2024 summit credit union cd Early withdrawal penalties apply if a Summit Credit Union CD account holder decides to access their funds before the maturity date. For terms of 12 months or less, the penalty is 90 days' dividends on the amount withdrawn. For terms longer than 12 months, the penalty increases to 180 days' dividends on the amount withdrawn. These penalties are designed to discourage early withdrawals and encourage savers to maintain their deposits for the full term. Upon maturity, Summit Credit Union CD account holders have several options. They can roll over the CD into a new term, withdraw the funds, or transfer the balance to another Summit Credit Union account. If the account holder chooses to roll over the CD, they may have the opportunity to take advantage of higher interest rates if rates have increased since the initial deposit.
Summit Credit Union, based in Madison, Wisconsin, offers a variety of CD terms to its members. These terms range from 3 months to 60 months (5 years), providing flexibility for savers with different time horizons and financial goals. The minimum deposit required to open a CD at Summit Credit Union is $500, which is relatively accessible for many savers. Interest rates for Summit Credit Union CDs are competitive with other financial institutions. As of March 2023, the APY (annual percentage yield) for a 12-month CD is 2.50%, while a 60-month CD offers an APY of 3.00%. These rates are subject to change, so it's essential to check Summit Credit Union's website or contact a representative for the most up-to-date information. Early withdrawal penalties apply if a Summit Credit Union CD account holder decides to access their funds before the maturity date. For terms of 12 months or less, the penalty is 90 days' dividends on the amount withdrawn. For terms longer than 12 months, the penalty increases to 180 days' dividends on the amount withdrawn. These penalties are designed to discourage early withdrawals and encourage savers to maintain their deposits for the full term. In summary, Summit Credit Union CDs provide savers with a safe and reliable way to grow their funds over time. With various terms, competitive interest rates, and flexible options upon maturity, Summit Credit Union CDs can be an attractive choice for those looking to save for specific goals or simply earn a higher return on their savings.
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