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GOBankingRates ranked Salem Five Bank as one of theBest Banks in Massachusetts for 2025.
Salem Five Bank has been serving the greater Boston area since 1855.
This mutually owned bank offers a full range of products and services for personal and business customers.
It has over 30 local branches and an online banking division called Salem Five Direct.
The bank stands out for its fee-free checking account, extensive ATM access and user-friendly digital tools.
Salem Five Bank Checking Accounts
Salem Five has onechecking account, the Open Account.
This fee-free account offers affordability and convenience, making it a solid choice for everyday banking.
Its an ideal choice for customers who want affordable, everyday banking without the hassle of monthly fees.
The Gold Star account is an excellent vehicle for encouraging savings habits in children.
Salem Five Bank CD Accounts
Salem Five Bank offers both Special and RegularCD options.
Regular CDs start at $500, while Special CDs offer higher rates but require a $10,000 deposit.
These accounts provide flexibility and competitive features, with a low opening deposit of $10.
Both accounts offer easy access to your funds.
Its affordable Statement Savings requires a $10 opening deposit and has no monthly fees.
It has a larger selection of terms, and you might open an account with $500.
These features earned the bank recognition as one of theBest Banks in Massachusetts for 2025.
However, if youre after high-yield savings or bigger rewards, you might want to consider other options.
All factors were then scored and combined, with the lowest score being the best.
All products and offerings had to be available as of Nov. 8, 2024, to be considered.
Rates are subject to change; unless otherwise noted, rates are updated periodically.
All other information on accounts is accurate as of Dec. 17, 2024.
Rates are subject to change; unless otherwise noted, rates are updated periodically.
All other information on accounts is accurate as of Dec. 17, 2024.
