Banks | Salem Five Cents Savings Bank

Salem Five Cents Savings Bank

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Salem Five Cents Savings Bank is an FDIC insured institution headquartered at 71 Washington St, Salem, MA 01970.
It was founded in 0000 and has approximately $7 billion in assets. Customers can open an account at one of its 35 branches.

Deposit Rates - September 24, 2023

SAVINGS RATES APY MIN
SAV
0.01% $10 Compare
CD RATES APY MIN
6 Mo CD
0.05% $2,500 Compare
12 Mo CD
0.25% $500 Compare
Special: 12 Mo CD
3.00% $10,000 Compare
18 Mo CD
0.25% $500 Compare
Special: 18 Mo CD
4.50% $10,000 Compare
24 Mo CD
0.25% $500 Compare
Special: 24 Mo CD
3.25% $10,000 Compare
30 Mo CD
0.35% $500 Compare
Special: 30 Mo CD
2.00% $10,000 Compare
36 Mo CD
0.35% $500 Compare
Special: 36 Mo CD
2.00% $10,000 Compare
48 Mo CD
0.50% $500 Compare
Special: 48 Mo CD
2.25% $10,000 Compare
60 Mo CD
0.50% $500 Compare
Special: 60 Mo CD
2.25% $10,000 Compare
MM RATES APY MIN
Money Market
0.01% $0 Compare
Money Market
0.01% $5,000 Compare
Money Market
0.05% $10,000 Compare
FIXED IRA RATES APY MIN
Special: 12 Mo FIRA
2.50% $2,000
Special: 18 Mo FIRA
3.00% $2,000
Special: 24 Mo FIRA
3.25% $2,000
Special: 30 Mo FIRA
2.00% $2,000
Special: 36 Mo FIRA
2.00% $2,000
Special: 48 Mo FIRA
2.25% $2,000
Special: 60 Mo FIRA
2.25% $2,000

Loan Rates - September 24, 2023

MORTGAGE PURCHASE APR(%) MONTHLY PAYMENT
15 Year Fixed Conforming
5.42% $2,600.42
30 Year Fixed Conforming
7.27% $2,054.29
MORTGAGE REFINANCE APR(%) MONTHLY PAYMENT
15 Year Fixed Conforming
6.33% $2,657.31
30 Year Fixed Conforming
7.27% $2,054.29
See Other Mortgage Rates →

Overview 2023

General Bank Information

FDIC Insured Yes
FDIC Certificate # 23296
Date Established 0000
Assets $ 6.96 billion
Loans $ 5.02 billion
Deposits $ 4.98 billion
Capital $ 790.27 million

Summary Balance Sheet as of June 30, 2023

ASSETS
Cash & Balances due from depository institutions $ 38.17 million
Interest-bearing balances $ 3.53 million
Total securities $ 1,551.52 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 5.02 billion
Loan loss allowance $ 60.04 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 12.25 million
Goodwill and other intangibles $ 67.11 million
All other assets $ 172.43 million
     Total Assets $ 6.17 billion

LIABILITIES
Total deposits $ 4.98 billion
      Interest-bearing deposits $ 4.02 billion
      Deposits held in domestic offices $ 4.98 billion
      % insured (estimated) 74.04%
Federal funds purchased and repurchase agreements $ 70.61 million
Trading liabilities N.A.
Other borrowed funds $ 602.77 million
Subordinated debt N.A.
All other liabilities $ 99.92 millionn
      Total Liabilities $ 6.17 billion
      Shareholders’ Equity $ 790.27 million

Summary Income Statement as of June 30, 2023

INCOME AND EXPENSES
Total Interest Income $ 138.62 million
Total Interest Expense $ 50.62 million
Net interest income $ 88.00 million
Provision for loan and lease losses $ 2.40 million
Total non interest income $ 22.60 million
Total non interest expense $ 65.50 million
Pre-tax Net Operating Income $ 37.75 million

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Branches

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Salem Five Cents Savings Bank Locations

Savings Comparison

This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.

PRODUCT
BANK
BANK TYPE
STATE
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
MILES

Tax Rate: 30%

All calculations are for demonstration purposes only.

