Salem Five Ups CD Rates

Salem Five CD rates were increased overnight and as a result are a lot more competitive. The largest increase was on 4 year CD rates from Salem Five which were increased from 1.75 percent to 3.00 percent.

30 month CD rates had the second largest rate increase from 1.30 percent to 2.50 percent. 2 year CD rates at Salem Five had the third biggest rate increase of 1.10 percent to 2.50 percent.

3 year CD rates and 5 year CD rates at Salem Five were increased from 2.00 percent to 3.00 percent. Salem Five IRA CD rates were also increased to the same amounts for all the CD terms listed above. See how other bank's CD rates compare with Salem Five CD Rates.

Salem Five Direct, is the online banking division of Salem Five Bank. Online bank CD rates are always higher than traditional brick and mortar bank rates. That case is the same with Salem Five Direct's CD rates.

To open an account with Salem Five Direct you will need to provide the following information:

• Social Security Number
• Driver's License Number
• Home Address
• Email Address
• Joint Owner Information (if opening with a joint account holder)

After opening the account you will have to fund the account which is done by electronic transfer. To do an electronic transfer you will need to provide the following information:

• Name of Bank or Financial Institution
• Routing Transit Number
• Account Number

The minimum opening account balance rather high at $10,000.

Deposits are insured by the FDIC by for each ownership category, up to $250,000. Deposits at Salem Five in excess of the standard insurance amounts provided by the FDIC are covered by the Depositors Insurance Fund (DIF).

The DIF is a private, industry-sponsored insurance fund that insures all deposits above FDIC limits at Massachusetts-chartered savings banks. The DIF was established by the Massachusetts legislature in 1932 and has been insuring deposits since 1934.

The good news is no depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.