Savings Certificate

Certificate evidencing ownership of a Time Deposit account paying a fixed rate of interest. A savings certificate is a retail Certificate of Deposit that normally is issued in denominations of $500 or more, and has a stated maturity. It is nonnegotiable, or transferable by assignment to another owner. A receipt is issued to the certificate holder, and the instrument is recorded in the issuing bank's ledger accounts. See also All Savers Certificate; Money Market Certificate; Small Saver Certificate.