SalemFive
Just found this over on Bankdeals. has a tier rate structure that starts a 5.00% APY for balances up to $10K. Balances between $10K and $25K earn 5.10% APY. Balances between $25K and $100K earn 5.20% APY and balances over $100K earn 5.30% APY Also $100k+ earns 6.10% for first 60 days.
Salem Five is one of my primary banks and I did not even know of this new account. Not sure how Banking Guy does it
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- scott1961
- Senior Member - 6K
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posted: May. 22, 2007 @ 10:29a 
Rates as of 3/24/08:
0-$9,999 3.00%
$10,000-$24,999 3.10%
$25,000-$99,999 3.20%
$100,000-$999,999 3.50%
$1,000,000 or more 0.50%
Equifax hard pull
ATM reimbursement is up to $15.00 per statement cycle.
And, $25 bonus posted to your account within 60 days of initiating a recurring direct deposit such as payroll or social security payments. The recurring direct deposit must be initiated within 90 days of account opening.
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- ThursdaysChild
- Grumpy Batman
Quoting from BankDeals in an effort to shorten the debates on FDIC insurance for a division of a bank:
Salem Five is FDIC insured (FDIC Certificate # 23296). Note that the FDIC page only lists the SalemFive.com URL and not SalemFivedirect.com. One thing to note, however, is that the toll-free number listed at Salem Five Direct is the same one listed at Salem Five.
Accounts with funds over the FDIC limit are privately insured by the Deposit Insurance Fund (DIF). DIF insurance applies to all Massachusetts state-chartered savings banks. A reader noted that Massachusetts had a number of banks fail in the 80's and not one person lost a penny in a DIF bank.
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- scott1961
- Senior Member - 6K
ThursdaysChild said: One thing to note, however, is that the toll-free number listed at Salem Five Direct is the same one listed at Salem Five.
Also I clicked the login on Salem Five Direct page and it did bring me to my Salem Five accounts
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- Xeon852
- Senior Member - 1K
ThursdaysChild said:Quoting from BankDeals in an effort to shorten the debates on FDIC insurance for a division of a bank:
Salem Five is FDIC insured (FDIC Certificate # 23296). Note that the FDIC page only lists the SalemFive.com URL and not SalemFivedirect.com. One thing to note, however, is that the toll-free number listed at Salem Five Direct is the same one listed at Salem Five.
Accounts with funds over the FDIC limit are privately insured by the Deposit Insurance Fund (DIF). DIF insurance applies to all Massachusetts state-chartered savings banks. A reader noted that Massachusetts had a number of banks fail in the 80's and not one person lost a penny in a DIF bank.
Plus the application actually goes through salemfive.com. It sounds like they use the same login system and everything, just don't want their B&M customers who they pay 0.10% APY finding out about their 5% APY checking.
Billpay is through metavante, BTW.
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- dolmar
- Senior Member - 4K
I called them up spoke to someone named Ricky was very nice. He explained to me this accounts pays a high interest except it has no fee waivers what so every. You pay for everything. You get $6 of ATM rebates per month. You pay for checks, Quicken Access, Wires, etc and you statement must be E-Statement too.
Personally If your going to pluck over $100K you can get 5% at most of the big mega banks in a checking account plus they will waive most fee's for you and have nationwide atm networks.
So personally not sure how great this account is for people unless they live in North Shore in Mass and dont never need or want any fee waivers or write paper checks. Once you figure $300 in extra interest after taxes you have like $220-250(Depending on tax bracket) then add up fee you will be hit with like Quicken($5 per month), ATM fees above $6 rebated, Checks, Wire fees, Forex Fee's ,Etc this account might net you nothing or very little compared to premium account at Citi, BOA, Wachovia, or any brokerage house like Fidelity and Schwab.
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- ScootyPuffSr
- Senior Member - 2K
dolmar said:I called them up spoke to someone named Ricky was very nice. He explained to me this accounts pays a high interest except it has no fee waivers what so every. You pay for everything. You get $6 of ATM rebates per month. You pay for checks, Quicken Access, Wires, etc and you statement must be E-Statement too.
Personally If your going to pluck over $100K you can get 5% at most of the big mega banks in a checking account plus they will waive most fee's for you and have nationwide atm networks.
