Updated
Fact Checked
Nathan Alderman
If you like banking with Salem Five and want a good place to put your money, its Special CDs could be a good pick. The Salem Five Bank CDs offer competitive rates for those who can meet the minimum balance, though that may not be easy for everyone.
To see what rates you can expect -- and how much money you'll need to get them -- read our full Salem Five Bank CD review.
Salem Five Bank CD rates
Rates as of May 1, 2024
APY = Annual Percentage Yield
Salem Five Bank CD
MINIMUM DEPOSIT $10,000
| 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|---|
| 5.00% | 5.00% | 5.55% | 4.50% | 3.25% | 2.00% | 2.25% | 2.25% |
Compare Salem Five Bank CD rates
Overall, Salem Five Bank CDs have decent rates if you get a Special CD, though some of the best CD accounts offer even higher APYs. Moreover, Salem Five has particularly high minimum balance requirements, so those rates may not be available to everyone. Check out a few of our picks for the best CDs to see some other options.
Rates as of May 1, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Details on Salem Five Bank CDs
A good CD can help your savings grow. Salem Five Bank CDs can have competitive rates compared to other banks, but they're not perfect for everyone. Here are the pros and cons.
Pros and Cons of Salem Five Special CDs
PROS
- Competitive rates available
- No monthly account fees
- Variety of term lengths
CONS
- High minimum deposit requirement
- Rates drop for longer terms
Salem Five Special CDs Review
Salem Five's Special CDs are where you'll find the best rates -- provided you can afford them. The high minimum balance required to open these CDs may be a dealbreaker for many savers. You'll also need to stick to short-term CDs for the top APYs, as the longer-term accounts have much lower rates. On the plus side, no monthly account fees.
Pros and Cons of Salem Five Regular CDs
PROS
- No monthly account fees
- Variety of term lengths
- Moderate minimum balance requirement
CONS
- Rates are very low
Salem Five Regular CDs Review
Salem Five's Regular CDs aren't of much interest. While they have a lower minimum balance requirement than the Special CDs counterparts, it barely matters since the APYs are so low. These rates are (barely) better than your typical brick-and-mortar low-interest savings account. And they don't stack up at all to the best high-yield savings accounts.
Other Salem Five CD accounts
Salem Five also offers the following CD accounts:
- Salem Five Direct eCD Specials
- Retirement CDs
Who is a Salem Five Bank CD right for?
Folks who can afford the high minimum balance can earn a good rate on short-term Special CDs from Salem Five. Otherwise, it's probably best to check out your options at other banks.
Bottom line: Salem Five Bank CD rates
Salem Five Bank CD
- 6 APY: 5.00%
- 9 APY: 5.00%
- 12 APY: 5.55%
- 18 APY: 4.50%
- 24 APY: 3.25%
- 36 APY: 2.00%
- 48 APY: 2.25%
- 60 APY: 2.25%
Rates as of May 1, 2024
APY = Annual Percentage Yield
Term
Salem Five Bank CD
6 Mo.
9 Mo.
1 Yr.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
5.00%
5.00%
5.55%
4.50%
3.25%
2.00%
2.25%
2.25%
Keep reading about Salem Five Bank
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
If you can meet the minimum balance requirement, a Special CD from Salem Five offers a fairly competitive rate for your short- to mid-term savings.
-
Salem Five's short-term Special CDs can be worthwhile, though they do have a high minimum balance requirement. The Regular CDs aren't worth your time or trouble.
Our Banking Experts
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.
Fact Checked
Nathan Alderman
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.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. SLM is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has positions in American Express. The Motley Fool has positions in and recommends Charles Schwab, Goldman Sachs Group, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc and Discover Financial Services and recommends the following options: short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.