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Savings Account Disclosures
Account Disclosures  General Disclosures / Information
Advantage Interest Account Your Deposit Account Terms and Conditions
Statement Savings / Super Saver Account Privacy Notice
Overdraft Protection Savings Account Account Fee Schedule
Money Market Savings Savings Rates
Money Market Plus Account  Money Market Rates
Super Money Market Plus Account Compare Savings Accounts
Christmas Club Account  

 

Advantage Interest Account

  • $250 opening deposit required. 
  • Minimum balance of $250 required daily in account to obtain disclosed annual percentage yield (APY).
  • Interest rate and APY may change. At our discretion, interest rates may be changed at any time. Current interest rates and APY can be found in the Account Rate Sheet.
  • Interest begins to accrue no later than the day credit is received for the deposit of noncash items, such as checks.
  • Interest will be compounded monthly and credited to account monthly on statement date. If account is closed prior interest credit, accrued interest up to the date of closure will be given.
  • Daily balance method is used to calculate interest on account. This method applies a daily periodic rate to collected principal balance in account at close of business each day.
  • Limit of six transfers per calendar month to third parties by preauthorized, automatic, telephone agreement, or computer transfer or by check, draft, or similar order from Advantage Interest Savings account.
  • Unlimited preauthorized transfers for the purpose of paying a loan(s) at Somerset Trust Company.
  • Unlimited transfers or withdrawals made in person or at ATM.
  • Monthly minimum balance fee and excessive transfer fee may be charged to account. Complete listing of other fees may be found in Account Fee Schedule.

Statement Savings/Super Saver Account

  • No minimum opening deposit required.
  • Minimum balance of $100 required daily in account to obtain disclosed annual percentage yield (APY).
  • Interest rate and APY may change. At our discretion, interest rates may be changed at any time. Current interest rates and APY may be found in the Account Rate Sheet.
  • Interest begins to accrue no later than the day credit is received for the deposit of noncash items, such as checks.
  • Interest will be compounded monthly and credited to account monthly on statement date. If account is closed prior interest credit, accrued interest up to the date of closure will be given.
  • Daily balance method is used to calculate interest on account. This method applies a daily periodic rate to collected principal balance in account at close of business each day.
  • Transfers from a Money Market Savings, Statement Savings or Super Saver Account to another account or to third party by preauthorized, automatic, telephone agreement, computer transfer, draft, or similar order to third parties are limited to six per calendar month.
  • Monthly minimum balance fee and excessive transfer fee may be charged to account. Complete listing of other fees may be found in Account Fee Schedule.

Overdraft Protection Savings Account

  • No minimum opening deposit required. 
  • Minimum balance of $100 required daily in account to obtain disclosed annual percentage yield (APY).
  • Interest rate and APY may change. At our discretion, interest rates may be changed at any time. Current interest rates and APY may be found in the Account Rate Sheet.
  • Interest begins to accrue no later than the day credit is received for the deposit of noncash items, such as checks.
  • Interest will be compounded monthly and credited to account monthly on statement date. If account is closed prior interest credit, accrued interest up to the date of closure will be given.
  • Daily balance method is used to calculate interest on account. This method applies a daily periodic rate to collected principal balance in account at close of business each day.
  • Monthly minimum balance fee and excessive transfer fee may be charged to account. Complete listing of other fees may be found in Account Fee Schedule.
  • Any individual may maintain an Overdraft Protection Savings account. Other entities organized or operated to make a profit, such as corporations, business trusts, partnerships, associations, or other organizations, may not maintain an Overdraft Protection Savings account. 

Money Market Savings

  • You must deposit $2500 to open this account.
  • You must maintain a minimum balance of $250 in the account each day to obtain the disclosed annual percentage yield.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rates for your account at any time. The current interest rates and annual percentage yields can be found in the Current Rates.
  • Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
  • Interest will be compounded on a monthly basis and credited to your account monthly on the statement date. If you close your account before interest is credited, you will receive the accrued interest up to the date you close the account.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal balance in the account at the end of business each day.
  • Transfers from a Money Market Savings to another account or to third parties by preauthorized, automatic, telephone agreement, computer transfer, draft, or similar order to third parties are limited to six (6) per calendar month.
  • Preauthorized transfers for the purpose of paying a loan(s) at Somerset Trust Company are unlimited.
  • Transfer or withdrawals made in person are unlimited.
  • A monthly minimum balance fee and an excessive transfer fee may be charged to your account. A complete listing of these fees can be found in the Account Fee Schedule.

Money Market Plus Account

  • You must deposit $2500 to open this account.
  • You must maintain a minimum balance of $250 in the account each day to obtain the disclosed annual percentage yield.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rates for your account at any time. The current interest rates and annual percentage yields can be found in the Current Rates.
  • Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
  • Interest will be compounded on a monthly basis and credited to your account monthly on the statement date. If you close your account before interest is credited, you wil receive the accrued interest up to the date you close the account.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal balance in the account at the end of business each day.
  • Transfers from Money Market Plus account to another account or to third parties by preauthorized, automatic, telephone agreement or computer transfer or by check, draft or similar order to third parties are limited to six (6) per calendar monthPreauthorized transfers for the purpose of paying a loan(s) at Somerset Trust Company are unlimited.
  • Transfer or withdrawals made in person are unlimited.
  • A monthly minimum balance fee and an excessive transfer fee may be charged to your account. A complete listing of these fees can be found in the Account Fee Schedule.

Super Money Market Plus Account

  • You must deposit $50,000 to open this account.
  • You must maintain a minimum balance of $250 in the account each day to obtain the disclosed annual percentage yield.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rates for your account at any time. The current interest rates and annual percentage yields can be found in the Current Rates.
  • Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
  • Interest will be compounded on a monthly basis and credited to your account monthly on the statement date. If you close your account before interest is credited, you will receive the accrued interest up to the date you close the account.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal balance in the account at the end of business each day.
  • Transfers from Super Money Market Plus account to another account or to third parties by preauthorized, automatic, telephone agreement or computer transfer or by check, draft or similar order to third parties are limited to six (6) per calendar month
  • Preauthorized transfers for the purpose of paying a loan(s) at Somerset Trust Company are unlimited.
  • Transfer or withdrawals made in person are unlimited.
  • A monthly minimum balance fee and an excessive transfer fee may be charged to your account. A complete listing of these fees can be found in the Account Fee Schedule.

 Christmas Club Account

  • No minimum deposit is required to open the account if opened at a branch.
  • $25 minimum deposit required to open the account if opened online.
  • Deposits may be made into the account at any Somerset Trust Company office or by preauthorized automatic transfer from another account at Somerset Trust Company.
  • The Maturity Date for this account is October 16, 2015. The interest rate for your account will be effective until the end of the account term. The current interest rate and annual percentage yield are .20%.
  • There is no minimum balance required in the account each day to obtain the disclosed annual percentage yield.
  • Interest begins to accrue on the business day you make a deposit.
  • 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 at the end of business each day.
  • Interest is not compounded and will be credited at maturity.
  • Early Withdrawal Penalty- We may impose a penalty if you withdraw any or all of the principal before the maturity date. The penalty imposed will be the greater of $5.00 or 7 days simple interest on the amount withdrawn.
  • This account will automatically renew at maturity. At the end of the term, your club total balance will be transferred into another account at Somerset Trust Company or paid by check. There is no grace period following the maturity of this account to withdraw funds without penalty.
  • This account is not eligible to receive an ATMCard.