Salem Five Cents Savings Bank Reviews (9)

Rated 1.50 stars out of 5 - based on 6 reviews
  • Dec 8, 2020 |

    Online Savings Rates

    Everyone here in Boston raves about Salem Five but it is shithole operation filled with nasty entitled people. As for this online savings product, the fees are ridiculous, the transfer charges are obnoxious, the rate is always falling without notice to customers, etc. And, do not deposit your money here above FDIC limits and rely on Massachusetts Deposit Insurance Fund to make you whole. The China Virus is going to bankrupt half of the Massachusetts banks quickly leaving the DIF illiquid.
    Review on the Online bank

  • Oct 24, 2020 |

    Online Savings Rates

    I figured I would address some of the issues and complaints here. I am a customer. Limitations and charges on ACH transfers can be avoided by initiating in and out transfers from an outside bank. I use Amex which has a same day transfer feature that works well (although itself has a 9x/month out limitation). I am able to always get the higher rate for new money after they lower it claiming that I am no longer a new customer by quickly contacting them through the chat feature every time I see they have lowered it. I keep just under $1 million with this bank due to their DIF insurance. I believe that the account is capped at $1 million. Overall, I have been OK with this so far.
    Review on the Online bank

  • Oct 21, 2020 |

    Online Savings Rates

    RATE NOT AS ADVERTISED .. BANK LOWERS RATE AFTER 2 MONTHS AND SAYS THAT YOU ARE NO LONGER A NEW OR VALUED CUSTOMER
    Review on the Online bank

  • Oct 15, 2020 |

    Online Savings Rates

    I would have been happier had a not seen or heard of this one. Plenty of solid banks offering 0.10% less and offering much better service.
    Review on the Online bank

  • Feb 8, 2020 |

    Online Savings Rates

    This bank charges you fees every time you transfer money. In addition, the bank advertises a high rate to attract customers, but once you invest with them, your rate is lowered, even though they continue to offer the high rate to others. If you call them, they will raise your rate back to the advertised rate, but a few months later, they lower your rate again, while continuing to offer a higher rate in their advertisements.
    Review on the Online bank

  • Jan 16, 2020 |

    Online Savings Rates

    This is just an awful terrible bank that has a history of cheating customers out of their hard earned cash through $3 external transfer fees, overdraft fees, changing their rates without disclosing the change, etc. Stick with a better known name. Or, even a lesser known name. Just stick with another name another name.
    Review on the Online bank

  • Jan 8, 2018

    Another bad bank! Did a hard pull just to open a checking account with no overdraft and denied me. Never even bothered to send a letter or e-mail. Now I have another inquiry on my credit report for nothing. THANKS ALOT!

  • Feb 4, 2016

    be careful if you already have an account with these guys - the 1.1 rate is only for new money
    Review on the Online bank

  • Oct 3, 2015

    Have a HELO at higher rate than yours!
    Can I transfer a $ 250,000 HELO from my credit union to SFCSB ??

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