Please take a glance at our most popular checking accounts. You may click on the Totally Free, NOW, or Senior Advantage account type or simply scroll down for more details. Please contact us directly for more information on any of these accounts.

Checking Accounts

Savings Accounts

Certificates of Deposit

CDARS

* Overdraft Protection / Line of Credit is a personal loan subject to credit approval.

[1] Time Deposit Terms: 6 months, 12 months, 18 months, 24 months, 30 months, 36 months, 48 months and

60 months. Click on Interest Rates for current offerings.

[2] CDARs terms vary from four weeks to three years.

[3] If you close this account, you may forfeit accrued interest.

[4] For Certificates of Deposit terms of one year or less maturity, an early withdrawal penalty of loss of 90 days’ interest will be imposed for withdrawals prior to maturity.  For CD’s with a maturity of greater than one year, the early withdrawal penalty is loss of 180 days’ interest.

[5] CDARS withdrawn before the maturity date will result in an early withdrawal penalty that may invade principal.  No penalty will be charged for early withdrawal of a CD upon the death of the sole owner of the CD.  CDARS program provides early withdrawal penalty information when funds are submitted for deposit placement.

[6] Under Regulation D, if more than six electronic withdrawals are posted to your account within one statement cycle, we may charge your account $10.00 for each electronic withdrawal over the six permitted by law.

[7] Online banking is available, however Bill Pay is not offered with this account.

 

PARTNERSHIP ACCOUNT

The Partnership Account offers you checking and savings options which can be tailored to your personal financial needs and priorities.  By maintaining a higher balance you can take advantage of premium rates and our best benefits and discounts. 

With a minimum balance of $7500*, the Partnership Checking Account provides you with

• Tiered interest rates based on your daily balance

• No monthly service charge

• No annual fee Debit/ATM card

• Free standard personalized checks

• Online banking with bill payment

• No transaction fees on Overdraft Protection/Line of Credit (optional, and subject to credit approval)

• Direct Deposit

 

You’ll also receive valuable benefits such as

• Periodic specials on Certificates of Deposit

• Selective specials offers on retail loan products

• Waived IRA fees

• No per check charges

• Unlimited check writing

• Combined statements

• Automated telephone banking services

• Free American Express Travelers Checks (single signature only) 

The benefits don’t stop there. When you open a Partnership Checking account and maintain the minimum balance requirement* you’ll qualify for the advantages of a Partnership Savings Account. With our tiered interest rates, you’ll enjoy the liquidity of a savings account while earning interest competitive with CD rates.

 

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

 

                Return to top                                 Interest rates                                            Contact us

 

TOTALLY FREE CHECKING ACCOUNT

Select our Totally Free Checking account if you have at least $10.00 to open and want a basic, no-hassle account with unlimited check writing ability.  This account does not pay any interest but it also doesn’t have any monthly maintenance fee! We like this one for college students, too, because it comes with a no annual fee Debit/ATM card.  Since we are part of the SUM program you will not be charged the surcharge fee as long as you look for an ATM displaying the SUM logo.  Our standard check design provides you with free personalized checks. This account opens the door for you to use Salem Co-operative Bank’s Online Banking with free Bill Payment and monthly online statements.  Why not take a minute and test-drive our Bill Pay?  You’ll like it and find it is easy to use.  Other advantages to opening this checking account include direct deposit (routing #211472977), free Notary Public, and Medallion Signature Guarantee services.

You may also apply for Overdraft Protection/Line of Credit, subject to credit approval.  Once you are approved for this personal unsecured loan, you can use it to balance your account should it become overdrawn.  It is designed to end checking account overdraft complications and embarrassing incidents and payment delays.  With Overdraft Protection / Line of Credit you may think of your checking account as your personal loan account.  You may write your own loan any time you need extra money for pleasure or an emergency.

If you request any special services associated with your Totally Free Checking account, we may need to charge a fee.  For example, if you request a Stop Payment on a check we will charge you $25.00.  Another example of a fee would be if you deposit a check into this account but the check was returned for any reason and we needed to reverse the deposit, you would be charged $12.00.  If you overdraw your account the fee would be $25.00, however, with Overdraft Protection/Line of Credit, this overdraft fee can be avoided, and you would pay interest on the amount overdrawn up to your credit limit. For example, if you used $400.00 to cover overdrafts or for personal use, the interest you would pay would be $0.16/day.  Fees are also assessed for our Wire Transfer service and foreign check collection.  Please refer to Fees and Common Features.

NOW CHECKING ACCOUNT

Open up our NOW Checking Account with a minimum of $500.00 and earn a competitive interest* rate as long as you continue maintaining a daily balance of at least $500.00.  You will enjoy unlimited check-writing with this account.  You will avoid an $8.00 monthly fee as long as you don’t let your balance fall below the $500.00 minimum any time during your statement cycle.  NOW Checking is great if you can maintain at least the minimum amount in your account at all times.  This account comes with a no annual fee Debit/ATM card, direct deposit (routing #211472977), free Notary service, free Medallion Signature Guarantee service, and Overdraft Protection/Line of Credit (optional, and subject to credit approval).  You can also access Salem Co-operative Bank’s free Online Banking with free bill payment and online monthly account statements.  Why not take a few seconds to Test Drive online banking? 

