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Profile: Salem Five Savings Bank

Founded in 1855, Salem Five Cents Savings Bank is headquartered in Salem, Mass., just north of Boston.

The unusual name comes from the bank’s earliest days, when it was known as the Nickel Bank because it took five-cent deposits.

Salem Five currently offers a wide array of consumer and business loans, deposit accounts and insurance policies.

Its rates on certificates of deposits are consistently above the national average, with minimum deposits ranging from $500 to $10,000.

Click here to see Salem Five’s latest CD rates.

Accounts can be opened online or by printing out and mailing in an application form.

Deposits can made through electronic transfers or by sending a check with mail-in applications.

Salem Five is the sixth largest bank in Massachusetts and the 270th largest bank in the country, with about $2.8 billion in assets.

It has more than 450 employees working at 22 branches in the Boston area.

We’ve found Salem Five to be very accessible, with easy-to-find phone numbers, short waits, instant messaging and strong customer service.

It enjoys a A+ rating from the Better Business Bureau.

Deposits at Salem Five are insured by the FDIC, and it earns an average three out of five stars from Bankrate’s “Safe & Sound” system, which evaluates banks on such things as asset quality, profitability and liquidity.

While the bank was noted to have a healthy return on equity and a normal asset growth rate, the system identified some “areas of potential concern,” including its real estate lending, capital adequacy and net interest margin.

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