Savings

Grow Your Savings

Whether you’re saving for a home, planning a vacation, looking ahead to retirement, or simply stashing your cash, The Summit has a savings solution that will work for you.

Primary Savings

All you need is $5 to open your Summit Primary Savings Account and start taking advantage of the benefits of being a member.

Primary Savings Rate

For month ending June 30, 2018
Savings ProgramMinimum Balance to OpenMinimum Balance to Earn DividendsDividend RateAnnual Percentage Yield
Primary/Safari/Forward Bound/Regular$5.00$1000.050%0.050%
Automatic Loan Payment ShareNo minimum$0.000.00%0.00%

Holiday, Vacation and Other Club Savings Accounts

Plan ahead and start saving for holiday gifts, a dream vacation and more. Make regular deposits through Direct Deposit or in person at any branch. You’ll earn competitive dividends that help you reach your savings goals faster.

Club Savings Rate

For month ending June 30, 2018
Savings ProgramMinimum Balance to OpenMinimum Balance to Earn DividendsDividend RateAnnual Percentage Yield
Holiday, Vacation & Club AccountsNo minimum$1000.05%0.05%

Rates are subject to change at any time. Rates may change after account is opened. Not responsible for typographical errors.

Fees may reduce earnings.

Simple Solutions for College Expenses

Start putting money aside for future college costs today with help from The Summit.

Coverdell Savings Account

If you are eligible, you can make contributions up to $2,000 per year to a Coverdell Savings Account (formerly referred to as an Education IRA). Your money grows tax deferred, and any withdrawals you make to pay qualified education expenses are exempt from federal taxes. Qualified education expenses must be used at eligible educational institutions, and include:

Learn more about Coverdell Savings Accounts at The Summit Retirement & Investment Services.

529 College Savings Program

All states sponsor tax-advantaged 529 college savings programs to help families save for future college costs. In general, college savings programs don’t have any income-based eligibility limitations. There are two main types of 529 plans (each state’s plan has its own distinct terms and features):

  • Prepaid Tuition Plans allow you to pay tuition in advance and lock in the cost based on today’s tuition prices. These plans pool investments and aim to keep pace with tuition increases in your state.

  • College Savings Plans let you save money in a special college savings account for tuition and fees, books and supplies, and certain room and board expenses.

These plans provide variable rates of return based on the investments you choose from the available options.

For more on 529 College Savings Program, visit The Summit Retirement & Investment Services.

For a full listing of rates, see our Rate and Fee Schedule.