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Current Rates


Interest Rates & Annual Percentage Yields Through:

Current rates through November 27, 2020.

Certificate of Deposits Minimum Opening Deposit Interest Rate APY
91 Day Certificate $500 0.25% 0.25%
182 Day Certificate $500 0.50% 0.50%
12 Month Certificate $500 0.60% 0.60%
18 Month Certificate $500 0.60% 0.60%
24 Month Certificate $500 0.70% 0.70%
36 Month Certificate $500 0.80% 0.80%
48 Month Certificate $500 0.90% 0.90%

A penalty may be imposed for early withdrawal. Funds must remain on deposit until maturity or for 1 year to earn APY. Interest is required to be paid at least annually.

Savings Accounts Minimum Opening Deposit Interest Rate APY
Statement Savings $100 0.25% 0.25%
Christmas Club $0 0.50% 0.50%
Kid's Club $10 0.25% 0.25%
Student Savings $10 0.25% 0.25%
NOW Account $1,000 0.10% 0.10%
Health Savings $0 0.10% 0.10%

The interest rate and annual percentage yield may change after account opening. Fees can reduce earnings.

Money Market Investor Minimum Opening Deposit Interest Rate APY
$2,500.00 - $9,999.99 $2,500 0.15% 0.15%
$10,000.00 - $24,999.99 $2,500 0.15% 0.15%
$25,000 - $49,999.99 $2,500 0.25% 0.25%
$50,000 or more $2,500 0.25% 0.25%

The interest rate and annual percentage yield may change after account opening. Fees may reduce earnings.

IRA Accounts Minimum Opening Deposit Interest Rate APY
18 Month Variable Rate IRA $0 0.60% 0.60%
24 Month Fixed Rate IRA $0 0.70% 0.70%
36 Month Fixed Rate IRA $0 0.80% 0.80%
48 Month Fixed Rate IRA $0 0.90% 0.90%

For variable rate accounts, the interest rate and annual percentage yield may change after account opening. A penalty may be imposed for early withdrawal. Funds must remain on deposit until maturity or for 1 year to earn APY.

Deposit information presented on the website of Bank of Salem is in accordance with the Federal Reserves Truth in Savings Act (12CFR230). Interest rates displayed for deposit products are based on Annual Percentage Yield (APY) and may fluctuate at any time.

 

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