Salem Five, the full-service regional bank with a community-minded spirit, has just introduced a suite of checking accounts that give customers new options for the checking services they need and value most.
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“These three new accounts align with the needs of customers who are in different stages of life and financial maturity,” says Joseph Riley, Executive Vice President and head of retail banking for Salem-based Salem Five, the largest mutual bank in the state. “Instead of one-size-fits-all checking, we’ve designed a variety of options to suit a variety of clients.”
The new trio of account options includes top-tier Club Five Checking for power users who want their checking with the most features and flexibility available; Connect Five for those who prize online-oriented checking on-the-go; and Classic Five, a no-fees, no-frills account for customers who want conventional checking free from minimum balances and monthly maintenance costs.
Features Built Into All Three Accounts
All three new checking accounts offer enhanced value by helping customers avoid ATM fees, connect online for account information, pay or withdraw cash by debit card, and boost savings when purchasing by debit card with a new Debit Card Round Up feature.
“Club Five, Classic Five and Connect Five are just the latest examples of our legacy of innovation and our commitment to providing the most competitive products to the communities we serve,” Riley says.
Club Five Checking: The Most Features and Flexibility
Riley says the flagship account, Club Five Checking, makes “everyday banking more rewarding with a lot of bells and whistles,” including helping clients earn more, save on fees and get greater value from their relationship with Salem Five.
Club Five Checking also eliminates ATM fees and reimburses up to $20 per monthly statement on charges from other banks. In addition, incoming wire transfers, money orders and stop-payment orders are free, and clients get preferred rates on other Salem Five products, including money market rates, as well as complimentary consultations with the bank’s insurance and wealth management experts.
Connect Five: For Teens and Young Adults Just Starting Out
For those just starting their financial journey, Salem Five designed Connect Five, a digitally oriented, checkless account that helps teens and young adults manage their spending. In addition to free online and mobile banking, the account has no overdraft fees. (If there’s not enough money in the account to cover a payment, the transaction will be declined as a safeguard).
Connect Five customers get free use of Salem Five ATMs and also the 40,000 fee-free Allpoint® ATMs nationwide. Salem Five also doesn’t charge fees for customers who use other banks’ ATMs. Better still, there’s no monthly fee for account holders who are 26 or younger or who maintain a $500 minimum balance.
Classic Five: Everyday Checking With No Monthly Fee
Rounding out the suite of new account types is Classic Five, a simple, everyday checking account with no monthly maintenance charge or minimum balance requirement. It offers free online and mobile banking, free ATM use at Salem Five ATMs or any of the 40,000 fee-free Allpoint® ATMs, has overdraft protection when paired with a companion savings account and, like the other new accounts, comes with a Debit Card Round Up option.
Debit Card Round Up: Savings With Every Purchase
For all accounts, clients can opt to round up charges on the account’s debit card to the nearest dollar to bolster their Salem Five savings accounts. “This allows you to build up your savings in an effortless way,” Riley says of the automatic money transfers.
“We’re thrilled to introduce these new checking accounts, which make banking easier and more convenient for everyone in the family,” Riley adds.
A 170-Year Commitment to the Community
With a legacy of more than 170 years of community service, Salem Five Bank renews its commitment daily to serving the needs of individuals and businesses across its markets. The bank now has assets in excess of $8.5 billion and more than 700 employees working at 33 retail branches, six insurance offices, four wealth management offices and four mortgage offices.
The bank’s community commitment also includes a charitable foundation that donates more than $1 million each year to nearly 400 local nonprofits. In addition, Salem Five is well-known for sponsoring a wide range of community events and for supporting small businesses throughout the region.