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Certificates of Deposit Disclosures
 Account Disclosures General Disclosures / Information
1 Month (10 - 59 Days) CD Your Deposit Account Disclosure
2 Month (60 - 89 Days) CD Privacy Notice
3 Month CD to 11 Month CD (90 - 364 Days) CD Rates
12 Month CD to 60 Month CD ($500 and Over) Compare Certificates of Deposit

 

 1 Month (10 – 59 Days) CD

  • To open this account, a $10,000 deposit is required.
  • You must maintain a minimum of $10,000 in the account each day to obtain the disclosed annual percentage yield.
  • The interest rate for your account will be paid until the maturity date of your certificate. The current interest rate and annual percentage yield are listed on the Current Rates.
  • The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
  • After the certificate is opened, you may not make deposits into the account until the maturity date.
  • We may impose a penalty if you withdraw any or all of the principal before the maturity date. The penalty imposed will be equal to the greater of seven days simple interest or all simple interest earned on the amount withdrawn. This could reduce your principal.
  • Interest is not compounded and will be credited at maturity.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the ledger principal balance in the account each day.
  • Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
  • This account will automatically renew at maturity. You will have five (5) business days after the maturity date to withdraw your funds without being charged a penalty.

2 Month (60 – 89 Days) CD

  • To open this account, a $10,000 deposit is required.
  • You must maintain a minimum of $10,000 in the account each day to obtain the disclosed annual percentage yield.
  • The interest rate for your account will be paid until the maturity date of your certificate. The current interest rate and annual percentage yield are listed on the Current Rates.
  • The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
  • After the certificate is opened, you may not make deposits into the account until the maturity date.
  • We may impose a penalty if you withdraw any or all of the principal before the maturity date. The penalty imposed will be equal to the greater of seven days simple interest or all simple interest earned on the amount withdrawn. This could reduce your principal.
  • Interest is not compounded and will be credited at maturity.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the ledger principal balance in the account each day.
  • Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
  • This account will automatically renew at maturity. You will have five (5) business days after the maturity date to withdraw your funds without being charged a penalty.

3 Month CD to 11 Month CD (90 – 364 Days)

  • To open the account, a $1,000 deposit is required.
  • You must maintain a minimum balance of $1,000 in the account each day to obtain the disclosed annual percentage yield.
  • The interest rate for your account will be paid until the maturity date of your certificate. The current interest rate and annual percentage yield are listed on the Current Rates.
  • The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
  • After the certificate is opened, you may not make deposits into the account until the maturity date. The penalty imposed will be equal to 90 days simple interest on the amount withdrawn. This could reduce your principal.
  • Interest is not compounded and will be credited at maturity. Interest may be paid by check or transferred automatically into another account at Somerset Trust Company. Options may vary.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the ledger principal balance in the account each day.
  • Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
  • This account will automatically renew at maturity. You will have five (5) business days after the maturity date to withdraw your funds without being charged a penalty.

12 Month CD to 60 Month CD ($500 and over)

  • To open the account, a deposit of $500 is required.
  • You must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield.
  • The interest rate for your account will be paid until the maturity date of your certificate. The current interest rate and annual percentage yield are listed on the Current Rates.
  • The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
  • After the certificate is opened, you may not make deposits into the account until the maturity date.
  • We may impose a penalty if you withdraw any or all of the principal before the maturity date. The penalty imposed will be equal to 180 days simple interest on the amount withdrawn. This could reduce your principal. On a 60 Month CD, the penalty will be 365 days simple interest on the amount withdrawn. This could reduce your principal.
  • Interest is compounded semi-annually and will be credited semi-annually. Interest may be paid by check or transferred automatically into another account at Somerset Trust Company. Options may vary.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the ledger principal balance in the account each day.
  • Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
  • This account will automatically renew at maturity. You will have five (5) business days after the maturity date to withdraw your funds without being charged a penalty.