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Certificates of Deposit

We offer interest rates that are consistently competitive and our Certificates of Deposit are FDIC insured.

We offer Certificates of Deposit in a broad range of maturities, each designed with a particular goal in mind.


CDARS – Protect Large Deposits

Looking for a way to keep large deposits safe with full FDIC insurance?
With CDARS®, you can access multi-million-dollar FDIC protection through Somerset Trust Company. CDARS is the Certificate of Deposit Account Registry Service. You sign a CDARS Deposit Placement Agreement with Somerset Trust Company, earn one interest rate per maturity, and receive one regular statement. It’s that easy.
 
Why CDARS? It’s one-stop shopping.
Safety
Your money can access multi-million-dollar FDIC insurance coverage.
Convenience
You work directly with just us. You earn one interest rate per maturity, receive one regular statement, and one year-end tax form.
Community Investment
The full amount of your deposit can support lending opportunities in our community.1
CD-Level Rates
Your money earns CD-level returns which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts, and money market funds.


How does CDARS work?
Somerset Trust is a member of the CDARS Network. When you place a large amount with us, it is broken into smaller amounts and placed with other banks in the CDARS Network. Then, those banks issue CDs in amounts under the standard FDIC insurance maximum, so that your investment is eligible for FDIC protection. By working directly with just one bank - Somerset Trust Company - you can receive insurance through many. 

What else should I know?
Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates per maturity, organizing interest disbursements from various sources, or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.
 
And with CDARS, you can eliminate the need to monitor changing collateral values on an ongoing basis, another time saving convenience.
 
Of course, your account information remains confidential.
 
You’ve worked hard for your money. Now let it work for you. See for yourself.
 
Ask us how CDARS can work for you the next time you visit one of our branches or Contact Us for more information.
 

1 When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, we can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors' local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.

Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us. CDARS and Certificate of Deposit Account Registry Service are registered marks of Promontory Interfinancial Network, LLC.