Savings


No matter what your savings goals are, we have an account to fit your needs.

Basic savings accounts that provide you with a simple way to start saving. Or maybe you're looking for a sure thing — a Certificate of Deposit with a guaranteed rate. Saving for retirement? It's never too early or too late to open an Individual Retirement Account (IRA). And all of our savings plans come with FDIC insurance for extra peace of mind.




Passbook Savings

You want a simple way to start saving and the security of a passbook. Earn a competitive rate and still have easy access to your money.

  • Open an account with as little as $10
  • Interest earned on balances of $50 or more
  • Interest is compounded daily and credited monthly
  • Deposits and withdrawals can be made at any time without penalty
  • All transactions are recorded in your passbook
Rates


Statement Savings

You want a simple way to start saving and to earn a competitive rate while having the convenience of 24/7 access to your money.

  • Open an account with as little as $10
  • Interest earned on balances of $50 or more
  • Interest is compounded daily and credited monthly
  • Unlimited deposits and in-person withdrawals, plus up to 6 electronic funds transfers per statement cycle including up to 3 point-of-sale transactions
  • Transactions are recorded on a monthly statement
  • Free ATMs wordwide using your ATM card 
  • Free online banking and eStatements
Rates Open an Account


Tiered Savings Account

You want to earn more for your money and still have 24/7 access to your money. Since the tiered rate is based on your balance, you earn more interest on higher balances.

  • Open an account with as little as $10
  • Earns our highest tiered interest rates
  • Must also have a Somerset Savings Bank checking account
  • Interest is compounded daily and credited monthly
  • Unlimited deposits and in-person withdrawals, plus up to 6 electronic funds transfers per statement cycle including up to 3 point-of-sale transactions
  • Transactions are recorded on a monthly statement
  • Free ATMs wordwide using your free Visa Check Card
  • Free online banking and eStatements
Rates Open an Account


Provider Money Market Account

You want to earn more for your money and still have the ability to write checks.

  • A deposit of $2500 is required to open account
  • Earn a money market interest rate on balances of $250 or more
  • Minimum balance to avoid monthly maintenance fee: $1000
  • Unlimited deposits and in-person withdrawals, plus up to 6 transfers per statement cycle--no more than 3 of which may be by check or ATM Card point-of-sale transactions
  • Transactions are recorded on a monthly statement
  • Free ATMs worldwide using your ATM card 
  • Free online banking and eStatements

Rates Open an Account



Certificates of Deposit

You're looking for a sure thing — a guaranteed interest rate with a choice of terms.

  • Open a CD with as little as $500
  • Competitive rates
  • Choose the term that's right for you
  • Terms from 6 months to 60 months
  • Rate is fixed for the term of the CD
  • Automatic reinvestment at maturity
Rates Open an Account


Individual Retirement Accounts (IRAs)

You're looking for a safe and simple way to save for your retirement.

  • Open an IRA CD with as little as $500
  • Competitive rates
  • Choose the term that's right for you
  • Terms from 6 months to 60 months
  • Rate is fixed for the term of the CD
  • Contributions may be tax-deductible (consult your tax advisor)
  • Separately insured up to $250,000
  • Automatic reinvestment at maturity
Rates



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