Summit Credit Union was founded in 1935 and is based out of Cottage Grove, Wisconsin.

They are one of the largest credit unions in the state with over 227,000 members, nearly $5 billion in assets and 57 branch locations throughout Wisconsin.

Regardless of where you live, Summit Credit Union offers a competitive line-up of CDs (certificates of deposit) with rates well above the national average that can be opened online by any U.S. citizen or resident alien.

New members can apply for membership and open a CD account in the same process. You’ll have to open a Share Savings account with at least $5.00 to join.

To see if Summit Credit Union and their CD rates are right for you, continue reading below.

Summit Credit Union CD Rates + Account Details

Summit Credit Union is federally insured by the NCUA (FDIC equivalent for credit unions) and all member deposits are insured up to $250,000 per depositor.

Summit Credit Union offers 9 standard term CDs with a minimum deposit requirement of $500 as well as 2 promotional CDs with a minimum deposit requirement of $5,000.

CD rates surveyed June 28, 2023.

To put these yields into perspective, the current national average for a 12 month and 60 month CD sit at just 1.63% and 1.37%, respectively, according to FDIC data, while the top yields from online banks and nationally available credit unions are inching towards the 5.50% and 4.50% APY for the same respective terms.

How do Summit Credit Union CD Rates Compare?

To see how Summit Credit Union’s CD rates stack up against the competition then take a look at the table below.

How Much Can You Make with a Summit Credit Union CD?

The amount of money you can earn with a Summit Credit Union CD is going to depend on your deposit size, the term you select and its going APY (annual percentage yield). Take a look at the table below which displays potential earnings with some of Summit Credit Union’s best CD offers assuming a deposit size of $10,000.

Compounding and Crediting Interest

CD dividends are compounded and credited back to the account monthly. You may withdraw these dividends penalty free or have them deposited back into the CD for further compounding (the default option).

Grace Period and Early Withdrawal Fees

Upon the maturity of your Summit Credit Union CD you will have a 10 calendar day grace period in which you may modify your CD – either by term length or dollar amount – or close it out entirely without facing any early withdrawal fees. If nothing is done during the grace period the CD will automatically renew with the same term and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will face an early withdrawal fee. The fee is structured as follows:

• For CDs with terms less than 12 months the fee is 90 days worth of dividends.
• For CDs with terms of 12 months or greater the fee is 180 days worth of dividends.

Summit Credit Union will also close out your CD entirely if any early withdrawals are made regardless of term length. You can learn more by reading their truth in savings disclosure forms.

How to Join Summit Credit Union and Open a CD

Applying for membership to Summit Credit Union and opening one of their CDs online can all be done in the same process and it usually takes between 5 and 15 minutes to complete (according to Summit Credit Union).

To get started go here and to expedite the process you’ll want to have the following pieces of personal information handy:

• Verifiable email address
• Phone Number
• Home Address
• Driver’s license or government issued ID
• Social security number

If you’ll be funding your Share Savings account and CD from another financial institution, you’ll need the following:

• Current bank or credit union’s routing number.
• Your bank account number where the funds will be withdrawn from to fund your Summit Credit Union accounts.