Summit Credit Union Adds Rate-Leading 22-Month CD Special
Wisconsin-based Summit Credit Union (Summit CU) has added two CD Specials: 22-month (5.25% APY) and 13-month (5.00% APY). These limited-time CD Specials can be opened with a $5k minimum deposit of new money, with no stated balance cap. “New money” is defined as funds not currently on deposit at Summit CU.
Both CD Specials are also available as IRA CD Specials (Traditional, Roth, and CESA), earning the same APYs with the same deposit requirements.
In a Summit CD blog post a month ago, I noted that long-term CDs with rates of 5% or higher have been disappearing, making CDs with rates in the high 4% range more competitive. The absence of 3-year CDs with APYs of 5%+ has made the Summit CU 36-month CD (4.85% APY) quite competitive. The minimum opening deposit for this non-special CD is $500, with no stated balance cap.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
for terms 12 months or greater: We may impose a penalty if you withdraw any of the principal balance before the maturity date. The certificate will be closed, and the penalty will equal 180 days of dividends. This penalty may affect your principal balance.
As stated on the Certificates page,
Want to use your savings to reach your other goals? Save with no early withdrawal fee when you put your funds toward a Summit Mortgage. You can also start your Certificate as an IRA or transfer later, penalty-free.
Availability and Account Opening
Headquartered in Cottage Grove, Wisconsin, Summit Credit Union’s field of membership (FOM) includes all U.S. citizens and resident aliens with a valid Social Security number or Tax Identification Number. Summit CU has an open charter, with no requirement to join a foundation or other charitable organization to qualify for membership.
Joining Summit Credit Union and/or opening a CD Special or a CD can be done online or at any of 53 southern Wisconsin branches, including 15 in Madison and three in Milwaukee. Appointments (in-person, by phone, by video) are available and can be scheduled online.
Once you are a member, you can add additional savings or certificate accounts to your current membership by logging into online banking, or calling our Contact Center toll free at (800) 236-5560.
A Primary Savings Account with a $5 minimum deposit is required to establish a Summit CU membership.
Funding and Other Details
The following information is from a Live Chat with CSR.
- Funding – ACH, wire, cashier’s check, internal transfer, or shared branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly and can be posted into another Summit CU account.
- Maturing Funds – Internal transfer to a Summit checking, savings, or money market account.
- Beneficiaries – Up to 6, with assigned percentages available. Social Security numbers are not required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Hard pull through TransUnion.
Credit Union Overview
Summit Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.08% (excellent), based on December 31, 2022 data. In the past year, Summit CU has increased its total non-brokered deposits by $900.58 million, an excellent annual growth rate of 23.5%. Please refer to our financial overview of Summit Credit Union (NCUA Charter # 67190) for more details.
Established in 1935, Summit Credit Union is Wisconsin’s largest credit union and the 51st largest credit union in the country, with more than 244,000 members and assets in excess of $6.2 billion.
While many credit unions are still exclusive to certain companies or localities, Summit
was the first to be granted an open charter, allowing anyone to become a member.
In Q3 2022, Summit completed its acquisition of Commerce State Bank (West Bend, Wisconsin). According to a Credit Union Times March 2022 article,
“Commerce State Bank’s stellar commercial lending portfolio adds to our strengths in mortgage and small business lending, as well as helping people with their everyday financial needs,” Summit President/CEO Kim Sponem said.
Summit said it is Wisconsin’s No. 1 mortgage lender and the state’s largest credit union SBA lender for more than 10 years.
Since 2017, Summit has nearly doubled its assets from $2.9 billion to $4.8 billion, while loans have increased from $2.3 billion to $3.5 billion and membership has expanded from 171,906 to 223,603, according to NCUA Call Reports.
How the 22-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Summit Credit Union 22-Month CD Special. The following table compares the 22-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|5.25%||22-Month CD Special (EWP=180 days)||Summit Credit Union|
|5.25%||2-Year Fixed Share Certificate (EWP=180 days)||Skyla/Parsons Federal Credit Union|
|5.15%||27-Month High Yield CD via SaveBetter (EWP=180 days)||Sallie Mae Bank|
|5.05%||24-Month CD (EWP=180 days)||Crescent Bank|
|5.00%||24-Month Share Certificate (EWP=180 days)||Signature Federal Credit Union|
The above information and rates are accurate as of 5/15/2023.
To look for the best CD rates, either nationwide or in your state, please refer to our CD Rates Table page.
Finally, in a curious final effort, I sent both sides of my driver's license, my passport, and my local CU statement. and told them I was not interested in a video interview or sending a blood sample. Shoot fire, I have been a client of their rival, Connexus CU, for years!
As an aside, two recommendations for good rates and excellent customer service: GTE Financial in Tampa/Clearwater (They had my $200K deposited in CDs in two days. Bank on the Lake in Missouri, new in on line banking, (found them in Vanguard's brokered CD offerings), had my $225K deposited in CDs in three days. Can also recommend SaveBetter for excellent MM rates. Sallie Mae and Idabel in OK have excellent CD oferings, too, but CD interest at SaveBetter remains in the account to maturity...However, hint hint, interest compounded and left untouched
builds a beautiful nest egg!
I understand financials are hyper sensitive about fraud; My credit score is 820 because I haven't had an installment loan or mortgage for 50 years! Too, I received a lot of conflicting information from Summit CSRs. regarding opening an account. Too many "kids" doing CSR work from kitchen tables at home rather than in office. One can only imagine the deposits lost, as a result of misinformation!
Will wait with bated breath to see if Summit is interested in my final $150K!!!! With rates at 4-5%, it's a virtual financial windfall. One-tenth of a percentage point in interest rate means little to the average Joe non-billionaire.
Always check Bauer's Bank/CU ratings before parting with your largesse! And avoid risk by spreading your wealth! And never, ever accept the info of one CSR, continue to call and prod, it's very interesting, and also disturbing, the discrepancies that will be shared with you...............
Also, the initial funding options are very limited. Either wire in the money, or do an external push. Also, as a side note, you must transfer in the funds to the savings account BEFORE they open up the CD for you. Then they move the funds from your savings to the new CD.
Anyways, that was my experience just a few days ago.