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Salem Five Cents Savings Bank Review

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Salem Five Cents Savings Bank Savings
2.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Salem Five Cents Savings Bank first started operating in 1855 and is headquartered in Salem, Massachusetts. Salem Five Cents Savings Bank manages assets of $5 billion as well as $3 billion in deposits, ranking it as a large bank. Salem Five Cents Savings Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We gave the bank a 3.9 stars out of 5, suggesting Salem Five Cents Savings Bank is a good bank that you should consider. Salem Five Cents Savings Bank provides customers with a variety of banking products, 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; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly maintenance charge. Using a bank with free checking and a high interest rate savings account is the best option for returning the highest income from your deposits while maintaining easy access to your money.

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

Salem Five Cents Savings Bank has a savings rate of 2.05%, which is fair in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 1.15%, while its highest-yielding money market account has a rate of 0.05%. Given its below average savings rate, you should consider 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 2.05 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

On average, Salem Five Cents Savings Bank charges its customers average fees compared to the average U.S. bank. With no monthly fee, Salem Five Cents Savings Bank's checking account is perfect for people who need an easy checking account. For those who often visit the ATM, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Salem Five Cents Savings Bank does not reimburse out-of-network ATM charges, meaning you'll have to search for a Salem Five Cents Savings Bank ATM or eat the ATM charge.

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 branches in Massachusetts and New Hampshire. With mobile and web apps, Salem Five Cents Savings Bank makes mobile banking convenient, even on the go. Salem Five Cents Savings Bank's online and mobile banking platforms receive poor scores from users. The Salem Five Cents Savings Bank mobile app rates a 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 mobile app to control your bank accounts by checking account balances, sending and receiving money and reaching support representatives. Salem Five Cents Savings Bank gets a superb consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 and owns $5 billion in assets and deposits totaling $3 billion. Salem Five Cents Savings Bank's Texas Ratio is 3.07%, suggesting that Salem Five Cents Savings Bank is in outstanding financial shape and far from 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 2.05% 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 looking elsewhere 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 compared 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 physical locations across the U.S.

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