Please refer to our financial overview of Salem Five for more details.Įstablished in 1855, the original Salem Five Cents Savings Bank was known as the "Nickel Bank," because the first day’s deposits ranged from five cents and up. In the past year, the Bank has increased its total non-brokered deposits by $309.05 million, an excellent annual growth rate of 10%. Salem Five has an overall health grade of "A" at, with a Texas Ratio of 3.07% (excellent) based on Decemdata.
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All deposit amounts above the FDIC limits are insured in full by the Depositors Insurance Fund. The FDIC insures all deposits up to $250,000 per depositor and up to $250,000 per depositor for traditional and Roth IRAs. The combination of FDIC and DIF insurance provides customers of Salem Five with full deposit insurance on all of your deposit accounts. Like all Massachusetts-chartered savings banks, Salem Five’s deposits are insured by the FDIC and Depositors Insurance Fund (DIF). Check writing is not available, but an ATM card (not a debit card) can be issued.
There are no monthly fees or minimum balance requirement associated with the GSMM, although there is a $10 Excess Debit Fee for each transaction beyond the allowed six monthly transactions. According to the Account Disclosure document,Īdditionally, deposits will not be accepted into this account once the account balance has accumulated a balance of $1,000,000 however interest will continue to accrue as scheduled. The maximum allowed opening deposit is $1m. The GSMM can be opened with a minimum deposit of $10 in-branch, or $100 online.
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