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 Higher Dividend Savings Solutions
We'll help make your money work harder for you at The Summit Federal Credit Union. Take advantage of higher dividend rates as your money grows month after month with a Money Market or MoneyMax account, build your savings even faster with a high yield Share Certificate, or prepare for a prosperous and secure retirement with a wide variety of IRA options.
Money Market Account
- Earn higher dividends than on a regular savings account, for balances of $1,500 or more.
- Our four tiered balance levels reward you for keeping larger balances. So, the more you save - the more you earn!
- Enjoy full access to your funds at all times, just like a Summit Checking Account.1
- Your money market funds are safe and secure, just like your other Summit FCU deposits. Your saving accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF), up to the maximum of $250,000 per depositor. This federal fund is managed by the National Credit Union Administration, and is fully backed by the U.S. Government.
MoneyMax Account
- This high-yield money market account allows you to earn maximum dividends versus those on a regular savings account, for balances of $25,000 or more.
- Maximize your wealth with three tiered balance levels!
- Receive complimentary checks for maximum access to your funds.1
- Your money market funds are safe and secure, just like your other Summit FCU deposits. Your saving accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF), up to the maximum of $250,000 per depositor. This federal fund is managed by the National Credit Union Administration, and is fully backed by the U.S. Government.
Share Certificates
- Open your Share Certificate with as little as $500 and watch your money grow fast.
- Earn competitive yields based on the term you choose - higher than most bank CDs.
- Choose from a variety of flexible terms ranging from 90 days to 10 years.
- Earn our highest yields when you open a Jumbo Share Certificate with $75,000 or more with terms ranging from 30 days to 42 months.
- Members under 18 years of age may open a Youth Share Certificate with as little as $50. Youth Share Certificates offer the same yields and terms as regular Share Certificates. Learn more information about our Youth Savings Programs.
Open a Summit Share Certificate from an existing Summit account now.
Individual Retirement Accounts (IRAs)2
The Summit will help you plan ahead for a care-free retirement without financial worries. We offer a variety of IRAs from Traditional and Rollover IRAs to IRA Share Certificates to Roth IRAs. A Summit IRA is an excellent tax-deferred way to help you reach your retirement goals or supplement other retirement plans. To learn more, you may call (585)453-7030 or (800)836-SFCU extension 7030, or stop by a Summit branch location. You can also try our Retirement Calculator to formulate your retirement strategies.
Your retirement accounts (Traditional and Roth Individual Retirement Accounts and Keough accounts) are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). This federal fund is managed by the National Credit Union Administration, and is fully backed by the U.S. Government.
Individuals may make an annual contribution based on their annual income. The following contribution levels apply:
| Year |
Under 50 yrs old |
Over 50 yrs old |
| 2002 - 2004 |
$3000 |
$3500 |
| 2005 |
$4000 |
$4500 |
| 2006 - 2007 |
$4000 |
$5000 |
| 2008 - 2010 |
$5000 |
$6000 |
IRA Share Certificates
- "Lock in" a fixed dividend rate with as little as $500. Your rate will be equal to that of a Summit share certificate rate.
- Choose the term of your choice.
- Conveniently add rollovers from your 401K or pension to your IRA Share Certificate.
- Earn tax-deferred interest that lets your earnings grow on a tax-free basis until you begin to receive your money.
- Begin receiving your disbursements as early as age 59½ or delay them until age 70½.
Variable Rate IRAs
- This type of IRA provides a dividend rate3 that is based on the highest Money market rate in effect on the first day of each month and is then fixed for that calendar month.
- Take advantage of favorable rate fluctuations for greater earnings.
- You have the option of payroll deducting into the account each pay period.
- Earn tax-deferred dividends that let your earnings grow on a tax-free basis until you begin to receive your money.
- Begin receiving your disbursements as early as age 59½ or delay them until age 70½.
Roth IRAs
- Open a Roth IRA and receive tax-free distributions after five years for special circumstances, including:
- You have reached age 59½
- You have a permanent disability
- You're making a first-time home purchase
- A joint account holder is making a withdrawal in the event of your death
- Earn tax-deferred interest that lets your earnings grow on a tax-free basis until you begin to receive your money.
- Pay no taxes on your Roth IRA earnings when you make qualified withdrawals.
Interested in other Investment Products?
1Money Market accounts are subject to account limitations. Please see our Rate and Fee Schedule for details.
2Early IRA withdrawal may be subject to substantial penalties. The Summit FCU suggests you consult with your personal tax advisor before making any decisions. An uninformed decision now could mean penalties and reduced earnings in the future.
3Dividend rates are declared by The Summit's Board of Directors.
Learn more about Reg D
Your savings federally insured to at least $250,000 and backed
by the full faith and credit of the United States Government.
National Credit Union Administration, a U.S. Government Agency
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