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Certificates of Deposit

Bank of Salem offers a variety of terms to fit your needs. Start saving today with as little as $500 on any term. You may choose to have the interest compound monthly or transfer to your checking or savings account monthly. Also, for your convenience, Certificates of Deposit are set up for automatic renewal.

Available Terms Number of Bumps Additional Benefits
91 Day Certificate 0 no
182 Day Certificate 0 no
12 Month Certificate 0 no
15 Month Certificate 0 no
18 Month Certificate 2 add money at any time ($100 minimum)
24 Month Certificate 1 no
36 Month Certificate 0 no
48 Month Certificate 1 no
60 Month Certificate 1 no

A penalty may be imposed for early withdrawal. The penalty for 91-day Certificate of Deposit will be equal to 30 days loss of interest. The penalty for 182-day, 12-month, 15-month, 18-month, 24-month, 36-month, and 48-month Certificates of Deposit will be equal to 91 days of interest. The penalty for 60-month Certificate of Deposit will be equal to 182 days loss of interest.
Funds must remain on deposit until maturity or for 1 year to earn APY. Interest is required to be paid at least annually.

Stop by Bank of Salem to visit with a Customer Service Representative to discuss our current rates and get started today.

USA Patriot Act Notice

Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering, Federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, physical address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver’s license and/or other identifying documents.

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