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Basic Savings

Personal Banking

Setting Something Aside for Tomorrow

Saving money for a rainy day or budgeting for projects down the road are smart ways to give your financial health a boost. At The Bank of Salem, we offer a strong Basic Savings Account with even more advantages for seniors, children and other exempt customers.

Basic Savings Features

  • Minimum opening balance: $100.00
  • Minimum daily balance: maintain $100.00 or more to avoid a $5.00 quarterly fee
  • Interest rate established each month based on prevailing market conditions (see rates)
  • Interest paid quarterly to depositors who have maintained an average balance of $100.00 or more during the quarter
  • Your choice of quarterly Paper Statements or E-Statements
  • Regulations restrict the number of withdrawals or transfers to another account to six (6) per month for transfers made by means of a preauthorized or automatic transfer by telephone, fax, online banking, check, draft, debit card, or similar order made by the depositor and payable to third parties (THIS REGULATION IS CURRENTLY SUSPENDED, AND THE BANK WILL NOT ENFORCE TRANSACTION LIMITATIONS ON SAVINGS ACCOUNTS)
  • No limit to the number of transfers or withdrawals made in person, by mail, by telephone (via check mailed to the customer), or at ATMs

Additional Benefits for Exempt Accounts

  • Senior citizens (62+), minors (18 & younger), full-time students, fiduciaries, non-profit organizations and governmental units are exempt from the maintenance fee and minimum daily balance requirement
  • Exempt Basic Savings Accounts will be paid interest regardless of the monthly average balance
  • Minimum opening balance is $1.00

Other Tools

How to Open an Account

Visit your nearest branch or call 573-729-3137.

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