of-network fees.
Best For
Banking in Massachusetts
Low Minimum Deposit
Mobile App
Low Monthly Fees
Credit Cards
Open an Account With Just $10
The Salem Five Open Account offers fee-free banking with easy access to over 55,000 ATMs and cash-back rewards. It’s an ideal choice for customers who want affordable, everyday banking without the hassle of monthly fees.
Fees
No monthly service fee
APY
N/A
Min Opening
$10
Pros
- No monthly maintenance fees
- Generous ATM access and reimbursement policy
- Cash-back rewards on everyday purchases
Cons
- No branches outside Massachusetts
- Rewards are modest compared to similar accounts at other banks
- Must meet balance requirements to qualify for ATM fee reimbursement
Quick Take
The Salem Five Open Account is a solid choice for fee-conscious customers who want broad ATM access and basic rewards. However, if you rely heavily on branch services or expect a more robust rewards program, it might be worth exploring other options.
Show Pros, Cons and More
Hide Pros, Cons and More
Salem Five Bank Savings Accounts
Salem Five Bank offers two standard savings accounts: Open Savings and Statement Savings, plus the Gold Star Saver account for children.
- The Open Savings account is fee-free, requires no minimum balance and allows you to open an account with $10, making it a good option for those who want simplicity and affordability.
- The Open Savings account has an APY that is not competitive — the bank does not offer a high-yield savings account.
- Open a savings account with $10.
- The Open Savings account pays a APY. All other savings accounts pay .
- A $3 fee applies to the Statement Savings account if you don’t maintain a $300 balance.
- Debit card cash-back rewards and ATM reimbursements can be deposited directly into your savings account, making savings automatic.
Best For
Banking in Massachusetts
Low Minimum Deposit
Mobile App
Low Monthly Fees
Credit Cards
Multiple Options To Fit Every Saver’s Needs
The Salem Five Open Savings account offers simplicity and no fees, making it a great choice for those just getting started. With automatic cash-back deposits and low opening requirements, it’s an affordable way to save, though its APY is not competitive.
Fees
$0 to $3 monthly
APY
Up to
Min Opening
$10
Pros
- Low minimum opening deposit
- Deposit matching for children’s account
- Cash-back rewards automatically deposited in savings account
Cons
- APY is not competitive
- Limited options for maximizing savings
Quick Take
The Open Savings account is a great choice for those who want a simple savings account. The Gold Star account is an excellent vehicle for encouraging savings habits in children. However, the lack of a competitive APY and no high-yield savings option may not appeal to you if you want to maximize your savings.
Show Pros, Cons and More
Hide Pros, Cons and More
Salem Five Bank CD Accounts
Salem Five Bank offers both Special and Regular CD options.
- The 6-month Special CD, with a APY, is a standout for short-term growth, but the minimum deposit may limit accessibility.
- Regular CDs, available with terms from 3 to 60 months come with a $500 minimum deposit. This provides more flexibility for savers who have lower entry requirements.
- APY for Regular CDs goes up to .
- Special CDs have rates that go up to .
- Choose from short- and long-term CDs with terms ranging from 3 to 60 months.
- Open a Regular CD for as little as $500.
- Special CDs require a deposit of $10,000.Â
Best For
Banking in Massachusetts
Low Minimum Deposit
Mobile App
Low Monthly Fees
Credit Cards
Range of Terms and Rates
Salem Five Bank offers flexible CD options with competitive rates. Regular CDs start at $500, while Special CDs offer higher rates but require a $10,000 deposit.
Fees
Early withdrawal penalties may apply
APY
Up to
Min Opening
$500 to $10,000
Pros
- Competitive APY for Special CDs
- Flexible term lengths
- Low minimum deposit for Regular CDs
Cons
- High minimum deposit for Special CDs keeps the top rates out of reach for some customers
- Rates for some terms are not competitive
Quick Take
With flexible terms and competitive rates, Salem Five Bank’s CD offerings cater to a variety of savers. However, the high minimum deposit required to earn the top rates may deter some savers, and rates for CDs in the mid-term range are not as attractive as what you may find at other banks.
Show Pros, Cons and More
Hide Pros, Cons and More
Salem Five Bank Money Market Accounts
Salem Five Bank has two money market accounts: the Advantage Money Market and the Gold Star Money Market. These accounts provide flexibility and competitive features, with a low opening deposit of $10.
- Gold Star Money Market pays APY for accounts with at least $50,000 and an APY of APY for less than $50,000 balance.
- The Advantage Money Market account pays between APY and , depending on the account balance.
- Interest compounds monthly.
- Avoid the $15 monthly fee by keeping at least $2,500 in the Advantage Money Market account.
- The Gold Star Money Market account has no monthly fees.
- Both accounts allow a limit of six transactions per month.
