Salem Five Bank Review: Big Offerings, but a Small Footprint

Salem Five Bank is a regional bank in Massachusetts sporting just 35 branches across the state. But while this small bank has a modest footprint, Salem Five Bank offers a lot of services, including checking and savings accounts, CDs, and even credit cards. See the details on all of these, and more, in our full Salem Five Bank review.

The bank offers a few different savings accounts from which to choose, each with its own pros and cons.

Salem Five Open Savings

Salem Five Open Savings is the basic, no-fee savings companion to Salem Five Bank's The Open Account checking account. It has a sad APY -- just 0.05% -- but the minimum balance is just $10 to open it, then a measly $0.01 to keep it open. (Note you need to have a checking account to open this savings account.)

Salem Five Bank Gold Star Saver

Banking beginners can get an early start with this under-18 savings account. It charges no monthly fee and requires a low $10 deposit to open. Kids can even get their own ATM card. The child will be listed as the primary applicant, though the account must be jointly owned by an adult.

Salem Five Bank Statement Savings

If the low APY of the Open Savings account has you down -- well, so will this one, really. Although the Statement Savings account offers an APY twice as high as the Open Savings, it's still just 0.1% (with a $10 minimum balance), which is far below what you can find from the best savings accounts. The Statement Savings account also charges a $3 monthly fee unless you maintain a balance of $300 or more.

Salem Five Bank Direct eOne Savings

The only high-yield savings account on offer, the eOne Savings account is from the Salem Five Direct arm of the bank, which has a digital focus. An eOne Savings account earns a competitive 5.01% APY on balances up to $1 million (though FDIC coverage is, of course, limited to $250,000).

You can only open an eOne Savings account online, and it requires at least $10 to open. Additionally, you can't already have an open checking or savings account with Salem Five Bank, with the exception of an eOne Checking account.

The annual percentage yields (APYs) for most of Salem Five Bank's accounts are lackluster, but its Special CDs -- and the Salem Five Bank Direct eSpecial CDs -- offer much brighter rates. Here are the details on Salem Five Bank's CD rates.

Salem Five Bank Special CDs

You can get an APY of up to 5% with certain Special CDs. Salem Five Bank offers Special CDs in lengths from six months up to 60 months, though you only get the 5% rate for 6-, 9-, or 12-month CDs. And anything longer than 18 months will drop below 3.5%. You'll need to commit at least $10,000 to get the best APYs.

Salem Five Bank Regular CDs

The Regular CDs are way less exciting than their Special friends, only offering up to 0.5% on long-term CDs. However, balance requirements are much lower, as you only need $2,500 for a 3- or 6-month CD, and only $500 for a CD up to 60 months long. (That said, the low rates mean you're better off putting your $500 in a high-yield savings account instead.)

Salem Five Bank Direct eCD Specials

Another offering from the online-focused Salem Five Direct, the eCD Specials offer a 5% APY on 6-, 9-, and 12-month CDs. You can open these accounts online in minutes with a minimum deposit of $10,000.

As good as some of Salem Five Bank's Special CD rates are, you can still find better out there. Check out some of our top CD picks before deciding.

The bank's chosen to go with a strategy of simplicity when it comes to checking accounts, offering a single option in its branches. If you don't have a Salem Five Bank account and don't mind heading online, you have an additional option.

Salem Five Bank The Open Checking Account

Dubbed as its "All-in-One Checking Account with Rewards," The Open Checking account is a simple checking account with no monthly fees. Debit card purchases earn rewards, though it's a bit odd; instead of a percentage of your purchase amount, you'll only earn $0.05 per debit card transaction.

There's no minimum balance requirement to keep your account open, and no fees at 55,000 Allpoint or Salem Five Bank ATMs. You may also qualify for waived ATM fees from other banks if you reach the balance minimums. Specifically, you'll get $7.50 a month in ATM fee reimbursement if your balance is $3,000 to $4,999, and unlimited ATM fee reimbursement if your balance is $5,000 or above.