So personally not sure how great this account is for people unless they live in North Shore in Mass and dont never need or want any fee waivers or write paper checks. Once you figure $300 in extra interest after taxes you have like $220-250(Depending on tax bracket) then add up fee you will be hit with like Quicken($5 per month), ATM fees above $6 rebated, Checks, Wire fees, Forex Fee's ,Etc this account might net you nothing or very little compared to premium account at Citi, BOA, Wachovia, or any brokerage house like Fidelity and Schwab.
Well many of us don't ever use our checking accounts to make ATM withdrawals. $6/month in reimbursement would have completely covered every month of fees I have ever had.
Secondly, paper checks are roughly 2 cents a piece through WalMart/Sam's. If 5.3% is higher than your current checking account, the increased interest would more than make up for 2 cents a check given that many people write 1-2 checks a month.
Of you could treat this like a savings account "with benefits" and use it burn through as many ACH withdraws as you want without fear of Regulation D.
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- dolmar
- Senior Member - 4K
ScootyPuffSr said:Well many of us don't ever use our checking accounts to make ATM withdrawals. $6/month in reimbursement would have completely covered every month of fees I have ever had.
Secondly, paper checks are roughly 2 cents a piece through WalMart/Sam's. If 5.3% is higher than your current checking account, the increased interest would more than make up for 2 cents a check given that many people write 1-2 checks a month.
Dont get me wrong. For some people this account might be great. Not trying to knock the account. Just explaining what the guy told me. He did say the reason this accounts pays this rate is because it has almost no fee waivers compared to others accounts they offer.
Maybe I am spoiled as I use Laser Voucher Checks only which cost $143 for 250 form deluxe that Citi and BOA give me for free. Maybe because Citi and BOA rebate all atm fees for me irregareless of the amounts. The fact I get free wires ,no forex fees at many ATM worldwide, Free Quicken Access so I never login into BOA or Citi web page just fire up Quicken for everything. My personal view might be scewed. Also because I get the above for the free and used to using them and find a real value for them. I might be assigning a value to thoses benfits that most people say are worthless.
Personally I have an AMA account at USAA and I keep in it $5K never use it because of the same reason. They dont care if you deposit $100K or $1 million you get nothing for free.
Considering Citibank as of June 1st is intruducing "Resevered" level at the bank if you have $500K between deposit/brokerage balace. You will earn 5% on your checking account, get unlimited ATM rebates, free computer checks, Quicken waivers for both brokerage and bank accounts. No Forex fee's at Citibank ATM worldwide and 1% at non Citibank ATM, free incoming and outgoing wires, free next day incoming and outgoing ACH transfers, Free safety depsit box valued at $175 or less, free currency convertion at branch to and from dollars, credit card fee waivers etc. This new level is offered at retail bank which basically gives all the benfits of the Citigroup PB to people with $500K+.
And to boot you can park your cash in ARS at the retail bank which earn a rate of about 5.30% which is a APY of 5.45%. Which basically beat this account while still getting tons of fee waivers.
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- weasbri
- Member
dolmar said:I called them up spoke to someone named Ricky was very nice. He explained to me this accounts pays a high interest except it has no fee waivers what so every. You pay for everything. You get $6 of ATM rebates per month. You pay for checks, Quicken Access, Wires, etc and you statement must be E-Statement too.
Personally If your going to pluck over $100K you can get 5% at most of the big mega banks in a checking account plus they will waive most fee's for you and have nationwide atm networks.
So personally not sure how great this account is for people unless they live in North Shore in Mass and dont never need or want any fee waivers or write paper checks. Once you figure $300 in extra interest after taxes you have like $220-250(Depending on tax bracket) then add up fee you will be hit with like Quicken($5 per month), ATM fees above $6 rebated, Checks, Wire fees, Forex Fee's ,Etc this account might net you nothing or very little compared to premium account at Citi, BOA, Wachovia, or any brokerage house like Fidelity and Schwab.
