Banking that’s right for you

Personal, committed service. You’ve earned it.

It's all about community.

At Salem Five, banking isn’t just personalized—it’s personal. We’d love to shake hands and learn how we can help you.

Your Preferred Location:

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Address

71 Washington St, Salem, MA 01970, USA

Phone

(978) 744-5450

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Hours

You can rely on our people

Our employees are experts in their fields—and they’re also your neighbors. We’re here for you.

Whether I'm downtown in Post Office Square or at home in Marblehead, they know me and are always ready to help.

Paula & Jamie Gaull, Marblehead

I'm a strong believer that a hometown bank can better serve the needs of our family.

Jonathan Hubbard, Tewksbury

Salem Five is almost like our extended family. We've been with them since the early 90’s. They’ve watch our girls grow up and now the girls have their own debit cards.

Mark Provost, Hamilton

It’s not a mechanical relationship. It’s personal.

Dave Gravel, Peabody

I banked with a big bank for years. Waiting 20 minutes for a deposit. Forget about it! I’m in and out at Salem Five. They know me.

Todd Flannery, Swampscott

Our full suite of services make banking easy

Find out how we can help with all your banking needs.

Accounts

Checking

A checking account gives you quick and easy access to your funds through both ATM/debit and traditional check-writing. Salem Five offers four different checking accounts to fit our customers’ varying needs.

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Savings & Money Market

Savings and money market accounts earn interest but allow you easy access to your funds. Salem Five offers several savings options, with variations in interest rates, minimum balance, etc., to help you work toward your financial goals.

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CDs

If you’d like to earn more interest on your savings and won’t need to access it for a few months or years—deposit periods vary—a certificate of deposit, or CD, could be the way to go. Generally, CDs pay higher interest than savings or money market accounts, but offer a locked-in interest rate over a set period of time.

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Loans

Star Home Equity Line of Credit

A home equity line of credit (HELOC), also called a home equity loan or a “second mortgage,” is a revolving loan that uses the value of your home as collateral. It’s a great way to fund larger expenses like home improvements or debt consolidation while only paying interest on the amount you borrow.

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Automobile Loans

Whether you’re financing your dream car or looking to improve an existing rate, we understand the excitement of getting new wheels—and we’ll balance that with wisdom and experience, to help you get the right rate for the right term.

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Overdraft Protection

Overdraft protection is peace of mind, pure and simple. Essentially a line of credit, overdraft protection kicks in when your checking account has insufficient funds, preventing returned checks and overdraft fees—as well as embarrassment and headache.

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Student Loans

If you’re attending a degree-granting institution, from a technical school to a four-year university, and you have college expenses that aren’t covered by scholarships or federal student loans, a Salem Five Smart Option Student Loan can help see you through to graduation.

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Insurance

Homeowners

Homeowners’ insurance is critical to protect not only the four walls and roof of your actual house but also the family, memories, and belongings that make your house a home. Our thoughtful, experienced professionals will help you make the important decisions involved in ensuring your home is properly covered.

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Automobile

At Salem Five, we don’t believe there’s such a thing as one-size-fits-all automobile insurance. We’ll work with you to understand how your car, driving habits, budget, and personal preferences determine your needs, and we’ll set up coverage that’s just right for you.

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Renters

Protecting your belongings is important and very affordable. Most landlords’ insurance doesn’t cover your stuff—from furniture and clothing to precious photos and electronics—in the event of fire, theft, or other calamities, but you can protect yourself with Salem Five renters’ insurance.

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Motorcycle

Salem Five agents understand the many variations and options of motorcycle insurance—and how very different it is from auto coverage. We’ll work with you to make sure your wheels, along with important safety equipment and more, are protected.

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Recreation

Outdoor fun is a special treat, but insurance coverage for your recreational equipment is a necessity. Off-road, on the water, or on the highway, make sure your vehicles and equipment are fully protected against the unexpected.

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Umbrella

Sometimes, a little extra coverage can be worth a whole lot. If exposure to risk makes you nervous, or if you have property or assets you could potentially lose in a lawsuit, talk with a Salem Five agent about how to stay out of the rain with an umbrella policy.

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Life

Life insurance is about protecting your family’s financial future. It can be tough to think about, more so because of the widely varying policies available, but our experienced agents are here to help you understand your options and choose the coverage that’s right for your family.

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Mortgages

Fixed-Rate

A fixed-rate mortgage keeps your interest rate the same for the life of your loan, a great option if you plan to be in your home for a long time. Whether you’re buying or refi-ing, make sure your mortgage stays in the community.

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Adjustable Rate (ARM)

An adjustable-rate mortgage starts with the interest rate fixed for a certain period, which keeps your payments the same every month; then, your interest rate—and therefore payments—adjust based on current national rates.

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Construction and Renovation

Building a new home, or renovating an old one, can be costly. Don’t let interest rates and mortgage fees pile on top. We have a lot of construction and renovation financing options to help you build the home of your dreams.

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Jumbo

When your lending needs are a little bigger than average, Salem Five is here for you. Our jumbo mortgages are easily navigable with the help of a Salem Five lender, and can help you achieve your next step—even if it’s a doozy.

