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

Review Updated
Brittney Myers
Brittney Myers
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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.

Offer image for
Member FDIC.

Salem Five Bank

Rating image, 4.00 out of 5 stars.
4.00/5 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
= Good
= Fair
= Poor
Bottom Line

Salem Five Bank offers a lot of financial services to its local community, from checking to credit cards to investments. It offers several low-fee options, including a checking account with $0 monthly fees, and many of its rates are competitive. The online banking experience isn't as flashy as the big banks, but both the browser and mobile app are easy to use.

Pros
  • Wide variety of products and services
  • Great rates on special CDs
  • Bank accounts with no monthly fees
  • Online banking and mobile app
Cons
  • Small footprint limited to eastern Massachusetts
  • Disappointing APYs on savings and money market accounts

Salem Five Bank savings accounts

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.

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
4.30%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!

Salem Five Bank CD accounts

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.

Rates as of May 29, 2025

APY = Annual Percentage Yield

Offer image for Salem Five Bank CD
Salem Five Bank CD
Bottom Line

Salem Five Bank offers Regular CDs, Special CDs, Regular IRA CDs, and Special IRA CDs. The rates showcased here are for the Regular CDs. You'll generally find the highest APYs with the bank's Special CD options, however.

Minimum deposit amounts vary for Regular CDs, depending upon the term you choose. For Special CDs, the min. deposit requirement is a hefty $10,000, while it is $2,000 for Special IRA CDs. Regular IRA CDs have the lowest min. deposit required, at just $500, no matter which term you choose.

MINIMUM DEPOSIT Varies
Read Review
6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 42 Mo. APY 5 Yr. APY
3.45% 0.05% 2.95% 2.95% 2.95% 0.35% 0.50% 0.50%

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.

Compare CD rates

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.

Rates as of May 29, 2025
LendingClub CD

LendingClub CD

Member FDIC.
APY:
4.25%
Term:
14 Months
Min. Deposit:
$500
Open Account for

On LendingClub's Secure Website.

Discover® Bank CD

Discover® Bank CD

Member FDIC.
APY:
4.00%
Term:
1 Year
Min. Deposit:
$0
Open Account for

On Discover Bank's Secure Website.

Western Alliance Bank CD

Western Alliance Bank CD

APY:
4.00%
Term:
6 Months
Min. Deposit:
$1
Open Account for

On Raisin's Secure Website.

Salem Five Bank checking accounts

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.

Compare checking accounts

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.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
Disclaimers

10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.

Salem Five Bank customer service and experience

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).

Salem Five Bank relationship benefits

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.

Alternatives to Salem Five Bank

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.

Is Salem Five Bank right for you?

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

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Yes, Salem Five Bank is a real bank. It is a regional bank located in Massachusetts.

  • Salem Five Bank's 35 branches are located in eastern Massachusetts.

  • Yes, Salem Five Direct is the digital arm of Salem Five Bank. The products are offered and backed by the bank, but intended for a digital banking audience.