Please refer to Fees and Common Features for any additional fees that may be incurred, for example for overdrafts, returned checks, stop payments and wire transfers.

* Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest.                           

SENIOR ADVANTAGE CHECKING

We designed this special type of checking just for our customers sixty years or older who want to earn a competitive interest* rate and have no monthly service charge.  This account comes with a free, no annual fee Debit/ATM card and Overdraft Protection/Line of Credit (optional, and subject to credit approval).  Other advantages to opening this account include direct deposit (routing #211472977), free Notary Public service, and free Medallion Signature Guarantee service.  You may also access Salem Co-operative Bank’s Online Banking with bill payment and online monthly statements.

The minimum balance to open this account is $10.00.  Please refer to Fees and Common Features for any fees that may be incurred.

* Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest.

TIERED PASSBOOK SAVINGS

Still very popular with our customers, the passbook savings is a great account if you like keeping all account transactions in one place.  Your book will record each time you have a transaction.  You may open this account with as little as $10.00 and interest is calculated on any balance. Each day your balance reaches $1,000.00 your account will earn interest at a higher rate.

This traditional account does have its limitations.  Debit/ATM and online transactions are not permitted with this account, although you still may use your passbook account for direct deposits, such as payroll or Social Security payments, as well as verify activity online.  For setting up direct deposits you will need to know the Bank’s routing and transit number which is 211472977. Withdrawal requests are only permitted when the passbook is presented for posting.  Automatic deductions are not permitted from this account, such as a monthly payment for your health club membership or recurring insurance premium payment. Please refer to Fees and Common Features for any fees that may be incurred.

STATEMENT SAVINGS

Our personal statement savings account may be opened with $10.00 and will earn a competitive interest* rate on balances of $1.00 or higher.  We have no monthly fee with this account.  Your statement savings account allows you to use Salem Co-operative Bank’s free Online Banking so you may view account activity and receive your monthly statements online.  You may wish to use this account for automatic transfer to your Salem Co-operative Bank checking account to avoid an overdraft fee, should your checking account balance fall below $0.00.   However, if you use this feature, by regulation you are limited to only six transfers to cover overdrafts per monthly statement cycle.  We may charge you $10.00 per transfer over the maximum number allowed by law.  Please refer to the “Your Deposit Account” disclosure for other limitations on funds transfers. 

* Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest.

CLUB ACCOUNT

Each year many of our customers choose to start a club account.  They use this account to save for any special event such as a vacation, wedding, or for holiday gifts.  The club year begins each November with as little as $10.00 deposit.  You may deposit any amount as often as you wish and your money will begin earning interest* once the balance reaches $100.00.  You will receive a check for the balance in your account at the end of the following October.  If you wish to continue the club for another year, simply make at least a $10.00 deposit in November.  Please refer to Fees and Common Features for any fees that may be incurred.

* Interest rates may change at any time.  Interest begins on the same business day that you make your deposit on collected funds, unless we notify you.  We calculate interest every day based on the balance in your account.  The interest is accrued until the end of your monthly statement cycle when it is added to your balance.  If you close your account before the interest is added, you will forfeit this unpaid interest. 

CERTIFICATES OF DEPOSIT

Regular Certificates of Deposit

Salem Co-operative Bank offers a wide selection of term Certificates of Deposit (CD) if you are looking for an insured account that can yield higher interest than our transactional deposit accounts. We recommend this type of savings if you are quite certain you will not need to withdraw the principal before it matures, as penalties are imposed for early withdrawal.  Click on Savings Accounts or Interest Rates for associated early withdrawal penalties. With only $500 you can invest your money in certificates of deposit ranging in terms of six months to 60 months. 

For CD’s written for one year or less maturity, interest will be accrued daily and either compounded or mailed to you monthly. Early penalty withdrawal is a loss of 90 days’ interest on the amount of principal withdrawn. 

For term CD’s longer than one year the interest is accrued daily and compounded monthly or mailed to you monthly. Early penalty withdrawal is a loss of 180 days’ interest on the amount of principal withdrawn. Please refer to Fees and Common Features for any additional fees that may be incurred. 

Jumbo Certificates of Deposit

For our Jumbo CDs you will need to deposit a minimum of $100,000.  These certificates generally receive a premium rate over regular CD’s and are issued to 6 month and 12 month terms.  See Regular Certificates of Deposit for terms, interest calculation method, and early withdrawal penalties.  Please refer to Fees and Common Features for any additional fees that may be incurred.

CDARS

Certificate of Deposit Account Registry Service

Now you can obtain up to several million dollars in FDIC insurance on your deposits.  With our service, called CDARS, it is simple.  You work directly with us and receive one statement and one 1099 tax form for these accounts.  You won’t have to run around town to find several banks or open up multiple accounts in multiple names.  And because CDARS deposits earn competitive CD-level rates, rates can compare favorably with alternatives like Treasuries or money markets. 

We are very excited about the opportunities created by CDARS for our customers. Please click on CDARS for more information. Contact us to set up a Deposit Placement Agreement and take advantage of the expanded FDIC insurance coverage.