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Reverse

With a reverse mortgage, the bank pays you, rather than the other way around. Based on the value of your home and other factors, a reverse mortgage can help with your cash-flow needs. Our lenders will walk you through the process every step of the way.

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VA

Salem Five is proud to support our servicemen and women with excellent home-buying opportunities. Our competitive-interest veterans’ loans are guaranteed by the U.S. Department of Veterans’ Affairs.

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Specialty Lending

Salem Five has plenty of options for mortgages and other types of lending that don’t fall into a standard category. We’ll work with you to find the right term, rate, and program for your project.

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Investments

Retirement Planning

Planning for the kind of retirement you want is critical to your future happiness and comfort. Retirement investing can be complicated, with so many options available—that’s why it’s important to work with someone you trust. Grounded in the greater Boston community since 1855, Salem Five is here for you, now and in your future.

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Education Planning

Saving for a young person’s college education is an investment in the future. Our investment planners can help you understand the options and tax advantages available through 529 college savings plans (qualified tuition plans) and make the right choices for your child’s future.

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Estate Planning

More than a simple will is required to plan how your estate will be dispersed among your heirs and to best protect it from tax burdens. Salem Five’s estate planning experts can help you anticipate and arrange for how your estate—your assets, wealth, and property—will be managed and settled.

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Online Banking

Online and Mobile Banking

Get up-to-the-minute account balances and information online and on your mobile devices.

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Mobile App

Our personal banking mobile app allows you to check balances, pay bills, make deposits, transfer funds and find branch locations.

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Popmoney

Popmoney is an easy online way to send, request, and receive money with just an email address or mobile phone number.

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CardValet

Protect your debit card with transaction alerts and the ability to turn your card on and off when you need to temporarily suspend usage.

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Mobile Deposit

Make check deposits quick, easy and secure within our mobile banking app. Simply sign and snap a photo. It’s that easy!

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Calculators

Calculators & Planning

Whether you plan to buy a house or save for retirement, we want to help you get there. Our financial calculators are easy-to-use tools to help you start your journey.

Start Planning

Personal banking tailored to your needs

Depending on where you are in life, your banking needs differ. We’ve got you covered. Select an option below.

Student

Employed

Retired

Other

Choose All That Apply

Use a debit card

Frequent ATM user

Have Direct Deposit

Keep Minimum Balance

Your Recommended Account Type Is:

Star Checking*

Earn rewards and reimbursements you can use every day. Pair your account with a Star Savings account for an easy way to save.

Free ATMs Worldwide
No Monthly Maintenance Fee
Cash Debit Rewards
Apple Pay
Free Portfolio Analysis

Mobile Banking
Mobile Deposit
Earn Interest
Quicken Web Connect

Open An Account

Your Recommended Account Type Is:

Free Checking*

A no strings attached account with anytime access, no monthly fee and absolutely no minimum balance.

Mobile Banking
Mobile Deposit

No Monthly Maintenance Fee
Apple Pay

Open An Account

Do you have direct deposit?

Yes

No

How much of a balance are you able to keep in the account?

Less than $1,500

From $1,500-$4,999

$5,000+

Your Recommended Account Type Is:

Gold Star Checking*

Our premiere transaction account with unlimited worldwide ATM reimbursements and complimentary identity theft protection.

Free ATMs Worldwide
No Monthly Maintenance Fee
Cash Debit Rewards
Apple Pay

Mobile Banking
Mobile Deposit
Earn Interest

Open An Account

Your Recommended Account Type Is:

Smart Student Checking*

This account is for students under 24 who wants to both manage their money on the go and save on monthly fees. Now that’s smart.

Free ATMs Worldwide
Overdraft Forgiveness

No Monthly Maintenance Fee
Apple Pay

Open An Account

Compare All Account Types

Are You a Business Customer?

For us, it's personal

Whether you're opening your first checking account, buying a new home, thinking about future financial planning, or looking for insurance coverage, Salem Five's expert bankers are here, ready to help uncomplicate money.

Find A Salem Five

Personal service is important. If I have any issues or questions, I reach out to my branch and within minutes, they respond.

Mario Capano, Esq., Lynn

Relationship is everything

A true banking relationship is about knowing who you’re dealing with, understanding them as people, and providing them with the products and services that are right for them.

Let's Talk

They bring ideas and resources to the table to help with my business challenges.

Charla Jones, Boston, Owner of EU2BE Skin Care

Heads Up!

Change Preferred Location

Banking that’s right for you

It's all about community.

Your Preferred Location:

You can rely on our people

Our full suite of services make banking easy

Find out how we can help with all your banking needs.

Personal banking tailored to your needs

Depending on where you are in life, your banking needs differ. We’ve got you covered. Select an option below.

Choose All That Apply

Your Recommended Account Type Is:

Star Checking*

Your Recommended Account Type Is:

Free Checking*

Do you have direct deposit?

How much of a balance are you able to keep in the account?

Your Recommended Account Type Is:

Gold Star Checking*

Your Recommended Account Type Is:

Smart Student Checking*

For us, it's personal

Relationship is everything

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