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Connect Five Account™ |
Classic Five Checking℠ |
Club Five Checking℠ |
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| Monthly Fee |
$5.00 --but easily waived if under 26 years old; or, by maintaining $500 minimum balance | No monthly fee |
$25.00 --but easily waived by maintaining $25,000+ in combined balances |
| Minimum Balance Requirement | $500 minimum to avoid fee | None |
$25,000 combined eligible balances A monthly maintenance fee will be charged for any statement cycle if the combined balances of your qualifying Salem Five relationship accounts are less than $25,000 on the date your Club Five Checking statement is generated. Qualifying relationship balances include your personal checking, savings, money market, time deposit (CD), and IRA deposit accounts, as well as the outstanding balances of your personal consumer loans. Closed-end mortgage loans are not included. |
| Earns Interest | No | No | Yes, variable rate |
| ATM Access |
Fee-free access to Salem Five ATMs and 55,000+ Allpoint® ATMs nationwide Plus, no Salem Five fees at other banks’ ATMs (third party fees may apply) | Fee-free access to Salem Five ATMs and 55,000+ Allpoint® ATMs nationwide |
Use any ATM that is convenient. Fee-free access to Salem Five ATMs and 55,000+ Allpoint® ATMs nationwide No Salem Five fee for use at other ATMs and $20/month reimbursement for other bank’s ATM fees |
| Checks Included | No, this is a checkless account |
Yes, checks available at standard fees. Free initial starter set available at account opening. | Free standard checks or up to $15 credit toward all other designs. |
| Overdraft benefits | No overdraft fees; transactions are declined instead | Free overdraft protection with linked savings | 5 free overdrafts/year |
| Debit Card | Contactless Salem Five Visa® Debit Card with Card Controls | Contactless Salem Five Visa® Debit Card with Card Controls | Contactless Salem Five Visa® Debit Card with Card Controls |
| Debit Card Round Up Savings Feature | Yes | Yes | Yes |
| Online & Mobile Banking | Yes | Yes | Yes |
| Premium Benefits | No fees for using other banks’ ATMs (third party fees may apply) | No paper statement fees (if desired) |
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| Best Paired With | Classic Five Savings | Classic Five Money Market or Classic Five Savings | Club Five Money Market |
| Open Connect Five Now | Open Classic Five Now | Open Club Five Now | |
It depends on how you bank. If you're looking for a simple everyday account, Connect Five Account is a great option. If you want a no-monthly-fee account with check writing, Classic Five Checking may be the best fit. If you maintain higher balances and want premium benefits and interest earnings, Club Five Checking offers additional value.
Yes. All Salem Five checking accounts include a debit card and access to Online Banking and Mobile Banking, making it easy to manage your money, pay bills, deposit checks, and monitor your accounts wherever you are.
Yes. All Salem Five checking account customers have access to Salem Five ATMs and the Allpoint® ATM network. ATM fees and reimbursements may vary by account, so be sure to compare account features to find the option that best fits your needs.
Yes. As your banking needs change, you can switch to another eligible Salem Five checking account that better fits your lifestyle and financial goals. Our Support Center team can help you determine which account is right for you.
Each account is designed for a different type of customer. Compare features such as monthly fees, fee waiver options, check-writing availability, interest earnings, ATM benefits, and premium banking features to find the account that best meets your needs.
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