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Money Market Investor

Compounding Frequency Minimum Opening Amount Dividend-Earning Balance Minimum Annual Dividend Rate Annual Percentage Yield (APY)
Monthly $10,000 $10,000 to $49,999.99 1.00% 1.00%
$50,000 to $99,999.99 1.20% 1.20%
$100,000 to $199,999.99 1.40% 1.40%
$200,000 or greater 1.60% 1.61%

The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding. Penalties may apply for early withdrawal on term share accounts. Fees may reduce earnings. Offering rates may change after account opening.

Other Savings Accounts

Compounding Frequency Minimum Balance Dividend-Earning Balance Minimum Description Annual Dividend Rate Annual Percentage Yield (APY)
Monthly $0 $500 Money Market Savings 0.60% 0.60%
Quarterly $0 $100 Roth and Traditional IRA Accumulator 1.00% 1.00%
Annually $0 $100 Christmas Club 0.50% 0.50%
Quarterly $5 $5 Kids Club 0.50% 0.50%
Quarterly $5 $100 Membership Savings 0.05% 0.05%
Quarterly $0 $100 Special Savings 0.05% 0.05%

The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding. Penalties may apply for early withdrawal on term share accounts. Fees may reduce earnings. Offering rates may change.

Jumbo and Jumbo IRA Certificates of Deposit

Compounding Frequency Minimum Opening Amount Term Annual Dividend Rate Annual Percentage Yield (APY)
Quarterly $10,000 6 to 11 Month 1.74 1.75%
Quarterly $10,000 9 Month (Special) 4.91 5.00%
Quarterly $10,000 12 to 23 Month 1.99 2.00%
Quarterly $10,000 24 to 35 Month 2.24 2.25%
Quarterly $10,000 27 Month (Special) 4.67 4.75%
Quarterly $10,000 36 Month 2.97 3.00%
Quarterly $10,000 39 Month (Special) 4.19 4.25%

The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding. Penalties may apply for early withdrawal on term share accounts. Fees may reduce earnings. Offering rates may change.

 

Regular and IRA Certificates of Deposit

Compounding Frequency Minimum Opening Amount Term Annual Dividend Rate Annual Percentage Yield (APY)
Quarterly $500 6 to 11 Month 1.50 1.50%
Quarterly $500 9 Month (Special) 3.95 4.00%
Quarterly $500 12 to 23 Month 1.74 1.75%
Quarterly $500 24 to 35 Month 1.99 2.00%
Quarterly $500 27 Month (Special) 3.70 3.75%
Quarterly $500 36 Month 2.73 2.75%
Quarterly $500 39 Month (Special) 3.22 3.25%

The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding. Penalties may apply for early withdrawal on term share accounts. Fees may reduce earnings. Offering rates may change.

Terms and Conditions

Membership Requirement: If the Membership Savings (Share) balance drops below $5, credit union services will be discontinued.

Dividend Terms: With the exception of certificates, rates are variable and are subject to change monthly. If you close your money market, Certificate, or IRA accounts before the end of the dividend period, your dividends will be posted to the account prior to closing. For all other accounts, if you close your account before dividends are posted, you will not receive accrued dividends. Dividends will begin to accrue on the same business day of your deposit. Dividends are paid from current income and available earnings after required transfer to reserve at the end of the dividend period.

Dividend Calculation Method: Dividends for IRA Accumulator, Kids Club, Membership Savings, and Special Savings accounts are calculated by using the average daily balance method, which applies a daily periodic rate to the average daily balance in your account for the period covered. Money Market, Christmas Club, and Certificate accounts are calculated by using the daily balance method, which applies a daily rate to the principal in your account each day.

APY Assumptions: Annual Percentage Yield assumes dividends remain on deposit. Withdrawals of dividends will reduce earnings. Anticipated current dividend rates will be quoted or mailed to you upon request or at the time of opening an account.

Money Market Savings and Money Market Investor: There is no limit on the number or amount of withdrawals. If a Money Market Investor account falls below the Dividend-Earning Balance Minimum, it converts to the Money Market Savings rate.

Christmas Club: Dividends on Christmas Club accounts will be posted on September 30 of each calendar year. Funds will be available for withdrawal October 1 through December 31.

Certificate of Deposit: After the account is open, no additional deposits may be made until maturity. Approximately 30 days prior to maturity, a notice will be mailed to remind you of the maturity date. Unless you instruct otherwise, certificates will automatically renew into a new certificate with the same term at the then-offered interest rate for that term. Certificate Specials will automatically renew into a non-special certificate with a standard term and rate closest to the term of the certificate special. You may withdraw funds during a grace period of ten (10) days after the maturity date without being charged an early withdrawal penalty or loss of interest earned.

Checking and Debit-Card-Only (DCO): Checking and Debit Card Only accounts are not interest-bearing. Inactive accounts with a zero balance for over 90 days will be closed. A checking or debit-card-only account is divided into transaction and savings sub accounts. Funds not used to pay debits may be transferred to the savings sub account. This process will not affect your available balance or monthly statement. Accounts cannot be used for unlawful internet gambling.

Frequency of Statements: If you have a checking account, debit-card-only account, loan, or an ACH transaction posts to your account during the month, you will receive a monthly statement. Otherwise, you will receive a quarterly statement.

Safe Deposit Boxes: Rental fees are automatically assessed annually on May 1.

All deposits are federally insured by the National Credit Union Administration (NCUA). All inactive accounts, including checking and debit-card-only accounts, with a zero balance for more than 90 days will be closed. Summit Credit Union reserves the right to change the service charges, fees, and other features as necessary.

Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Fees and Limits Schedule

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