Certificates of Deposit (CD)

CDs are interest-bearing deposit accounts for individuals or businesses that wish to earn a greater rate of interest than available through a regular savings account without committing to a long-term investment.

Terms of CDs range from three months to five years. There is no monthly service fee on a CD, and the account must stay open through the contracted term to avoid an early withdrawal penalty.

Interest rates offered vary with market conditions. Interest earned may be distributed by check, deposited into a Settlers checking or savings account or compounded quarterly.

Settlers Bank also offers the Settlers 500 Plus CD. This 27-month term certificate can be opened with a $500 minimum deposit. You may make one additional deposit each month of at least $500 and may exchange your CD interest rate -- should rates increase -- up to three times over the term.