Salem Five Bank Direct eOne Checking

This checking account is from the Salem Five Direct arm of the bank, which is dedicated to digital banking. It can only be opened online, and it can only be opened if you do not currently have a Salem Five Bank checking account.

The eOne Checking account has no monthly service fees, and you only need $10 to open it. It's interest-bearing, but only offers 0.01% APY. You can use Allpoint or Salem Five Bank ATMs with no fees, and you'll get up to $15 a month in ATM fee reimbursement for fees from other banks.

A checking account with no minimums and no monthly fee is pretty much the gold standard, but it's still worth checking to see what else is out there. See some of our picks for best checking accounts before choosing a bank.

Overall, Salem Five Bank seems to be a decent regional bank. It was listed by Forbes as a Best-In-State bank in 2022. Most of its branches have 3.5 to 4 stars from Google reviews, and the mobile apps have 4.1 stars and 4.7 stars in the Android and iOS marketplaces (respectively).

There are no published perks for having a certain relationship with Salem Five Bank. That said, it does offer a variety of Wealth & Trust services, so there may be extra benefits you receive by taking advantage of these services.

Salem Five Bank has a lot of good features, but it might not be for everyone. Here are a few other banks to consider.

Chase Bank

Choosing a small local bank has some benefits, including more personal service. But sometimes you need a bank with a big footprint. Chase Bank has thousands of locations across the country, making it easy to access a branch even if you move or go on vacation. Plus, it has a massive array of products and services, including some of the most popular rewards credit cards on the market.

Discover® Bank

If you're comfortable banking digitally, consider Discover® Bank. This online-only bank offers competitive rates on its savings accounts and CDs. You can also get rewards checking with no monthly fees. It also has a host of cash back rewards cards, money markets, and IRA options. Top it all off with Discover's award-winning customer service, and you have the makings of some great banking.

Salem Five Bank could be the right fit if you:

• Live in its service area and want a local bank
• Prefer simple, fee-free checking and savings
• Are interested in having all of your financial services in one bank

Salem Five isn't limited to a few basic bank accounts. It offers a huge range of products, from credit cards to wealth management services.

Salem Five credit cards

• Salem Five Everyday Rewards+ Card: A no annual fee rewards card with 4X points per $1 on dining, 2X on groceries and streaming.
• Salem Five Platinum Card: This card has no rewards but it comes with a 15-month intro 0% APR offer.
• Salem Five Max Cash Preferred Card: You can choose your own cash back categories and earn up to 5% cash back (quarterly cap applies).
• Salem Five Travel Rewards+ Card: Cardholders earn 4X points per $1 on travel, gas, entertainment, and recreation purchases. The $99 annual fee is waived the first year.
• Salem Five Reserve Rewards+ Card: This premium card comes with lounge access, 2X points on purchases, and annual travel credits. Note the $390 annual fee.
• Salem Five College Real Rewards Card: A student credit card with unlimited 1.5X points $1 and no annual fee.
• Salem Five Max Cash Secured Card: You can build credit while earning rewards with this cash back secured card. Keep an eye on the high APR, though.
• Salem Five Secured Card: This basic secured card can help you build credit with a refundable deposit.

Salem Five mortgages

• Salem Five Home Purchase mortgage loans
• Salem Five Mortgage Refinance loans
• Salem Five Construction & Renovation loans
• Salem Five Jumbo loans
• Salem Five Reverse mortgage loans
• Salem Five VA mortgage loans
• Salem Five Star Home Equity Line of Credit

Salem Five loans

• Salem Five Automobile Loans
• Salem Five Student Loans

Salem Five Money Market

• Salem Five Gold Star Money Market
• Salem Five Advantage Money Market

Other products from Salem Five Bank

• Salem Five Retirement CD
• Salem Five Retirement Money Market
• Salem Five Insurance
• Salem Five Investment Services
• Salem Five Wealth & Trust
• Salem Five Business Services

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