online demo banking salom co bank nh

 

 

 

 

Deposits

Please take a glance at our most popular checking accounts. You may click on the Totally Free, NOW, or Senior Advantage account type or simply scroll down for more details. Please contact us directly for more information on any of these accounts.


Checking Accounts

Totally Free

NOW

Senior Advantage

Minimum Balance to Open

$10.00

$10.00

$10.00

$10.00

Pays Interest?

Yes [2]

No

Yes [2]

Yes [2]

Minimum Balance to Earn Interest

$.01

No interest paid

$500.00

$1

Free Standard Salem Co-operative Bank Check

Yes

Yes

No

Yes

Monthly Maintenance Service Charge

$17.50 if balance falls below $7500.00

None

$8.00 if balance falls below $500.00

None

Minimum Balance to Avoid Service Charge

$7500.00

Combined all deposit accounts

None

$500.00

None

Age Requirement to Open

18 years

18 years

18 years

60 years

Overdraft Protection / Line of Credit Available?

Yes *

Yes *

Yes *

Yes *

Direct Deposit Available? (Routing #211472977)

Yes

Yes

Yes

Yes

No annual fee Debit/ATM Available? 

Yes

Yes

Yes

Yes

Online Banking Available with Free Bill Pay?

Yes

Yes

Yes

Yes

Imaged Statements?  Read More
Yes
Yes
Yes

Yes

* Overdraft Protection / Line of Credit is a personal loan subject to credit approval.

Savings Accounts

Partnership Savings

Statement Savings

Tiered Passbook Savings

Club Account

[1]Regular Certificates of Deposits 

Minimum Balance to Open

$10.00

$10.00

$10.00

$10.00

$500.00

Minimum Balance to Earn Interest

$.01

$1.00

$1.00

$100.00

$.01

Direct Deposit Available? (Routing #211472977)

Yes

Yes

Yes

Yes

No

Debit/ATM Available? 

Yes

Yes

No

No

No

Early Withdrawal Penalty?

See [2]

See [2]

See [2]

See [2]

Yes [3]

Online Banking Available

Yes [4][5]

Yes [4][5]

Yes [5]

Yes [5]

Yes [5]

[1] Time Deposit Terms: 6 months, 12 months, 18 months, 24 months, 30 months, 36 months, 48 months and

60 months. Click on Interest Rates for current offerings.

[2] If you close this account, you may forfeit accrued interest.

[3] For Certificates of Deposit terms of less than twelve months maturity, an early withdrawal penalty of loss of three months (actual days) interest will be imposed for withdrawals prior to maturity.  For CD’s with a maturity of twelve months or longer, the early withdrawal penalty is loss of six months (actual days) interest.

[4] Transaction Limitations - On Savings accounts and Money Market accounts, the customer may make no more than six "convenient" transfers or withdrawals per month from the account. "Convenient" transfers and withdrawals, for purposes of this limit include pre-authorized, automatic transfers (including but not limited to transfers from the savings deposit for overdraft protection or the direct bill payments) and transfers and withdrawals initiated by telephone, facsimile, or computer, and transfers made by check, debit card, or other similar order made by the depositor and payable to third parties. Other types of transfers, such as withdrawals or transfers made in person at the bank, by mail, or by using an ATM do not count toward the six-per-month limit and do not affect the account's status as a savings account. An excess transfer fee of $10.00 may be charged for each third party withdrawal in excess of six during a calendar month.

[5] Online banking is available to view transactions, however Bill Pay is not offered with this account.

 

PARTNERSHIP ACCOUNT

The Partnership Account offers you checking and savings options which can be tailored to your personal financial needs and priorities.  By maintaining a higher balance you can take advantage of premium rates and our best benefits and discounts.  Age requirement to open an account is eighteen (18).

With a minimum balance of $7500*, the Partnership Checking Account provides you with

  • Tiered interest rates based on your daily balance

  • Waiver of the monthly maintenance service charge*

  • No annual fee Debit/ATM card

  • Free standard personalized checks

  • Online banking with bill payment

  • No transaction fees on Overdraft Protection/Line of Credit (optional, and subject to credit approval)

  • Direct Deposit

 

You’ll also receive valuable benefits such as

  • Periodic specials on Certificates of Deposit

  • Special offers on retail loan products

  • No per check charges
  • Unlimited check writing

  • Combined statements

  • Automated telephone banking services

The benefits don’t stop there. When you open a Partnership Checking account and maintain the minimum balance requirement* you’ll qualify for the advantages of a Partnership Savings Account. With our tiered interest rates, you’ll enjoy the liquidity of a savings account while earning interest competitive with CD rates.

