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Salem Five Bank CD Rates for 2024

Review Updated
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

If you like banking with Salem Five and want a good place to put your money, its Special CDs could be a good pick. The Salem Five Bank CDs offer competitive rates for those who can meet the minimum balance, though that may not be easy for everyone.

To see what rates you can expect -- and how much money you'll need to get them -- read our full Salem Five Bank CD review.

Salem Five Bank CD rates

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Salem Five Bank CD
Salem Five Bank CD
MINIMUM DEPOSIT $10,000
6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.50% 4.25% 4.00% 3.50% 3.50% 2.00% 2.25% 2.25%

Is a high-yield savings account a better option for you?

A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Compare Salem Five Bank CD rates

Overall, Salem Five Bank CDs have decent rates if you get a Special CD, though some of the best CD accounts offer even higher APYs. Moreover, Salem Five has particularly high minimum balance requirements, so those rates may not be available to everyone. Check out a few of our picks for the best CDs to see some other options.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Details on Salem Five Bank CDs

A good CD can help your savings grow. Salem Five Bank CDs can have competitive rates compared to other banks, but they're not perfect for everyone. Here are the pros and cons.

Pros and Cons of Salem Five Special CDs

PROS

  • Competitive rates available
  • No monthly account fees
  • Variety of term lengths

CONS

  • High minimum deposit requirement
  • Rates drop for longer terms

Salem Five Special CDs Review

Salem Five's Special CDs are where you'll find the best rates -- provided you can afford them. The high minimum balance required to open these CDs may be a dealbreaker for many savers. You'll also need to stick to short-term CDs for the top APYs, as the longer-term accounts have much lower rates. On the plus side, no monthly account fees.

Pros and Cons of Salem Five Regular CDs

PROS

  • No monthly account fees
  • Variety of term lengths
  • Moderate minimum balance requirement

CONS

  • Rates are very low

Salem Five Regular CDs Review

Salem Five's Regular CDs aren't of much interest. While they have a lower minimum balance requirement than the Special CDs counterparts, it barely matters since the APYs are so low. These rates are (barely) better than your typical brick-and-mortar low-interest savings account. And they don't stack up at all to the best high-yield savings accounts.

Other Salem Five CD accounts

Salem Five also offers the following CD accounts:

  • Salem Five Direct eCD Specials
  • Retirement CDs

Who is a Salem Five Bank CD right for?

Folks who can afford the high minimum balance can earn a good rate on short-term Special CDs from Salem Five. Otherwise, it's probably best to check out your options at other banks.

Bottom line: Salem Five Bank CD rates

Salem Five Bank CD
  • 6 APY: 4.50%
  • 9 APY: 4.25%
  • 12 APY: 4.00%
  • 18 APY: 3.50%
  • 24 APY: 3.50%
  • 36 APY: 2.00%
  • 48 APY: 2.25%
  • 60 APY: 2.25%
Show All Rates [+] Hide All Rates [-]
Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Term
Salem Five Bank CD
6 Mo.
9 Mo.
1 Yr.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
4.50%
4.25%
4.00%
3.50%
3.50%
2.00%
2.25%
2.25%

Our CDs methodology

At Motley Fool Money, certificates of deposit (CDs) are rated primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • If you can meet the minimum balance requirement, a Special CD from Salem Five offers a fairly competitive rate for your short- to mid-term savings.

  • Salem Five's short-term Special CDs can be worthwhile, though they do have a high minimum balance requirement. The Regular CDs aren't worth your time or trouble.