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Salem Five Cents Savings Bank Review

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Salem Five Cents Savings Bank Savings
2.51% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Salem Five Cents Savings Bank was founded in 1855 and has its headquarters in Salem, Massachusetts. It owns assets of $5 billion and deposits totaling $3 billion, classifying it as a large bank. Salem Five Cents Savings Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We ranked the bank at a 3.9 out of 5 stars, indicating that Salem Five Cents Savings Bank is a respectable bank that you should consider. Salem Five Cents Savings Bank has a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Salem Five Cents Savings Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Salem Five Cents Savings Bank's ordinary checking account does not have a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best option for returning the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 2.51%, Salem Five Cents Savings Bank ranks poorly compared to the average U.S. bank. Its CDs feature a rate of 0.25% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.05%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Salem Five Cents Savings Bank's Savings Rates Compare

Salem Five Cents Savings Bank Savings 2.51 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Salem Five Cents Savings Bank has typically average fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Salem Five Cents Savings Bank is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Salem Five Cents Savings Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will have to locate a Salem Five Cents Savings Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.9
SmartAsset Average: 3.7

Salem Five Cents Savings Bank is a brick-and-mortar bank, with 35 total bank locations in Massachusetts and New Hampshire. With mobile and web apps, Salem Five Cents Savings Bank makes account access easy, even on the go. Salem Five Cents Savings Bank receives unsatisfactory marks from customers for its mobile app. The Salem Five Cents Savings Bank mobile app is rated at 2.0 out of 5 (with 110 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Salem Five Cents Savings Bank's app to manage your funds by looking at account balances, sending and receiving funds and accessing customer service. Salem Five Cents Savings Bank receives an outstanding consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 2.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Salem Five Cents Savings Bank ranks as a large bank with assets totaling $5 billion and $3 billion in deposits. Its Texas Ratio is 3.07%, suggesting a negligible likelihood of failure. Additionally, Salem Five Cents Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.07%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Salem Five Cents Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 2.51% APY $1
Checking Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.40% APY
  • 36 Month: 3.00% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Account 0.05% APY $25000

Salem Five Cents Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Salem Five Cents Savings Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Salem Five Cents Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Salem Five Cents Savings Bank Near Me

Salem Five Cents Savings Bank has 35 branches across the U.S.

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