Salem Five Direct CD Rates Review: Good Rates, High Minimum Deposit

What can a Salem Five Direct CD earn you?

Certificates of deposit are reliable securities that offer a passive cash flow. In many cases, the returns from CDs are greater than those of regular savings accounts. Salem Five Direct is an online division of Salem Five Bank, which has been serving the greater Boston area for more than 160 years, has CDs with competitive rates, and best of all, you don’t need to be a Bostonian to take advantage of an online CD account. Read through this review to see if these products are right for you.

Click to get tips for choosing your CD.

Salem Five Direct CDs at a Glance
Minimum Deposit$10,000
Monthly Maintenance FeeNone
High-Yield OptionsYes
Term Options
  • 18-month
  • 24-month
  • 48-month
Early Withdrawal FeeYes
Information accurate as of Oct. 9, 2018.


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What You Need to Know About Salem Five Direct CDs

The biggest thing to keep in mind about CDs is the minimum deposit, and Salem Five Direct’s are no different — all high-yield options require a $10,000 deposit. There are also penalty fees for withdrawing from your account before maturity so make sure you won’t need that money for the term of the CD before you make you a deposit.

Best for: People looking to build wealth and don’t need access to $10,000+ for an extended period of time

Related: Why You Should Open a CD

Best Features of Salem Five Direct CDs

The competitive APY of the Salem Five Direct CDs is something you will want to take into consideration when looking to invest.

Learn: Complete CD Tax Guide — From Death Taxes to Interest Income Taxes

Terms and APY of Salem Five Direct CDs

Here are the possibilities for its CD accounts.

Salem Five Direct CDs
CD TermMinimum DepositAPY
18 months$10,0002.30%
24 months$10,0002.50%
48 months$10,0003.00%
Information accurate as of Oct. 9, 2018.

Find Out: Best CD Account of 2018

Should You Get a Salem Five Direct CD?

People looking for a convenient online platform t0 open CDs should consider Salem Five Direct. Its CDs provide a nice return, but you will have to put in a bigger minimum deposit.

Click through to read about Salem Five Direct’s savings account.

More on CDs

This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Salem Five Direct.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

About the Author

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.