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Salem Five Gold Star Money Market Account Review: Mid-Tier Rates for Top-Tier Balances

Review Updated
Brittney Myers
By: Brittney Myers
Brittney Myers
Brittney Myers
Writer

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Nathan Alderman
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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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The best money market accounts are a perfect blend of checking and high-yield savings. The Salem Five Gold Star Money Market Account is almost there -- assuming you have at least $50,000 to deposit, otherwise you're well below competitive level. If you like this small, local bank, however, it may be a decent place for your emergency fund. We go over the pros and cons in this complete Salem Five Gold Star Money Market Account review.

Ratings Methodology
Rates as of Jun 28, 2024

Salem Five Gold Star Money Market Account

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
= Poor
Monthly Fee
$0
Min. Balance
$10
APY
0.10% to 3.70%
Min. To Earn APY
$50,000 for top rate
  • No monthly fees
  • Low minimum to open
  • ATM access
  • High balance required for good APY
  • Regional bank with limited footprint
  • Limited to six monthly transfers

This account has a high balance requirement to get the best APY, but even that isn't as competitive as it could be. It may do all right for folks who already bank at Salem Five and want to keep a hefty emergency fund here. Otherwise, it's a pass.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Full Salem Five Gold Star Money Market review

Top perks

No monthly account fee: There's no monthly service fee for your account, so it won't cost you money just to keep your account open.

Only $10 required to open: You don't need to be a Rockefeller to open this bank account; you only need to make a $10 initial deposit to open.

Account comes with ATM card for quick access: You can get your cash whenever you need it thanks to the ATM card. Use your card at more than 55,000 Allpoint or Salem Five Bank ATMs with no bank fees.

FDIC insured: Salem Five Bank is a member of the FDIC, so your deposits are covered under standard FDIC insurance for up to $250,000.

What could be improved

Balance of $50,000 or more required for best rates: The best money market accounts offer big APYs. And you can get a decent rate if you're at the very top of the rate spectrum for Salem Five Bank money market accounts. Unfortunately, it takes a balance of at least $50,000 to earn that top APY. If your balance is below that threshold, you get a truly terrible rate.

Regional bank with limited footprint: If you're the type of person who likes to bank in person, this might not be your best pick -- that is, unless you live in eastern Massachusetts, anyway. That's where this bank's 35 branches are located.

Account is limited to six transfers a month: Although Regulation D isn't in effect currently, this account is still subject to the monthly transfer limitations.

No ability to write checks: Unlike some money market accounts, this one from Salem Five Bank doesn't come with the option to write checks. While not as prevalent a payment method as they used to be, there are still bills and other expenses that require checks, so this is kind of a bummer.

How to access your money

Salem Five Bank has 35 physical locations across eastern Massachusetts, giving you both digital and physical ways to access your funds.

Deposit options

You can deposit money into your Salem Five Gold Star Money Market Account in multiple ways:

  • Online transfer from another Salem Five Bank account
  • ACH transfer from an external bank account
  • Wire transfer from an external account (fees apply)
  • Mobile check deposits through the Salem Five Bank mobile app
  • Deposit cash or a check at a bank branch
  • Receive money via Zelle

Remember that you're limited to six transfers per month with this account.

Withdrawal options

You can get access to your money using a variety of methods:

  • Online transfer to another Salem Five Bank account
  • ACH transfer to an external bank account
  • Wire transfer to an external account (big fees apply)
  • Withdraw in person at a bank branch
  • Get a money order or treasurer's check
  • Withdraw from an ATM
  • Send money via Zelle

Due to the limited footprint, you'll need to be in eastern Massachusetts to use the in-branch options.

Salem Five Gold Star Money Market Account is right for you if:

If you're already a Salem Five Bank customer and want to keep your very large emergency fund with the bank, then this account could be a good fit. If you can't reach the $50,000 deposit minimum for the highest APY, however, you will probably be better off looking for a money market account with a better interest rate.

Keep reading about Salem Five

Our money market account methodology

At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 60%
  • Brand and Reputation: 15%
  • Fees and Minimums: 15%
  • Perks: 10%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • The APY you get will depend on your account balance. If you have less than $50,000, the rate is very, very low. If you have more than $50,000, you get a much better rate. That said, even the highest rate is below the APY you can get from some of the best money market accounts.

  • This account doesn't have any monthly service fees. However, you may need to pay fees for certain services, such as wire transfers or out-of-network ATM usage.