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Savings

Summit Elite Savings

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This account partners with the Summit Elite Checking, affords our client the opportunity to maximize the interest earned with no minimum balance requirement to earn interest and no monthly service fee—our clients earn interest beginning with a positive balance in the savings account—at 0.01 cent.

Statement Savings

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Competitive market rate. Service fee waived if balance requirements are met.

Savings Club - Auto Debit and Coupon Book

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Start saving today for that special event or vacation. There are two options to the Savings Club. A coupon book is available for those that prefer that deposit method however they do not earn interest. Auto Debit Savings Club is available for payroll deduction or Internet Banking transfers with the added bonus of earning interest.  

Junior Savings

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Looking for an early savings account for your child or youth? This account helps start your savings early. **Account must be opened as a joint account with an adult 18 years or older.

 

Summit Elite
Savings
Statement
Savings
Savings Club
Coupon Book and
Auto Debit
Junior Savings  
Minimum to Open
$25
$25
$1.00 
$1.00 (Donated by SCB)  
Minimum to Earn Interest
$.01*
$25
N/A
$0.01  
Minimum Balance Requirement
None
$25
N/A
No Minimum balance requirements; Once 18 $5 fee if falls below $25.00  
Monthly Fees
None
$5.00 if balance falls below $25
None
None  
Restrictions
Maximum of 6 withdrawals per month and a $5.00 surcharge for each withdrawal in excess of 6 each month.
Summit Elite Checking is required.
Maximum of 6 withdrawals per month and a $5.00 surcharge for each withdrawal in excess of 6 each month
No Withdrawals allowed prior to pre-determined cycle date $5 Charge for every withdrawal over six  
Interest
Compounded Monthly
Compounded Quarterly
Compounded Annually at a pre-determined cycle date (1)
Compounded Quarterly  
How Interest is Calculated
Collected Daily Balance
Collected Daily Balance
Daily Balance
Daily Balance  
Please contact us to obtain complete disclosures of all fees related to these accounts.
 
*You must maintain both the Summit Elite Checking AND Summit Elite Savings account, have at least five (5) POS (PIN or Signature based) transactions that post and settle during the qualifying month on the Summit Elite Checking account, and you must be signed up for e-statements on both accounts. If you do not meet these requirements the interest will be calculated using the default interest rate. POS transactions are counted as the day they are posted to the account and not the transaction date.

(1) Applies to Auto Debit Savings Club Only