Review
Updated
Fact Checked
Nathan Alderman
This isn't a flashy savings account with lots of bells and whistles. The Salem Five Open Savings is a simple companion to its The Open Account checking account, and it shares the same perks, including no monthly fees and no minimum balance requirement. See both the pros and cons in our detailedSalem Five Open Savings review.
Ratings Methodology
Rates as
of May 16, 2024
Salem Five Open Savings
Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5
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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Rating image, 2.50 out of 5 stars.
2.50/5
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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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor
APY
0.05%
Min. To Earn APY
N/A
- No monthly account fees
- No minimum balance requirement
- Low opening deposit
- FDIC insured
- Lackluster APY isn't competitive
- Regional bank with limited footprint
This is a basic savings account from a small regional Massachusetts bank. There are no account fees or minimum balances, and it can be opened with just $10. However, the interest rate is very low, and there aren't any other features to recommend it.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 4.60%
Rate info
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
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
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 |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
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 |
5.26%
Min. to earn: $1
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N/A
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Salem Five Open Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Salem Five Open Savings | 0.05% | $10 |
Data source: Salem Five.
Good news, you can open the Salem Five Open Savings account for just $10. Unfortunately, the APY you'll earn is far below the best savings accounts out there (where you might earn as much as 100 times more).
Full Salem Five Open Savings review
If you're an eastern Massachusetts local, Salem Five Bank may be a good fit for everyday banking, but consider if this account is the best fit for your savings.
Top perks
No monthly account service fees: This account doesn't have any monthly service fees, so it doesn't cost you money just to keep the account open.
No minimum balance requirement: You don't need to maintain a certain minimum balance just to keep your account open. And you only need $0.01 in your account to earn the best APY (although even the best APY isn't great in this case).
Low $10 opening deposit requirement: No absurdly high deposits to open this account; just $10 is all you need to deposit when you open.
Seamlessly compatible with The Open Account checking account: This account is designed to be part of a pair with the Salem Five Bank checking account. You can manage them both in the same place, move money back and forth, and keep track of debit card rewards.
Bank is member FDIC: Your deposits are covered by standard FDIC insurance, which includes up to $250,000 per person.
What could be improved
Lackluster APY isn't competitive: The whole point of a savings account is that it's where you put your savings to grow. Unfortunately, your money won't grow much in this account.
Regional bank only has branches in Massachusetts: Although this brick-and-mortar bank has 35 branches, they're all located in eastern Massachusetts. This makes it hard to stop by for anyone outside the regional area. On the plus side, it does have online banking and a mobile app.
How to access your money
Your options for accessing your money depend on what other accounts you have with Salem Five Bank.
Deposit options
You can deposit money into your Salem Five Open Savings using these methods:
- 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 mobile app
- Deposit cash or a check at a bank branch
- Receive money via Zelle
Of course, you'll need to be in eastern Massachusetts to use the branch options.
Withdrawal options
Your methods for withdrawing funds include:
- 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
- Withdraw from an ATM
- Send money via Zelle
Make sure to keep any Regulation D limits in mind when it comes to savings account withdrawals.
Salem Five Open Savings is right for you if:
If you're already a Salem Five Bank checking customer and want somewhere to park your short-term savings, this account could work. However, if you'd like your savings to grow -- or at least keep up with inflation -- you should look for an account with a better APY.
Keep reading about Salem Five Bank
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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No, the APY on this account is very low. You can find much better rates with a high-yield savings account.
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You need $10 to open the account, but once opened, you don't need to meet a minimum balance to maintain your account.
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.
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