Summit Credit Union Review: A Variety of Banking Products and Lending Options

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GOBanking Rates Score

Quick take: Summit Credit Union has innovative qualities and caters to the majority of clients’ personal financial needs. However, its annual percentage returns are low compared to competitors.

  • APY
  • Advantages
  • Some products
  • Customer service

How did we calculate this?

Advantages

  • Wide choice of mortgages
  • Send and receive money with Zelle
  • Voice banking integrated with Amazon Alexa

The inconvenients

  • Competitors may offer higher APYs
  • Only 5,000 ATMs with no surcharge

Summit Credit Union Overview

Summit Credit Union was established in 1935. Since then, it has grown to be the second largest credit union in Wisconsin, with over 228,000 members.

Main characteristics

Here are some of the attributes of Summit Credit Union.

APY

Summit Credit Union Balance Checking Account does not offer APY. Members can choose to go with its dividend checking account, which pays interest, but they must maintain a minimum balance of $25 to earn dividends.

The same $25 minimum balance applies to Summit Credit Union savings accounts. There are no monthly fees with these accounts, and customers can earn % on their savings.

Members can also earn interest with Summit Credit Union Certificates of Deposit. CD terms range from three months to five years, and a minimum balance of $500 applies to each. The APY for each option can be found in the table below:

Summit Credit Union also operates money market accounts for its members to earn interest. However, any amount below $2,500 will not earn interest for the Money Market Plus Basic Account. According to Summit Credit Union, certain fees may also apply and members are encouraged to contact the institution for terms and conditions. Nevertheless, APYs members can earn on these accounts for different balances listed below:

Advantages

Summit Credit Union is integrated with Zelle, making it quick and easy for members to send money to others in the US directly from the mobile app.

Along with that, members can use an Amazon Alexa device – if they have one – to perform day-to-day banking tasks without visiting a branch or using a smartphone.

Members can also choose from a variety of unique designs for their credit or debit cards, which can simply be added to digital wallets on mobile devices.

Additionally, Summit Credit Union customers have access to a network of 5,000 ATMs at no extra charge.

Finally, members buying their first home using a loan from Summit Credit Union can take advantage of a $1,000 reduction on their closing costs, and getting pre-approved for a mortgage can be issued in as little as 15 minutes.

Some products

Summit Credit Union offers various investment products including:

Customers can consult certified financial advisors to help them set up any of the above options.

Summit Credit Union also offers five credit cards, all of which offer 0% APR for the first 12 months. After this grace period, APRs start at 9.90%. Cash advances are available on all cards.

Summit Credit Union offers several loan options, such as:

A variety of home loans are available in addition to traditional mortgages, which can be used for refinancing, vacation homes, and investment properties. Additionally, a loan can be used to improve the durability of a home, which could lead to cost savings in the long run.

Customer service

Summit Credit Union offers its members 24/7 phone support for credit and debit card issues. Apart from these issues, normal hours are 7:30 a.m. to 7 p.m. Monday to Thursday, 7:30 a.m. to 6 p.m. Friday and 8 a.m. to 1 p.m. Saturday.

Members can also contact by email or make an appointment to meet with a Summit Credit Union representative for more complex questions.

How Does Summit Credit Union Stand Out?

Summit Credit Union stands out for its unique Voice Banking functionality. This exciting added value allows customers to make simple payments and perform other tasks via voice commands if they have an Amazon Alexa device. However, this feature must be configured by account holders. Here are the steps to follow:

  1. Open the Amazon Alexa app on a device.
  2. Select “Skills” from the main menu.
  3. Search for “Summit Voice Banking”.
  4. Click activate.

Then members can link their accounts and create a voice password for future interactions.

Summit Credit Union Comparable Options

Here’s how Summit Credit Union fares against a few of its close competitors.

Service Credit Union

Service Credit Union offers more competitive APYs than Summit Credit Union. Summit’s APY on his savings account is . With Service Credit Union, members get 5% on the first $500 in their savings account and earn 0.25% interest on the rest of the balance.

Langley Federal Credit Union

Langley Federal Credit Union gives its members access to more than 55,000 ATMs at no charge, while Summit Credit Union only offers 5,000 ATMs at no charge.

How to register

To join Summit Credit Union, new members only need three documents. These are:

  • Valid ID with current address
  • Proof of address
  • Social Security number

Once they’re ready to go, customers simply choose an account and meet minimum balance requirements, if any.

Who is Summit Credit Union best suited for?

Summit Credit Union is a good option for those with a significant amount of real estate, given its wide selection of home loans.

Summit Credit Union FAQs

Here are some questions people often ask about Summit Credit Union.

  • Has Summit Credit Union bought Associated Bank?
    • Summit Credit Union purchased Associated Bank in 2020.
  • What is the daily limit for a Summit bank account?
    • A maximum daily limit of $300 can be withdrawn from a Summit account.
  • How can I transfer money from Summit?
    • Money can be transferred from Summit Credit Union accounts using Zelle.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other promotion information is accurate as of July 7, 2022. Additional requirements may apply. Offers and conditions are subject to change.

Editorial Note: This content is not provided by Summit Credit Union. Any opinions, analyses, criticisms, evaluations or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by Summit Credit Union.

About the Author

David is a qualified financial adviser in the Republic of Ireland. He holds a bachelor’s degree in business and entrepreneurship, as well as over five years of investment experience.

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