Personal Banking > Savings and CDs

Savings & CDs

Getting the most mileage out of your money—one penny at a time.

We offer a wealth of options for handling transactions, all without a monthly fee.

Our Partnership Savings, Money Market and Statement Savings accounts can also come with a Debit Card if linked to a checking account.

Partnership Savings

All you need to do to qualify for a Partnership Savings account is maintain a Partnership Checking account. It’s that easy.

  • Age requirement to open an account is eighteen (18)
  • No monthly maintenance fee
  • Minimum opening deposit of just $10.00
  • Tiered interest with competitive rates**
  • Daily balance of $7,500.00 or higher waives the Partnership Checking Account’s monthly service charge ($17.50)*
  • Free Online Banking
  • Free monthly online or paper statements
  • Automatic transfers***
  • Direct deposit
  • Optional combined statements
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Money Market

Enjoy higher interest rates with maximum liquidity.

  • Age requirement to open an account is eighteen (18)
  • Tiered interest rates**
  • Flexibility of check writing ***
  • Minimum opening deposit of $10.00
  • Minimum daily balance of $1,000.00 or higher waives the $7.00 monthly service charge
  • Free Online Banking
  • Free monthly online or paper statements
  • Automatic transfers***
  • Direct deposit
  • Optional combined statements
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Statement Savings

This simple, no-frills savings account puts savings in your hands.

  • Minimum opening deposit of $10.00
  • Offers a competitive interest rate** on minimum daily balances of $1.00 or higher
  • No monthly fee
  • Free Online Banking
  • Free monthly online or paper statements
  • Automatic transfers*** to your Salem Co-op checking account to minimize overdraft fees should your balance fall below $0.00 (ask a Customer Service Representative to set up this feature)
  • Direct Deposit
  • Optional combined statements
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Tiered Passbook Savings

Savings the old-fashioned way. We keep track of your activity; you earn interest**.

  • Uses a passbook in lieu of paper or online statements
  • Minimum opening deposit of $10.00
  • Minimum daily balance of $1.00 required to earn interest
  • Debit/ATM and online transactions are not available with this account
  • Direct Deposit
  • Passbook is required for withdrawal requests
  • Automatic (preauthorized) electronic deductions are not available with this account
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Club Account

Get a head start on saving for your next vacation, an upcoming wedding or holiday gifts. Welcome to the Club.

  • Minimum opening deposit of $10.00
  • Deposit any amount you wish after account is opened (direct deposit available)
  • Maintain a minimum daily balance of $100.00 to earn interest**
  • Receive a check at the end of the Club period
  • Club membership automatically renews with another $10.00 deposit
  • Automatic (preauthorized) electronic deductions are not available with this account
  • Early closing fee of $5.00 may be charged if this account is closed before the end of the club year
  • Club year begins November 1st and ends October 31st
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Certificates of Deposit (CD)

Looking for an insured account that can yield higher interest rates? A Certificate of Deposit (CD) may be the perfect fit.

  • Minimum $500.00 deposit offers a choice of terms ranging from six (6) to sixty (60) months
  • Higher rate of interest than transaction deposit accounts**
  • Interest is accrued daily and compounded monthly
  • Convenient automatic renewals at maturity (10 calendar day grace period)
  • Automatic (preauthorized) electronic deductions are not available with this account
  • Withdrawal of interest is allowed at any time without penalty
  • Age requirement to open an account is eighteen (18)
  • Penalties are imposed for early withdrawal of principal funds (ask a Customer Service Representative for details)
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Let’s Talk

Interested in opening a savings account or CD with Salem Co-operative Bank? Contact us today to get started.

CONTACT US
View a comparison of our plans
Savings Account
Partnership Savings
Statement Savings
Tiered Passbook Savings
Club Account
Regular Certificates of Deposits 
Minimum Balance to Open
$10.00
$10.00
$10.00
$10.00
$500.00
Minimum Daily Balance to Earn Interest
$.01
$1.00
$1.00
$100.00
$.01
Direct Deposit Available (Routing #211472977)
Yes
Yes
Yes
Yes
No
Debit/ATM Available
Yes
Yes
No
No
No
Early Withdrawal Penalty
See 1
See 1
See 1
See 1
Yes 2
Online Banking Available
Yes 3  4
Yes 3  4
Yes4
Yes 4
Yes 4

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