Opening an IRA Account

If you’re interested in opening a Traditional or Roth IRA Account, please complete the following steps. If you are unsure of your eligibility for a certain IRA account, please consult a tax professional such as a CPA, for guidance specific to your situation.

This online application may be used to open an IRA CD or IRA Money Market for Traditional and Roth IRAs only. To establish one of these accounts within your SEP IRA, SIMPLE IRA, or Qualified Retirement Plan, please visit one of our locations or send an email to

Not sure what type of IRA you have or want to learn more about different types of IRAs? Click here.

What Salem Five will need from you:

Your completed Traditional IRA or Roth IRA Account Application. Please indicate the account type you want (i.e. Money Market, CD, etc.) in Part 4 of the application labeled Investment Description.

  1. Completed W-9 Form
  2. Completed New IRA Customer Information Form
  3. A photocopy of two forms of identification on your New Customer Information Form

    • Acceptable Forms of Identification:
      • Unexpired Passport (acceptable Primary ID)
      • Unexpired Resident Alien Card (Acceptable Primary ID)
      • State of Residence photo ID (Acceptable Primary ID)
      • Unexpired Driver’s License (Acceptable Primary ID)
      • US Military ID (Acceptable Primary ID)
      • Local Employer ID
      • Local Trade/Union License
      • Current Student ID
      • Firearm License
      • Real Estate Bill
      • Current Utility Bill
      • Dept. of Transitional Assistance picture ID

  4. Your funding check if performing a Rollover or Contribution
    • If you intend to fund this account via a Trustee-to-Trustee Transfer, additional forms will be forwarded to you and your current IRA Trustee or Custodian.

Mail all of the above documentation to:

Salem Five Bank, Attn: Retirement Services, 210 Essex Street, Salem, MA 01970

A representative of Salem Five Retirement will reach out to you upon receipt of your documents.


Please note:

  • Additional identifying documentation may be required
  • Please allow up to 10 business days after receipt of application
  • Please review our Consumer Banking Services Agreement and Disclosures
  • By completing and submitting the application, you are agreeing to and allowing Salem Five to obtain credit and other reference information necessary about me/us from a consumer reporting agency, credit bureau or a similar service provider for evaluation.