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Savings Accounts

Money Market Investor

  • $2,500 minimum to open
  • $15 monthly service fee if balance falls below $2,500 at any time during the statement cycle*
  • $1 fee per debit transaction in excess of 6 per month
  • Free Online Banking / Mobile Banking
  • Free electronic or printed statements

*If the balance falls below $2,500.00, interest will not be paid on the account for the number of days the balance remains under $2,500.00. Fees can reduce earnings

Statement Savings

  • $100 minimum to open
  • $100 minimum balance to avoid $2 monthly balance requirement fee*
  • Free electronic or printed statements
  • $1 fee per withdrawal after three withdrawals

*Fees can reduce earnings

Student Savings

  • $5 minimum to open
  • No minimum balance
  • No monthly service fees*
  • Must be 23 years or younger**
  • Free electronic or printed statements

*$3 annual inactivity fee if account is dormant for more than 12 months
**If older than 23, must show proof of enrollment in an accredited college or vocational school

Growing Green Kid’s Club Savings

  • $5 minimum to open
  • No minimum balance
  • No monthly service fees*
  • Must be 13 years or younger
  • Free electronic or printed statements

*$3 annual inactivity fee if account is dormant for more than 12 months

Christmas Club Savings

  • $5 minimum to open
  • No minimum balance
  • $10,000 maximum balance
  • No service fees
  • $3 fee for each withdrawal
  • Free electronic or printed statements

The Interest Rate and Annual Percentage Yield (APY) are subject to change. Interest is compounded quarterly and credited quarterly on savings accounts.

Bank of Salem interest computation is the daily balance method. This method applies a periodic rate to the principal in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (checks).

Bank of Salem may require no less than seven (7) day notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account.

See a Customer Service Representative for Information about Savings Accounts and the Current Effective Rates.

Any Bank of Salem Checking or Savings Account or Line of Credit may be arranged to sweep to avoid service charge fees or insufficient funds charges at no cost!
Dormant Accounts: An account is dormant if deposits or withdrawals have not been made for one year.

USA Patriot Act Notice

Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering, Federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, physical address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver’s license and/or other identifying documents.

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