bank rates

Snuck In Under The Wire With Salem Five

Thanks to everyone who offered suggestions on where I should reinvest the $7,900 from my recently matured CD.

Yeah, I know I didn’t actually take any of that advice.

But I think you’ll agree I made a pretty good decision.

I bought a 24-month CD that pays 1.75% APY from Salem Five Savings Bank — a deal that led our rankings of best nationally available returns at the time.

I opened the account by mailing in the application with a check. It was pretty easy.

A very nice woman at the bank called last week to say that I had neglected to include a copy of my driver’s license, which I had to fax to her.

My paperwork arrived in the mail yesterday, confirming that my account had been opened before Salem Five ended its 24-month special on Monday.

I’ll be earning more than I did with my old certificate of deposit from Fifth Third Bank, which paid 1.24% APY over 13 months.

Although I had to chip in an extra $2,100 to meet Salem Five’s hefty $10,000 minimum deposit, I think it was worth it.

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Comments (3)
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3 Existing Comments
  1. Bernie said:
    on March 9th at 07:47 am

    American Express Bank is paying 1.30% for a savings account that you can put in and take out without a penalty. I have some CD’s due in a couple of months tat I will have to find a place to place it. Bernie

  2. SeniorSaver said:
    on March 9th at 08:14 am

    The perils of variable rate accounts–American Express Bank just went down to 1.15%!

  3. Terrin said:
    on March 10th at 07:25 pm

    There are better deals out there. You should have went with an Ally 5 year CD. The rate currently is 2.34 percent. However, you can raise your rate once, and the withdrawal penalty is only two months of interest.