Savings

Savings

A place to deposit your saving money. For next month. And next year. At Salem Seaport Credit Union, get more for less. More choices, more services, more features, more interest and more satisfaction. With our variety of savings accounts, you can choose the one that best suits your lifestyle.

Statement Savings

  • Open an account with just $25 minimum deposit
  • Competitive interest rates
  • No monthly minimum balance fees
  • ATM accessibility to your money
  • Free Online Banking access
  • Free 24-hour Audio Response phone access
  • Free eStatements

Vacation/Christmas Club

  • Build savings via Direct Deposit or Internal Fund Transfer
  • It only takes a $25 minimum balance to open and earn interest*
  • Vacation Club accounts transfer balances the first week of May
  • Christmas Club accounts transfer balances the first week of November
  • How much should you put away? Not counting interest earned, after a full-year of participation:
  • $10 per week = $520 per year
  • $20 per week = $1,040 per year
  • $30 per week = $1,560 per year
  • No withdrawals* are allowed until the money is transferred to your designated Salem Seaport Credit Union account

*If the account is closed before transfer date, an early closure fee will apply.

Money Market

  • Great flexibility while earning interest
  • Minimum of $25 to open a Money Market account
  • Convenient quarterly statements
  • Free eStatements
  • Free 24-hour Audio Response phone access
  • Free Online Banking
  • Competitive tiered-rate structure—the more you have on account, the higher your interest rate will be
  • No monthly minimum balance
  • Control your money with six (6) or fewer withdrawals and/or transfers each monthly statement cycle

*Minimum required opening deposit is $25.00 and a minimum balance of $25.00 is required to receive annual percentage yield disclosed.

Share Certificates of Deposit

  • Just a $500 minimum* balance to open
  • Competitive market rates
  • Dividends distributed monthly to designated accounts upon request
  • Various terms on your length of investment, up to 60 months
  • Penalty for early withdrawal

*Minimum required opening deposit is $500.00 and a minimum balance of $500.00 is required to receive annual percentage yield disclosed.

Savings Account Rates*

These Rates Accurate as of
Savings Rate APY*
Main Share Savings 0.15% 0.15%
Club Accounts 0.15% 0.15%
Money Market (Balances $25.00 to $999.99) 0.20% 0.20%
Money Market (Balances $1,000.00 to $2,499.99) 0.20% 0.20%
Money Market (Balances $2,500.00 to $9,999.99) 0.30% 0.30%
Money Market (Balances $10,000.00 to $24,999.99) 0.30% 0.30%
Money Market (Balances $25,000.00 to $99,999.99) 0.40% 0.40%
Money Market (Balances greater than $100,000.00) 0.55% 0.55%

*APY is Annual Percentage Yield. The rates quoted above are accurate as of the date indicated and are subject to change without notice. Dividends are compounded and credited monthly based on the average daily balance in your account. If your average daily balance falls below the minimum for that dividend period, you will not earn any dividends during that period. Variable Share deposit rate account rates may change after account is opened. Fees could reduce the earnings on any account. Minimum required opening deposit is $25.00 and a minimum balance of $25.00 is required to receive annual percentage yield disclosed.

IRA Share Certificates of Deposit

  • Open an IRA Share Certificate of Deposit with as little as $500*
  • IRA Share Certificates are offered for terms of 12 months to 60 months
  • Dividends are accrued daily and compounded monthly
  • Both Traditional and Roth IRA accounts are available
  • Many IRA contributions are tax deductible. Even if only part of your contribution is tax deductible, earnings are tax-deferred until withdrawal. Consult your tax advisor for details about the benefits of IRA accounts.
  • Penalty for early withdrawal

IRA Share Certificates of Deposit Rates*

These Rates Accurate as of
Individual Retirement Account Certificates Rate APY** Term
12 Month Term Share Certificate 0.75% 0.75% 12
18 Month Term Share Certificate 0.85% 0.85% 18
24 Month Term Share Certificate 0.95% 0.95% 24
36 Month Term Share Certificate 1.24% 1.25% 36
48 Month Term Share Certificate 1.34% 1.35% 48
60 Month Term Share Certificate 1.59% 1.60% 60

*Minimum required opening deposit is $500.00 and a minimum balance of $500.00 is required to receive annual percentage yield disclosed.

**APY is Annual Percentage Yield. The rates quoted above are accurate as of the date indicated and are subject to change without notice. Certificate rates remain fixed for the term of the certificate. Dividends are compounded daily and credited to your account monthly. A penalty may be imposed for withdrawals before maturity. Fees could reduce the earnings on any account. Minimum required opening deposit is $500.00 and a minimum balance of $500.00 is required to receive annual percentage yield disclosed.

IRA Savings Account

  • IRA Savings Accounts can be opened with as little as $25*
  • These accounts allow for deposits
  • There is no credit union-imposed penalty for early withdrawal
  • Both Traditional and Roth IRA accounts are available
  • Many IRA contributions are fully tax-deductible. Even if only part of your contribution is tax deductible, earnings are tax deferred until withdrawal. Consult with your tax advisor for details about the benefits of IRA accounts.
  • Contributions can be made through manual deposits or automatic payroll deductions.

Start saving today. Come on in to our Lafayette Street office, just across from Salem State University, and we’ll get you set up quickly and easily. As always, please don’t hesitate to contact us at 978.744.1153 or info@seaportcu.org if you have any questions.

*Minimum required opening deposit is $25.00 and a minimum balance of $25.00 is required to receive annual percentage yield disclosed.