Best For
Banking in Massachusetts
Low Minimum Deposit
Mobile App
Low Monthly Fees
Credit Cards
Competitive Rates With Higher Balances
Gold Star Money Market offers attractive rates for balances over $50,000, while the Advantage account provides flexibility with lower deposits. Both accounts offer easy access to your funds.
Fees
$0 to $15 monthly
APY
Up to
Min Opening
$10
Pros
- Low opening deposit makes the account accessible for all customers
- No monthly fees for the Gold Star Money Market account
Cons
- High balance required to earn the top rates can restrict earnings
- APY for balances under $5,000 is not competitive
Quick Take
While the Gold Star Money Market account pays a competitive APY for balances of $50,000 or more, the Advantage Money Market account is less attractive with a lower APY and monthly fee. These accounts are best suited for savers who can maintain a balance high enough to take advantage of the top rates.
Show Pros, Cons and More
Hide Pros, Cons and More
Banking Experience
Salem Five Bank has a mobile app for Apple and Android devices, and both apps have at least a 4.5 rating on Google Play and the Apple App Store.
Users appreciate features like simple fund transfers, the ATM locator and the ability to view balances without logging in. Customers also highlight the helpfulness of the bank’s staff, the ease of accessing accounts and the range of products available.
Comparable Regional Bank Options
When deciding if Salem Five Bank meets your financial needs, it’s helpful to see how its products and services stack up against those of other banks in the greater Boston area.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$0 monthly fee
$0 to $25
APY
APY
APY
N/A
Min Opening
Min Opening
Min Opening
$10
$10
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $3 monthly
$5 waivable monthly service fee
$0 to $4.99
APY
APY
APY
Up to
–
Min Opening
Min Opening
Min Opening
$10
$250
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalties may apply
Early withdrawal penalties may apply
No monthly service fee
APY
APY
APY
Up to
Up to
–
Min Opening
Min Opening
Min Opening
$500 to $10,000
$1,000
$1,000- $25,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $15 monthly
$5 waivable monthly service fee
No monthly service fee
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$10
$1,000
$0
Salem Five Bank vs. Eastern Bank
Eastern Bank has more than 100 local branches in Massachusetts, Connecticut, New Hampshire and Rhode Island, giving it a wider footprint than Salem Five Bank.
Its affordable Statement Savings requires a $10 opening deposit and has no monthly fees. Salem Five’s fee-free savings account pays a higher APY and gives you the option to automatically transfer ATM reimbursements and cash-back rewards into the savings account.
Salem Five Bank vs. North Shore Bank
North Shore Bank has four checking accounts, including the Balance Checking account which pays you 5% cash back on purchases made with the bank’s debit card. It comes with access to more than 33,000 ATMs on the MoneyPass network and has no minimum balance requirement, but you’ll pay a $5 maintenance fee each month.
However, Salem Five Bank gives you access to 55,000 ATMs on the AllPoint network and charges no maintenance fee.
Salem Five Bank vs. Rockland Trust
With 120 branches in Massachusetts and Rhode Island, Rockland Trust gives customers more options for in-person banking. It pays a competitive APY for CDs, and you can open a CD account with $1,000.
Salem Five Bank pays a lower APY for standard CDs, but its CDs are more accessible to a wider variety of savers. It has a larger selection of terms, and you can open an account with $500.
Who Salem Five Bank Is Best For
Best Fit
- Customers who value local branches and in-person service
- Households managing checking, savings and loans at one bank
- Customers who prioritize community-focused banking
Less Ideal
- Rate-focused savers chasing top APYs
- Digital-first users comfortable with online-only banks
- Large idle balances seeking aggressive interest growth
Overall Banking Experience
Salem Five Bank delivers a traditional regional banking experience centered on customer relationships and community involvement. Its digital tools support everyday banking needs, but the bank’s primary strength remains its branch network and local decision-making.
Final Take to GO
Salem Five Bank is a dependable choice for customers who prioritize local service, branch access and relationship banking. While its savings, money market and CD rates are typically modest, the trade-off is stability, familiarity and a strong regional presence.
For savers focused on maximizing interest, Salem Five Bank may not be the best fit. For customers who want a community-oriented bank with comprehensive services, it remains a solid option.
Salem Five Bank FAQ
Here are the answers to some of the most frequently asked questions about Salem Five Bank:- Is Salem Five Bank FDIC-insured?
- Yes. Deposits are insured by the FDIC up to applicable limits.
- Does Salem Five Bank offer high-yield savings accounts?
- No. Savings and money market rates are generally conservative and not positioned as high-yield products.
- Are Salem Five Bank CDs competitive?
- CDs offer predictable returns but usually trail the highest yields available nationally.
- Is Salem Five Bank good for everyday checking?
- Yes, particularly for customers who value branch access and local customer support.
- Who should consider banking elsewhere?
- Savers focused on maximizing APYs or managing money entirely online may prefer other options.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 5, 2026.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
