Salem Five
Salem Five is a mid-sized bank headquartered in Salem, MA. The bank operates 21 branches in 1 state (Massachusetts). Salem Five has deposits of $1.9 billion, and was established in March 1855.
This bank is FDIC insured - all deposits are protected for up to $250,000. Products offered by the bank include: Salem Five CD, Relationship CD, Retirement CD, Advantage MMA, Online MMA and Star Money MMA.
Current Salem Five Rates
| Name | Term | APY | Min Deposit | |
| Salem Five CD | 3 months | 0.25 % | $2,500 | |
| 6 months | 0.30 % | $2,500 | ||
| 1 year | 0.45 % | $500 | ||
| 18 months | 0.60 % | $500 | ||
| 30 months | 0.85 % | $500 | ||
| 42 months | 1.30 % | $500 | ||
| 5 years | 1.45 % | $500 | ||
| Relationship CD | 9 months | 0.40 % | $10,000 | |
| 1 year | 0.75 % | $10,000 | ||
| 18 months | 1.00 % | $10,000 | ||
| 2 years | 1.00 % | $10,000 | ||
| 3 years | 1.10 % | $10,000 | ||
| 5 years | 1.60 % | $10,000 | ||
| Retirement CD | 3 months | 0.25 % | $500 | |
| 6 months | 0.30 % | $500 | ||
| 1 year | 0.45 % | $500 | ||
| 18 months | 0.60 % | $500 | ||
| 30 months | 0.85 % | $500 | ||
| 42 months | 1.30 % | $500 | ||
| 5 years | 1.45 % | $500 |
About Salem Five
Founded in 1855 and headquartered in Salem, Massachusetts, Salem Five Cents Savings Bank was known as the "Nickel Bank" because the first day's deposits ranged from five cents and upward. Throughout the Civil War, two World Wars, the Great Depression and other moments of challenge and prosperity, Salem Five has stood strong and steadfast, offering financial services to the citizens of greater Salem and beyond. Today, we are strong, well capitalized and one of the most innovative banks.
Salem Five has built a reputation as the leading bank in Salem throughout the 20th century, playing a major role in the rebuilding of Salem after the Great Fire of 1914, which ravaged much of the city. In the 1950's, when the city's largest employers left in search of cheap labor, Salem Five funded the restoration of the great mills, which today have been converted into offices and light manufacturing.
Salem Five was a major force behind the revitalization of downtown Salem in the 1970's and 80's and, as a driving force in Salem's waterfront development efforts, funded the transformation of Pickering Wharf into a flourishing commercial, residential and recreational shopping area. Salem Five also played a key role in the movement to revitalize the National Park Service's Salem Maritime National Historic Site, one of the city's most valuable assets.
The 1990's saw the emergence of Salem Five as a leading innovator in electronic banking. As the first New England bank to launch an internet bank in 1995, salemfive.com at Salem Five continues to lead the internet banking world.