Founded in 1855, Salem Five Cents Savings Bank has grown from its status as a "nickel bank" during the Great Depression to a modern bank with $2.8 billion in assets in 2010.
The bank is based in Salem, Mass. with several branches in the greater Boston area. It provides an array of financial products including traditional checking and savings accounts. Online banking is available through Salem Five Direct, the bank's Internet division.
Personal checking account options include Star, Gold Star, and Free checking. Features of the plans include accounts with free worldwide ATM access, no minimum balance requirements, free unlimited check writing, and more. For small businesses, checking accounts are built around the number of transactions a business expects to have along with their balances.
Savings options at Salem Five Bank include basic savings accounts and customized money market plans. Customers choose between the Star Money Market Account, Online Money Market Account, and Advantage Money Market Account.
Beyond checking and savings options, Salem Five Bank offers consumer loans, mortgage, retirement services, insurance plans, investment services, and a specialized student loan program. The bank's TTaxPlus service gives business customers the chance to pay state and federal taxes by phone, increasing the speed and accuracy of the transaction.
Salem Five Cents Savings Bank has been insured by the Federal Deposit Insurance Corporation since 1981. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.
The bank is also a member of the Depositors Insurance Fund (DIF) which insures the full amount of the account exceeding FDIC coverage.