Salem Five Bank CD Rates

Salem Five Bank has introduced a series of certificates of deposit, as customers have a variety of needs. Customers often do not like to have their cash tied up for years since CDs incur a penalty for early withdrawal.

Instead, it has asked for a bigger deposit for a short-term certificate so you can earn more. You are always encouraged to deposit more than the minimum. Moreover, it also encourages customers to use CD “laddering” or investing in smaller, shorter-term CDs to have more flexible cash.

Let’s find out a deeper analysis of the CD rate terms in the section below;

Salem Five Bank CD Rates Offers

The most credible CD offers by Salem Five Bank are;

3-Month (91-181 Day) CD

• Minimum Balance: $2,500
• Annual Percentage Yield: 0.05%
• Interest Rate: 0.05%

Considerations:

• This CD has a short term of 3 months, making it suitable for those seeking quick returns.

Pros & Cons

6-Month (182-364 Day) CD

• Minimum Balance: $2,500
• Annual Percentage Yield: 4.50%
• Interest Rate: 4.50%

Considerations:

• The minimum balance requirement is $2,500, maintaining accessibility while catering to those looking for a short to medium-term investment.

Pros & Cons

12-17 Month CD

• Minimum Balance: $500
• Annual Percentage Yield: 0.25%
• Interest Rate: 0.25%

 Considerations:

• The APY and interest rate are modest at 0.25%, suitable for those prioritizing flexibility over higher returns.

Pros & Cons

18-23 Month CD

• Minimum Balance: $500
• Annual Percentage Yield: 0.25%
• Interest Rate: 0.25%

Considerations

• Similar to the 12-17 month CD, this option maintains a low minimum balance requirement of $500.

Pros & Cons

30-35 Month CD

• Minimum Balance: $500
• Annual Percentage Yield: 0.35%
• Interest Rate: 0.35%

Considerations:

• The minimum balance remains at $500, ensuring accessibility to a wider range of investors.

Pros & Cons

9-Month No Penalty CD

• Minimum Balance: $10,000
• Annual Percentage Yield (APY): 0.05%
• Interest Rate: 0.05%

Considerations:

• The unique feature of this CD is the “No Penalty” aspect, allowing for early withdrawal without incurring penalties after 9 months.

Pros & Cons

How do Salem Five Bank CD Rates Compare?

In terms of the practical comparison along with the other financial institutes, the Salem Five Bank is a bit underrated. It requires credible efforts in all aspects.

• The 12-month CD offered by Barclays stands out for its competitive 5.00% annual percentage yield with no minimum balance requirement. This feature makes it particularly appealing for investors who may not have a substantial initial amount to deposit.
• On the other hand, Alliant Credit Union offers an 18-month CD with the same 5.00% APY but requires a minimum balance of $1,000, making it a bit less accessible to those with a smaller budget.
• Prime Alliance Bank and Quontic Bank both provide a 6-month and 12-month CD, respectively, with 4.95 and 5.30% APYs. Prime Alliance Bank’s CD requires a minimum balance of $500.
• While Quontic Bank’s CD has a $500 minimum as well. These options may be attractive for individuals seeking shorter-term commitments and have a moderate initial deposit available.

Overview Salem Five Bank 

We started in 1855 as a savings bank serving Salem. Since then, we have become a community-owned bank and started our own Salem Five Charitable Foundation. We have three main goals with our Charitable Foundation: Economic self-sufficiency, Workforce Development, and Financial Literacy.

As a result, we support community organizations like food shelves, financial education for children and adults, and organizations dealing with homelessness. We believe that community improvement can come from people who are having a difficult time contributing because they have had financial barriers or substance abuse issues that keep them on the streets in unsafe ways.

We are a community bank that wants to help you and your family stay on top of your finances by making products and services that help you gain and grow wealth, including getting to work in your vehicle and saving for college or retirement. One of the best feelings is helping a youngster learn financial literacy and come back to open a retirement account or qualify for a home loan.

Eligibility

Salem Five Bank only asks that you become a member and make a checking or savings account before you make your certificate of deposit. The accounts you make will receive the interest you earn on your CD.

Locations Salem Five Bank 

We offer 24 locations throughout Massachusetts, so you are never too far away from a branch or free ATM.

Frequently Asked Questions