 

* Minimum balance requirements of $7500.00 may be achieved through a combination of a Partnership Checking, Partnership Savings and/or other retail deposit accounts.

 

                Return to top                                 Interest rates                                            Contact us

 

Checking account new hampshire TOTALLY FREE CHECKING ACCOUNT

Select our Totally Free Checking account if you have at least $10.00 to open and want a basic, no-hassle account with unlimited check writing ability.  This account does not pay any interest but it also doesn’t have any monthly maintenance service charge fee! Age requirement to open an account is eighteen (18). We like this one for college students, too, because it comes with a no annual fee Debit/ATM card.  Since we are part of the SUM program you will not be charged the surcharge fee as long as you look for an ATM displaying the SUM logo.  Our standard check design provides you with free personalized checks. This account opens the door for you to use Salem Co-operative Bank’s Online Banking with free Bill Payment and monthly online statements.  Why not take a minute and test-drive our Bill Pay?  You’ll like it and find it is easy to use.  Other advantages to opening this checking account include direct deposit (routing #211472977), free Notary Public, and Medallion Signature Guarantee services.

You may also apply for Overdraft Protection/Line of Credit, subject to credit approval.  Once you are approved for this personal unsecured loan, you can use it to balance your account should it become overdrawn.  It is designed to end checking account overdraft complications and embarrassing incidents and payment delays.  With Overdraft Protection / Line of Credit you may think of your checking account as your personal loan account.  You may write your own loan any time you need extra money for pleasure or an emergency.

If you request any special services associated with your Totally Free Checking account, we may need to charge a fee.  For example, if you request a Stop Payment on a check we will charge you $25.00.  Another example of a fee would be if you deposit a check into this account but the check was returned for any reason and we needed to reverse the deposit, you would be charged $12.00.  If you overdraw your account the fee would be $25.00, however, with Overdraft Protection/Line of Credit, this overdraft fee can be avoided, and you would pay interest on the amount overdrawn up to your credit limit. Fees are also assessed for our Wire Transfer service and foreign check collection.  Please refer to Fees and Common Features.

NOW CHECKING ACCOUNT

Open up our NOW Checking Account with a minimum of $10.00 and earn a competitive interest** rate as long as you continue maintaining a daily balance of at least $500.00.  Age requirement to open an account is eighteen (18). You will enjoy unlimited check-writing with this account.  You will avoid an $8.00 monthly fee as long as you don’t let your balance fall below the $500.00 minimum any time during your statement cycle.  NOW Checking is great if you can maintain at least the minimum amount in your account at all times.  This account comes with a no annual fee Debit/ATM card, direct deposit (routing #211472977), free Notary service, free Medallion Signature Guarantee service, and Overdraft Protection/Line of Credit (optional, and subject to credit approval).  You can also access Salem Co-operative Bank’s free Online Banking with free bill payment and online monthly account statements.  

Please refer to Fees and Common Features for any additional fees that may be incurred, for example for overdrafts, returned checks, stop payments and wire transfers.

** Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest.                           

SENIOR ADVANTAGE CHECKING

We designed this special type of checking just for our customers sixty years or older who want to earn a competitive interest** rate and have no monthly service charge.  This account comes with a free, no annual fee Debit/ATM card and Overdraft Protection/Line of Credit (optional, and subject to credit approval).  Other advantages to opening this account include direct deposit (routing #211472977), free Notary Public service, and free Medallion Signature Guarantee service.  You may also access Salem Co-operative Bank’s Online Banking with bill payment and online monthly statements.

The minimum balance to open this account is $10.00.  Please refer to Fees and Common Features for any fees that may be incurred.

** Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest.

salom coop passbook savings TIERED PASSBOOK SAVINGS

Still very popular with our customers, the passbook savings is a great account if you like keeping all account transactions in one place.  Your book will record each time you have a transaction.  You may open this account with as little as $10.00 and interest is calculated on any balance $1.00 or more. Each day your balance reaches $1,000.00 your account may earn interest at a higher rate.

