Putting The Power Of Compound Interest To Work For You!

Summit Credit Union's Money Market and Money Market Investor accounts are federally insured share accounts that offer money market rates without tying up funds for a specific period of time. Deposits and withdrawals may be made anytime with no restrictions.



Minimum Deposit: The minimum deposit to open a Money Market account is only $1,000. The minimum deposit to open the higher yielding Money Market Investor account is $25,000.

Dividend Rate: The dividend rate on a Money Market account varies with changing conditions in the financial market, so the earnings will keep pace with current market rates. The dividend rate is set by the Board of Directors and is subject to change monthly. Dividends are earned every day the balance remains above the minimum balance requirement of $1,000 for the Money Market account and $25,000 for the Money Market Investor account.  If the Money Market Investor account falls below the minimum balance requirement of $25,000 the rate converts to the Money Market account terms.  The dividend rate for both the Money Market and Money Market Investor are compounded monthly and paid monthly.

Service Charges: There is no service charge or transfer fee associated with a Money Market or Money Market Investor account if the daily balance remains above $1,000. If the daily balance is below $1,000, there is a $5 quarterly maintenance fee charged.

Availability of Funds: A Summit Credit Union Money Market account offers maximum liquidity in the management of your funds. You may conveniently access your Money Market account by mail, ATM, by using our Call 24 audio response service, over the internet using Home Banking 24, or by visiting our Credit Union office. For your protection, positive identification is required for all withdrawals and for any deposits in which cash is given back.

Information Services: You will receive a comprehensive monthly statement listing the balance and all transactions on your account. This statement also includes the dividend rate and yield during the statement period. Call 24 and Home Banking 24 may also be used to obtain current information or make transfers on Money Market accounts.

Saving Automatically: Payroll Deduction and Direct Deposit may be available for automatic deposits to your Money Market Share account. With Payroll Deduction, you may arrange for a portion of your net pay to be automatically deposited into your Money Market account. Direct Deposit also allows you to automatically deposit a portion of your net pay into your Money Market account. Contact Us or your payroll office if you are not sure if Payroll Deduction and/or Direct Deposit is available where you work.

Non Assignable: Your Money Market Share account may not be used a collateral for a Summit Credit Union loan nor will the Credit Union accept assignments from other creditors.