CDs & IRAs

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, compounded quarterly or deposited directly into your account at another financial institution..

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.


Individual Retirement Accounts (IRAs) are special tax-deferred savings plans authorized by the federal government to encourage you to accumulate money for retirement. Many taxpayers are eligible to make annual contributions to these plans. If you are eligible to receive a lump sum distribution from your retirement play you may be able to defer taxes by depositing the funds directly into an IRA.

Settlers Bank offers Certificates of Deposit as investment vehicles for IRAs. You may invest in one IRA CD or a series of IRA CDs with varying maturities. We can set up your IRA CD to pay a monthly amount directly to you or your checking account. Contact us to discuss the possibilities.

Care must be taken when dealing with IRAs and retirement plans to make certain that all tax consequences are considered. Consult with your tax advisor for more details about the use of IRAs and your eligibility to use this valuable retirement planning tool.