This traditional account does have its limitations.  Debit/ATM and online transactions are not permitted with this account, although you still may use your passbook account for direct deposits, such as payroll or Social Security payments, as well as verify activity online.  For setting up direct deposits you will need to know the Bank’s routing and transit number which is 211472977. Withdrawal requests are only permitted when the passbook is presented for posting.  Automatic deductions are not permitted from this account, such as a monthly payment for your health club membership or recurring insurance premium payment. Please refer to Fees and Common Features for any fees that may be incurred.

STATEMENT SAVINGS

Our personal statement savings account may be opened with $10.00 and will earn a competitive interest** rate on balances of $1.00 or higher.  We have no monthly fee with this account.  Your statement savings account allows you to use Salem Co-operative Bank’s free Online Banking so you may view account activity and receive your monthly statements online.  You may wish to use this account for automatic transfer to your Salem Co-operative Bank checking account to minimize an overdraft fee, should your checking account balance fall below $0.00.   However, if you use this feature, by regulation you are limited to only six transfers to cover overdrafts per month.  *** Please refer to the “Your Deposit Account” disclosure for other limitations on funds transfers. 

** Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest.

***Transaction Limitations: On Savings accounts and Money Market accounts, the customer may make no more than six "convenient" transfers or withdrawals per month from the account. "Convenient" transfers and withdrawals, for purposes of this limit, include pre-authorized, automatic transfers (including but not limited to transfers from the savings deposit for overdraft protection or for direct bill payments) and transfers and withdrawals initiated by telephone, facsimile, or computer, and transfers made by check, debit card, or other similar order made by the depositor and payable to third parties. Other types of transfers such as withdrawals or transfers made in person at the bank, by mail, or by using an ATM, do not count toward the six-per month limit and do not affect the account's status as a savings account. Fees: An excess debit transfer withdrawal fee of $10.00 may be charged for each third party withdrawal in excess of six during a calendar month.

 

CLUB ACCOUNT

Each year many of our customers choose to start a club account.  They use this account to save for any special event such as a vacation, wedding, or for holiday gifts.  The club year begins each November with as little as $10.00 deposit.  You may deposit any amount as often as you wish and your money will begin earning interest** once the balance reaches $100.00.  You will receive a check for the balance in your account at the end of the following October.  If you wish to continue the club for another year, simply make at least a $10.00 deposit in November.  Please refer to Fees and Common Features for any fees that may be incurred.

** Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest. 

CERTIFICATES OF DEPOSIT

Including Individual Retirement Account (IRA), Simplified Employee Pension (SEP), and Roth IRA

Certificates of Deposit

Salem Co-operative Bank offers a wide selection of term Certificates of Deposit (CD) if you are looking for an insured account that can yield higher interest than our transactional deposit accounts and feature convenient automatic renewals. We recommend this type of savings if you are quite certain you will not need to withdraw the principal before it matures, as penalties are imposed for early withdrawal.  Click on Savings Accounts or Interest Rates for associated early withdrawal penalties. With only $500 you can invest your money in certificates of deposit ranging in terms of six months to 60 months. 

For CDs written for less than one year maturity, interest will be accrued daily and either compounded or mailed to you monthly. Early penalty withdrawal is a loss of three months interest (actual days) on the amount of principal withdrawn. 

For CDs one year or longer the interest is accrued daily and compounded monthly or mailed to you monthly. Early penalty withdrawal is a loss of six months (actual days) interest on the amount of principal withdrawn. Please refer to Fees and Common Features for any additional fees that may be incurred. 

For IRAs, SEP IRAs and Roth IRA accounts, in addition to early withdrawal penalties imposed by Salem Co-operative Bank, Federal penalties and taxes may also apply to any principal withdrawal.

IRA Statement Savings Account

If you do not have $500.00 minimum balance required to start a CD IRA, or if you wish to periodically add to your IRA, for example, with an automatic payroll deduction, this variable interest rate, no maturity account is for you. We will send you a monthly statement so you can watch your retirement savings grow. All you need is $10.00 to open this account.

Federal penalties and taxes may apply to any withdrawals made from this account.

 

FDIC Deposit Insurance Coverage Calculator

Use the FDIC Electronic Deposit Insurance Estimator (EDIE)

 

3 South Broadway | P.O. Box 67 | Salem , NH 03079 | Phone: 603-898-2153 | Fax: 603-898-1760
Salem Cooperative Bank