Summit Credit Union
Fees
Minimum Deposit
Our Rating
APY Savings
Table Of Content
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Pros and Cons
Pros | Cons |
|---|---|
Special Rate Certificate | Low Rates On Certificate And Savings |
Variety Of Checking Accounts | Cannot Join Online |
Variety Of Credit Cards | |
Investing Options |
- Special Rate Certificate
Summit offers special rate certificates, potentially providing higher returns on savings compared to standard certificates.
- Variety Of Checking Accounts
Summit provides a range of checking account options, allowing customers to choose an account that best suits their needs.
- Variety Of Credit Cards
The selection of credit cards offers different features and rewards, catering to diverse financial preferences.
- Investing Options
Summit offers various investment options, allowing individuals to tailor their investment strategies to meet their financial goals.
- Low Rates On Certificate And Savings
Summit's certificate and savings accounts may offer lower interest rates compared to other financial institutions, potentially resulting in less growth for savings.
- Cannot Join Online
The inability to join Summit online may inconvenience potential customers who prefer a fully digital enrollment process.
Savings Accounts
Summit Credit Union offers 5 types of savings accounts:
Summit Credit Union Savings | |
|---|---|
Savings APY | 0.10% |
Savings Fees | $0 |
Minimum Deposit | $1 |
- Primary Savings Account: This account offers a safe place to save for various goals, from college expenses to emergency funds. It requires only a $1 deposit to start, earns dividends on balances of $25 or more, and has no monthly fees or minimum balance requirements.
- Secondary Savings Account: Tailor this account to specific goals, such as a vacation or home improvement project. Like the Primary Savings Account, it starts with a $1 deposit, earns dividends on balances of $25 or more, and has no monthly fees or minimum balance requirements.
- GoSave Account: Designed for regular saving and earning higher interest, the GoSave Account requires a $100 deposit to start. It includes one free withdrawal per month and encourages electronic deposits to improve saving habits.
- Holiday Savings Account: Ideal for setting aside money for special occasions, this account offers unlimited access to savings with a $1 deposit to begin. It also earns dividends on balances of $25 or more and has no monthly fees or minimum balance requirements.
- Health Savings Account (HSA): A tax-free HSA for healthcare expenses, offering flexibility in choosing tax-deductible or pre-tax deductions, tax-free interest, and the ability to roll over balances at the end of the year without penalties. The HSA remains with you even if you change employers or retire.
Summit Credit Union CDs
Open an account with just $500 and boost your interest earnings with a larger initial deposit. Opt for a savings term ranging from 3 months – 5 years to watch your savings grow. The longer the term, the higher the dividend rate you'll receive, enhancing your potential returns.
CD Term | APY |
|---|---|
3 Months | 0.70% |
6 Months | 1.40% |
9 Months | 1.50% |
12 Months | 2.25% |
13 Months – Special | 4.30% |
18 Months | 2.35% |
22 Months – Special | N/A |
24 Months | 2.50% |
36 Months | 3.50% |
48 Months | 3.50% |
60 Months | 3.50% |
As we can see, the rates are low besides the special terms, which offer very competitive rates. However, this may not be enough for those who need to ladder a CD or deposit funds for different terms.
Checking Accounts
Summit credit union offers five different types of checking accounts:
Free Checking: This account offers a fee-free banking experience, with no monthly service fee and unlimited check writing. It includes convenient features like Unlimited free ATM withdrawals at Summit ATMs, free transfers with Zelle, free mobile check deposits, and access to the Summit app for easy money management. There's a low minimum opening deposit of $25, making it accessible to many.
Balance Account: This account prioritizes financial balance by eliminating overdraft and NSF fees. It includes free Bill Pay, free transfers with Zelle, and unlimited free withdrawals at Summit ATMs. The monthly service fee of $5 can be waived for account holders under 17 or those with 10 or more debit card purchases and specific Summit products.
Ultimate Checking Account: This account rewards account holders with various perks, including a higher dividend rate, rebates on mortgages and home equity loans, free Visa gift cards, and more. It offers unlimited check writing, free box of checks each year and free mobile check deposits, but it comes with a $15 monthly service fee, which can be waived with qualifying services or a substantial combined deposit and loan balance.
Student Free Checking: Tailored for students, this account has no monthly service or debit card fees, providing financial relief for young account holders. It includes features like overdraft transfers from primary savings, unlimited check writing, and free mobile check deposits, with no monthly service fee.
Dividend Checking: Designed to help individuals reach their financial goals, this account offers dividends on balances as low as $25. It includes features like contactless payments, free transfers with Zelle, and free mobile check deposits. The $6 monthly service fee can be waived with a $750 average daily balance.
Investing Options
Summit Financial Advisors offer personalized investment services tailored to your unique needs and goals. They provide a range of investment options:
IRAs (Individual Retirement Accounts): IRAs serve as a home for your investments, accommodating stocks, mutual funds, and more. You can contribute either pre-tax or after-tax dollars, facilitating effective money management.
Mutual Funds: These professionally managed investment vehicles offer various risk profiles, allowing you to tailor your investments to your goals, whether conservative or high-risk.
Managed Accounts: Professional investment managers oversee these portfolios, catering to different preferences, such as income generation or growth.
Annuities: Annuities guarantee future income, with options like Fixed, Variable, Indexed, or Single Premium annuities to suit your objectives, risk tolerance, and income needs.
Stocks and Bonds: These options enable portfolio diversification and future financial planning.
Life Insurance: Whether through whole life or term policies, life insurance ensures the financial security of your loved ones.
Long-term Care: This option safeguards your savings and assets by providing funds for long-term care expenses, preventing out-of-pocket costs.
Summit Credit Union Credit Cards
Summit offers a variety of credit cards for different purposes:
- Ultimate CashPerks: This credit card offers excellent rewards, including 3% cash back on airlines, 2% on hotels and dining, and 1.5% on all other purchases. It comes with no annual fees and convenient features. Cardholders also enjoy extra travel perks and complimentary Visa Signature Concierge services, making it a valuable choice for frequent travelers.
- Visa Platinum Rewards: This card combines simplicity with rewards, allowing users to earn double points on gas and wholesale club purchases. With no annual fees and a 0% introductory rate, it offers flexibility in how you redeem rewards, whether for travel, cash back, or other options.
- Visa Platinum: A straightforward credit card ideal for building credit, it features Summit's lowest rates and no annual fees. With a 0% introductory rate, contactless payments, and mobile wallet compatibility, it offers a hassle-free way to establish or improve credit.
- Summit Student Rewards Card: Designed for students, this card allows you to build credit while enjoying rewards on purchases like Amazon and dining out. It offers good grade bonuses, double points on Amazon and restaurant purchases, and up to 4,000 bonus points annually for maintaining a 3.0 GPA.
- Summit Global Good Card®: This unique credit card allows you to make a positive impact with every purchase. Summit donates to the World Council of Credit Unions (WOCCU) at no cost to you. The card comes with features like double points on restaurant and hotel purchases, no annual fees, and a 0% introductory rate.
Top Offers From Our Partners
Top Offers From Our Partners
How We Rate And Review Credit Unions: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
-
Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
-
Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
-
Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
-
Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
