Banking » Reviews » Summit Credit Union Review 2024
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Summit Credit Union Review 2024

While Summit Credit Union offers a great selection of checking accounts and investing options, certificate and savings rates are pretty low.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Summit Credit Union

summit credit union
summit credit union

Summit Credit Union

Fees

$0

Minimum Deposit

$1

Our Rating

3.9
3.9/5

APY Savings

0.10%

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

Summit offers special rate certificates, potentially providing higher returns on savings compared to standard certificates.

Summit provides a range of checking account options, allowing customers to choose an account that best suits their needs.

The selection of credit cards offers different features and rewards, catering to diverse financial preferences.

Summit offers various investment options, allowing individuals to tailor their investment strategies to meet their financial goals.

Summit's certificate and savings accounts may offer lower interest rates compared to other financial institutions, potentially resulting in less growth for savings.

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
0.60%
6 Months
1.00%
9 Months
1.40%
12 Months
1.40%
13 Months – Special
4.75%
18 Months
1.40%
22 Months – Special
4.55%
24 Months
2.00%
36 Months
4.00%
48 Months
2.20%
60 Months
2.80%

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.
Summit credit union Ultimate CashPerks card
Summit credit union Visa Platinum Rewards card
Summit credit union Visa Platinum card
Summit Student Rewards Card
Summit Global Good Card®
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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
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$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
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to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

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Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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The product offers that appear on this site are from companies from which this website receives compensation.
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PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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