  • 1
    LOCAL CD
    Salem Five Cents Savings Bank
    Bank
    MASSACHUSETTS
    $50,000
    6 Month
    0.05%
    0.16x (National Avg. - 0.32%)
    $2,500
    -
    SCENARIO
    Year Rate
    0.05%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 25 18
    2 50,025 25 18
    3 50,050 25 18
    4 50,075 25 18
    5 50,100 25 18
    6 50,125 25 18
    7 50,150 25 18
    8 50,175 25 18
    9 50,200 25 18
    10 50,225 25 18
    11 50,251 25 18
    12 50,276 25 18
    13 50,301 25 18
    14 50,326 25 18
    15 50,351 25 18
    16 50,376 25 18
    17 50,402 25 18
    18 50,427 25 18
    19 50,452 25 18
    20 50,477 25 18
    TOTAL $502 $352
  • 2
    LOCAL CD
    Discover Bank , ★ TOP PICK ★
    Online Bank
    -
    $50,000
    60 Month
    4.00%
    4.63x (National Avg. - 0.86%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.00%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,000 1,400
    2 52,000 2,080 1,456
    3 54,080 2,163 1,514
    4 56,243 2,250 1,575
    5 58,493 2,340 1,638
    6 60,833 2,433 1,703
    7 63,266 2,531 1,771
    8 65,797 2,632 1,842
    9 68,428 2,737 1,916
    10 71,166 2,847 1,993
    11 74,012 2,960 2,072
    12 76,973 3,079 2,155
    13 80,052 3,202 2,241
    14 83,254 3,330 2,331
    15 86,584 3,463 2,424
    16 90,047 3,602 2,521
    17 93,649 3,746 2,622
    18 97,395 3,896 2,727
    19 101,291 4,052 2,836
    20 105,342 4,214 2,950
    TOTAL $59,556 $41,689
  • 3
    LOCAL CD
    Discover Bank , ★ TOP PICK ★
    Online Bank
    -
    $50,000
    24 Month
    4.30%
    7.15x (National Avg. - 0.60%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.30%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,150 1,505
    2 52,150 2,242 1,570
    3 54,392 2,339 1,637
    4 56,731 2,439 1,708
    5 59,171 2,544 1,781
    6 61,715 2,654 1,858
    7 64,369 2,768 1,938
    8 67,137 2,887 2,021
    9 70,024 3,011 2,108
    10 73,035 3,140 2,198
    11 76,175 3,276 2,293
    12 79,451 3,416 2,391
    13 82,867 3,563 2,494
    14 86,430 3,717 2,602
    15 90,147 3,876 2,713
    16 94,023 4,043 2,830
    17 98,066 4,217 2,952
    18 102,283 4,398 3,079
    19 106,681 4,587 3,211
    20 111,268 4,785 3,349
    TOTAL $66,053 $46,237
  • 4
    LOCAL CD
    Discover Bank , ★ TOP PICK ★
    Online Bank
    -
    $50,000
    12 Month
    5.00%
    10.29x (National Avg. - 0.49%)
    $2,500
    -
    SCENARIO
    Year Rate
    5.00%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,500 1,750
    2 52,500 2,625 1,838
    3 55,125 2,756 1,929
    4 57,881 2,894 2,026
    5 60,775 3,039 2,127
    6 63,814 3,191 2,233
    7 67,005 3,350 2,345
    8 70,355 3,518 2,462
    9 73,873 3,694 2,586
    10 77,566 3,878 2,715
    11 81,445 4,072 2,851
    12 85,517 4,276 2,993
    13 89,793 4,490 3,143
    14 94,282 4,714 3,300
    15 98,997 4,950 3,465
    16 103,946 5,197 3,638
    17 109,144 5,457 3,820
    18 114,601 5,730 4,011
    19 120,331 6,017 4,212
    20 126,348 6,317 4,422
    TOTAL $82,665 $57,865
  • 5
    LOCAL CD
    First Foundation Bank , ★ TOP PICK ★
    Bank
    -
    $50,000
    18 Month
    4.75%
    9.03x (National Avg. - 0.53%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.75%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,375 1,663
    2 52,375 2,488 1,741
    3 54,863 2,606 1,824
    4 57,469 2,730 1,911
    5 60,199 2,859 2,002
    6 63,058 2,995 2,097
    7 66,053 3,138 2,196
    8 69,191 3,287 2,301
    9 72,477 3,443 2,410
    10 75,920 3,606 2,524
    11 79,526 3,777 2,644
    12 83,304 3,957 2,770
    13 87,261 4,145 2,901
    14 91,406 4,342 3,039
    15 95,747 4,548 3,184
    16 100,295 4,764 3,335
    17 105,059 4,990 3,493
    18 110,050 5,227 3,659
    19 115,277 5,476 3,833
    20 120,753 5,736 4,015
    TOTAL $76,488 $53,542
  • 6
    LOCAL CD
    Forbright Bank , ★ TOP PICK ★
    Bank
    -
    $50,000
    12 Month
    5.65%
    11.63x (National Avg. - 0.49%)
    $1,000
    -
    SCENARIO
    Year Rate
    5.65%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,825 1,978
    2 52,825 2,985 2,089
    3 55,810 3,153 2,207
    4 58,963 3,331 2,332
    5 62,294 3,520 2,464
    6 65,814 3,718 2,603
    7 69,532 3,929 2,750
    8 73,461 4,151 2,905
    9 77,611 4,385 3,070
    10 81,997 4,633 3,243
    11 86,629 4,895 3,426
    12 91,524 5,171 3,620
    13 96,695 5,463 3,824
    14 102,158 5,772 4,040
    15 107,930 6,098 4,269
    16 114,028 6,443 4,510
    17 120,471 6,807 4,765
    18 127,277 7,191 5,034
    19 134,469 7,597 5,318
    20 142,066 8,027 5,619
    TOTAL $100,093 $70,065


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