We offer a wealth of options for handling transactions,
all without a monthly fee.

Our Partnership Savings, Money Market and Statement Savings accounts can also come with a Debit Card if linked to a checking account.

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Partnership Savings

All you need to do to qualify for a Partnership Savings account is maintain a Partnership Checking account. It’s that easy.

  • Age requirement to open an account is eighteen (18)
  • No monthly maintenance fee
  • Minimum opening deposit of just $10.00
  • Tiered interest with competitive rates**
  • Daily balance of $7,500.00 or higher waives the Partnership Checking Account’s monthly service charge ($17.50)*
  • Free Digital Banking
  • Free monthly online or paper statements
  • Automatic transfers***
  • Direct deposit
  • Optional combined statements
  • Check Today’s Interest Rates

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Money Market

Enjoy higher interest rates with maximum liquidity.

  • Age requirement to open an account is eighteen (18)
  • Tiered interest rates**
  • Flexibility of check writing ***
  • Minimum opening deposit of $10.00
  • Minimum daily balance of $1,000.00 or higher waives the $7.00 monthly service charge
  • Free Digital Banking
  • Free monthly online or paper statements
  • Automatic transfers***
  • Direct deposit
  • Optional combined statements
  • Contact Us For Today’s Rates

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Statement Savings

This simple, no-frills savings account puts savings in your hands.

  • Minimum opening deposit of $10.00
  • Offers a competitive interest rate** on minimum daily balances of $1.00 or higher
  • No monthly fee
  • Free Digital Banking
  • Free monthly online or paper statements
  • Automatic transfers*** to your Salem Co-op checking account to minimize overdraft fees should your balance fall below $0.00 (ask a Customer Service Representative to set up this feature)
  • Direct Deposit
  • Optional combined statements
  • Check Today’s Interest Rates

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Club Accounts

Get a head start on saving for your next vacation, an upcoming wedding or holiday gifts. Welcome to the Club.

  • Minimum opening deposit of $10.00
  • Deposit any amount you wish after account is opened (direct deposit available)
  • Maintain a minimum daily balance of $100.00 to earn interest**
  • Receive a check at the end of the Club period
  • Club membership automatically renews with another $10.00 deposit
  • Automatic (preauthorized) electronic deductions are not available with this account
  • Early closing fee of $5.00 may be charged if this account is closed before the end of the club year
  • Club years begins February 1st, May 1st and November 1st, based on your savings needs
  • Check Today’s Interest Rates

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Certificates of Deposit (CD)

Looking for an insured account that can yield higher interest rates? A Certificate of Deposit (CD) may be the perfect fit.

  • Minimum $500.00 deposit offers a choice of terms ranging from six (6) to sixty (60) months
  • Higher rate of interest than transaction deposit accounts**
  • Interest is accrued daily and compounded monthly
  • Convenient automatic renewals at maturity (10 calendar day grace period)
  • Automatic (preauthorized) electronic deductions are not available with this account
  • Withdrawal of interest is allowed at any time without penalty
  • Age requirement to open an account is eighteen (18)
  • Penalties are imposed for early withdrawal of principal funds (ask a Customer Service Representative for details)
  • Check Today’s Interest Rates
Let’s Talk

Interested in opening a savings account or CD with Salem Co-operative Bank? Contact us today to get started.

CONTACT US

 

SAVINGS COMPARISON CHART

SAVINGS ACCOUNTS
Partnership SavingsStatement SavingsClub AccountsCertificates of Deposits
SAVINGS ACCOUNTS
Minimum Balance to Open
Partnership Savings
$10.00
Statement Savings
$10.00
Club Accounts
$10.00
Certificates of Deposits
$500
SAVINGS ACCOUNTS
Minimum Daily Balance to Earn Interest
Partnership Savings
$.01
Statement Savings
$1.00
Club Accounts
$100.00
Certificates of Deposits
$.01
SAVINGS ACCOUNTS
Direct Deposit Available (Routing #211472977)
Partnership Savings
Yes
Statement Savings
Yes
Club Accounts
Yes
Certificates of Deposits
No
SAVINGS ACCOUNTS
Debit/ATM Available
Partnership Savings
Yes
Statement Savings
Yes
Club Accounts
No
Certificates of Deposits
No
SAVINGS ACCOUNTS
Early Withdrawal Penalty
Partnership Savings
See 1
Statement Savings
See 1
Club Accounts
See 1
Certificates of Deposits
Yes 2
SAVINGS ACCOUNTS
Digital Banking Available
Partnership Savings
Yes 3 4
Statement Savings
Yes 3 4
Club Accounts
Yes 4
Certificates of Deposits
Yes 4

 


 

 

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

**Rates may change after the account is opened.  Interest rates and annual percentage yields (APYs) may change at any time. Interest begins on the same business day you make your deposit on collect funds, unless we notify you.  We calculate interest every day based on the balance in your account. Interest is accrued until the end of your monthly statement cycle when it is added to your balance (compounded monthly). Unpaid interest will be forfeited if you close your account before the interest is posted.

*** 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. Temporary suspension of Excess Transactions from Savings Accounts and the fees associated with them until further notice: To deal with the pressures of the adverse financial impacts of the coronavirus, the regulation now allows unlimited transfers from your savings accounts, including electronic transfers. A fee of $3.00 will be charged for automatic transfers to cover overdrafts.


1 If you close this account, you may forfeit accrued interest.

2 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 CDs with a maturity of twelve months or longer, the early withdrawal penalty is loss of six months interest.

3 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. Temporary suspension of Excess Transactions from Savings Accounts and the fees associated with them until further notice: To deal with the pressures of the adverse financial impacts of the coronavirus, the regulation now allows unlimited transfers from your savings accounts, including electronic transfers. A fee of $3.00 will be charged for automatic transfers to cover overdrafts.

4 Digital Banking is available to view transactions, however Bill Pay is not offered with this account.

 

 


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