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Term Deposit (CD) Accounts


Renewal Account Disclosure Information



Print CD Renewal Letter and Form

This disclosure describes the terms and features of the Term Deposit Account you have selected. Please refer to our Consumer Banking Services Agreement , our current Fee Schedule , and (if applicable) your IRA Plan Agreement for additional information.

In this disclosure, “you” refers to the customer and “we” refers to Salem Five Cents Savings Bank.

Renewal Policy for All Term Deposit Accounts: Your account will automatically renew at maturity unless instructed otherwise.

For accounts longer than 31 days, you will be notified before maturity and receive a 10-day grace period to make changes without penalty.

If no instructions are received, the account will renew per the schedule below. “Special” CDs renew into “Regular” CDs at current rates.

Existing TermTerm Upon Renewal
3–5 Month CD3-Month CD
6–11 Month CD6-Month CD
12–17 Month CD12-Month CD
18–23 Month CD18-Month CD
24–29 Month CD24-Month CD
30–35 Month CD30-Month CD
36–41 Month CD36-Month CD
42–59 Month CD42-Month CD
60 Month CD60-Month CD


Interest Rate Information:
Rate: _______% | APY: _______%

Interest is paid through maturity. Early withdrawal reduces earnings.

Balance Computation Method: Daily balance method.

Accrual of Interest: Begins no later than the business day funds are credited.

TERM OF LESS THAN ONE YEARTERM OF ONE YEAR OR GREATER
Compounding: Simple interest, paid monthlyCompounding: Monthly compounding and crediting
Minimum Balance: $2,500 ($500 IRA)Minimum Balance: $500
Transaction Limits: No withdrawals before maturityTransaction Limits: Same
Early Withdrawal Penalty: 2% of principalEarly Withdrawal Penalty: 4% of principal


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Please complete and return this form ONLY if you wish to make a change to your maturing CD.


Account Number: 
Change CD Term: 
Other: 
Signature: 
Printed Name: 
Address: 
City: 
State: 
Zip Code: 
Phone: 
Email: 


Return this form to Salem Five, 210 Essex Street, Salem, MA 01970 Attn: Customer Service