The site itself says $15 in ATM rebates per statement cycle, and they give you your first set of checks free and have free online bill pay. I could get by on one set of checks for quite a while if they have free bill pay. I pay for new checks with my current credit union anyway. I don't use Quicken online, just for entering my transactions manually. Getting anything other than a direct deposit paycheck over there might be a minor pain though, with no Electronic Funds Transfer System for making ACH transfers (according to BankDeals), one inbound wire transfer fee is waived per statement cycle, so I'd just save up all my checks for one transfer.
In other words, sounds good to me!
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- scott1961
- Senior Member - 6K
dolmar said: then add up fee you will be hit with like Quicken($5 per month), ATM fees above $6 rebated, Checks, Wire fees, Forex Fee's ,Etc this account might net you nothing or very little compared to premium account at Citi, BOA, Wachovia, or any brokerage house like Fidelity and Schwab.
I have never paid fees on any account, I guess my banking is pretty limited to just parking money. I don't use Quicken and looks like only thing I would have on this account is buying some checks, Big whoop. I think the float I make on paying bills with checks will more than make up for it. Basically to me this would just be a nice place to park a large chunk of money since it's fully insured.
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- scott1961
- Senior Member - 6K
weasbri said: Getting anything other than a direct deposit paycheck over there might be a minor pain though, !
Not for me, Mine already goes to them so would just need to switch which account it goes into
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- dolmar
- Senior Member - 4K
scott1961 said:I have never paid fees on any account, I guess my banking is pretty limited to just parking money. I don't use Quicken and looks like only thing I would have on this account is buying some checks, Big whoop. I think the float I make on paying bills with checks will more than make up for it. Basically to me this would just be a nice place to park a large chunk of money since it's fully insured.
Like I said depending on what you use this account for and what fee's you would be subject too depending on the services you use this account may or may not work out for you. Unless you live in North Shore Mass this account can be a pain in the ass to make deposit and withdrawls from.
Personally I am lazy, use any ATM I want because both of my banks rebate atms, like Quicken Bill Pay, have not written a handwritten check in over 10 years now as I only use Laser voucher checks even for my AAA account at BOA. I am earning overall a better rate than this account offers just by giving up FDIC coverage but buying AAA rated bonds which in my option are just as safe as FDIC accounts.
I asked about incoming wires fees was told this account does not qualify for 1 free incoming wire fee waiver like Gold checking account. I was told $6 per month in ATM rebates but like someone else pointed out there web page does state $15 so maybe because this account is a new account the phone CSR just dont know all the benfits of this accounts.
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- Clocks
- Senior Member
nm
Message edited by: Clocks on 2007-05-22 12:37:15 CDT-
- cjdtech
- Happy Member
Direct deposit isn't required, but you get a $25 bonus if you enroll the account with direct deposit.
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- minggang
- New Member
Does anyone know how Salem Five reimburses the ATM fee?
I know some banks require customers to mail back the ATM receipts for reimbursement.
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- Clocks
- Senior Member
minggang said:Does anyone know how Salem Five reimburses the ATM fee?
I know some banks require customers to mail back the ATM receipts for reimbursement.
I just notice this on another site:
"ATM rebates (up to $15) are credited automatically at each statement cycle."
http://bankdeals.blogspot.com/
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- vstrt
- Senior Member
How's their billpay though? Is it next day fast or "send date" slow?
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- anaray
- Member
So let's say I have to write an emergency check for $3000. I'll have to wire the funds since they don't accept ACH transfers? Depending on how many times you have to write funds in (since the originating bank will charge you), this may/may not be worth it.
I still like my FNBO and BofI combination; 6% savings and 3.4% checking
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- timothy86
- Senior Member - 2K
And to think I only get 0.25% interest on my checking. 
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- TheGersh
- Senior Member
EDIT : Hard Equifax pull. Bleh. '-(
They do accept ACH. They don't have a system to send out via ACH but you can get around that via Bill Pay.
I'm going to sign up for the account. With no minimum balance and no hard credit check and $25 for setting up a Direct Deposit, you can't lose. If you like the account, use it, and if you don't, take the $25 and leave.
anaray said:So let's say I have to write an emergency check for $3000. I'll have to wire the funds since they don't accept ACH transfers? Depending on how many times you have to write funds in (since the originating bank will charge you), this may/may not be worth it.
I still like my FNBO and BofI combination; 6% savings and 3.4% checking
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