Salem Five Bank Review: Fee-Free Checking and Extensive ATM Access
Written by
Allison Hache
Edited by
Elizabeth Constantineau
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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 has been serving the greater Boston area since 1855. This mutually owned bank offers a full range of products and services for personal and business customers. It has over 30 local branches and an online banking division called Salem Five Direct. The bank stands out for its fee-free checking account, extensive ATM access and user-friendly digital tools.
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.
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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.
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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.
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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.
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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
$3 external funds transfer
$0 to $25
APY
APY
APY
N/A
0%
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-$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
$25,000
$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.
Final Take
Salem Five Bank offers affordable banking with fee-free checking, easy-to-use savings options and solid rates on CDs and money market accounts for higher balances. With a wide ATM network, simple digital tools and great customer service, it’s a top choice for those looking to save money.
These features earned the bank recognition as one of the Best Banks in Massachusetts for 2025. However, if you’re after high-yield savings or bigger rewards, you might want to consider other options.
Salem Five Bank FAQ
Here are the answers to some of the most frequently asked questions about Salem Five Bank.- Is Salem Five Direct the same as Salem Five Bank?
- Salem Five Direct operates as the online division of Salem Five Bank. It debuted in 1995, making it one of the first internet banks.
- What is the ATM limit for Salem Five?
- Salem Five Bank restricts ATM withdrawals to $505 per day. This limitation applies to both ATM and debit cards.
- Does Salem Five have a high-yield savings account?
- No, Salem Five Bank does not have a high-yield savings account. Its online division, Salem Five Direct does offer a high-yield savings account.
- What is the high-yield savings rate for Salem Five Bank?
- Salem Five Bank does not have a high-yield savings account. Its online division, Salem Five Direct, pays a 4.01% APY on its high-yield savings account. This rate can change, so check with the bank directly to find out the current rate.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 17, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 17, 2024.Â
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.
