B MyBankTracker Rating

Salem Five

About Salem Five

Founded in 1855, Salem Five operates 20 branches in Salem, Beverly, Boston, Danvers, Hamilton/Wenham, Lynn, Malden, Marblehead, Middleton, North Andover, Peabody, Saugus, Sudbury, Swampscott and Woburn, Massachusetts. With $2.9 billion in assets, Salem Five is the third largest savings Bank headquartered in Massachusetts. Salem Five provides customers with a full range of retail and commercial banking products and services.

Salem Five logo

MyBankTracker rated based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank. See how it’s rated.

MyBankTracker
Rating
Poor
Fair
Average
Good
Excellent

Branches
0
ATMs
0

We found bank branches & ATMs within miles of .

View Locations & Hours

Customer Reviews

Most Helpful Salem Five Bank Customer Reviews

  • T
    Reviewed By topper781@yahoo.com Oct 18, 2014

    Horrible, Out of Touch

    Salem Five is the WORST bank I have ever dealt with. EVER. They do not clearly explain that if you use their cell phone deposit feature that your check takes additional time to collect, so the convenience means that you don't have to schlep to one of their few branches or ATMs, but instead you can bounce checks. It takes weeks to get a replacement debit card, they screw up the activation process and their "phone service" is horrible at best. This is a bank for neighborhood people only who have plenty of time to sit around waiting for everything.

    Thank you for your feedback Is this review helpful?
  • Z
    Reviewed By zooloo1588 Aug 26, 2016

    Very pleased with SalemFive

    I've kept my personal checking account at SalemFive for 20+ years and always been happy with their features and customer support. I like the fact that they're a small, local bank. Customer service on the phone is always quick and helpful. I keep my savings in an online bank and transfer funds seamlessly between the two. The billpay system is straightforward and convenient, and the fees seem fairly easy to avoid with direct deposits. Their mobile app is as helpful as anyone's, so I seldom have to visit a branch.

    I was prompted to write because I saw two very negative reviews. That's just not been my experience with SalemFive - I've been very happy for years.

    Thank you for your feedback Is this review helpful?
  • S
    Reviewed By Saver Aug 31, 2015

    Do not utilize this bank

    The worst bank that I have done business with.....by far......
    Happy to accept your money via ACH transfers of any size but good luck getting YOUR money back. They restrict external ACH withdrawals to $5K per transaction and $20K max per month. To compound the pain they charge $3 for each ACH transfer. The only way to get YOUR money quickly is to close the account and this ended up taking me 7 days for them to cut a check (7 days for a bank to cut a check?)and another 7 days in the mail. Two weeks to get MY money.. If you close your eone savings account before the 6th of the month they retain the total accumulated interest from the preceding month. The account disclosure documents are viewable only when establishing account. No disclosure documentation is available on website available on website. As a result..... unless you memorize the disclosure and can recall terms years later you are out of luck

    Thank you for your feedback Is this review helpful?

  • Next {{(rate.apy * 100 | number:2) + '%'}} N/A {{'$' + (1 * rate.minimum_balance | number:0)}} {{'$' + (1 * rate.minimum | number:0)}}
  • No results matching your search. Please try again.
  • Next {{(rate.apy * 100 | number:2) + '%'}} N/A {{'$' + (1 * rate.minimum_balance | number:0)}} {{'$' + (1 * rate.minimum | number:0)}}
  • No results matching your search. Please try again.
  • Next {{'$' + rate.annual_fee}} N/A {{(rate.intro_apr * 100 | number:2) + '%'}} {{(rate.apr * 100 | number:2) + '% - ' + (rate.highest_apr * 100 | number:2) + '%'}} {{'As low as ' + (rate.apr * 100 | number:2) + '% - Variable'}}
  • No results matching your search. Please try again.
  • Next {{(rate.rate * 100 | number:2) + '%'}} N/A {{rate.points}} N/A {{'$' + rate.fees}}
  • No results matching your search. Please try again.
  • Next {{(rate.apy * 100 | number:2) + '%'}} N/A {{'$' + (1 * rate.minimum_balance | number:0)}} {{'$' + (1 * rate.minimum | number:0)}}
  • No results matching your search. Please try again.

  • Type Fee National Average
  • Monthly Inactivity N/A
  • Non-Sufficient Fund (Overdraft) N/A 0
  • Stop Payment item N/A 0
  • Return Deposit N/A 0
  • Domestic Wire Transfer (Outbound) N/A 0
  • Domestic Wire Transfer (Inbound) N/A 0
  • Non-Bank ATM N/A