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

GOBankingRates Score

3.8
Quick Take: Summit Credit Union has some innovative qualities and meets the majority of customers' personal finance needs. However, its annual percentage yields are weak compared to those of competitors.
  • APYs
    3.2
  • Benefits
    4.0
  • Products
    4.0
  • Customer Service
    4.0
How did we calculate this?

Pros

  • Wide selection of home loans
  • Send and receive money with Zelle
  • Voice command banking integrated with Amazon Alexa

Cons

  • Competitors may offer higher APYs
  • Only 5,000 surcharge-free ATMs

Summit Credit Union Overview

Summit Credit Union was established in 1935. Since then, it has gone on to become the second-largest credit union in Wisconsin, with more than 228,000 members.

Key Features

Here are some of Summit Credit Union’s attributes.

APYs

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

The same $25 minimum balance applies to Summit Credit Union’s 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’s certificates of deposit. The CD terms range from three months to five years, and a minimum balance of $500 applies to each one. The APY for each option can be found in the table below:

Term APY
3 months 0%
6 months 0%
9 months 0%
12 months 0%
18 months 0%
2 years 0%
3 years 0%
4 years %
5 years %

Summit Credit Union also operates money market accounts for its members to earn interest. However, any amount under $2,500 will not earn interest for the basic Money Market Plus account. According to Summit Credit Union, some fees may apply, too, and it prompts members to contact the institution for further terms and conditions. Nonetheless, the APYs members can earn on these accounts for different balances listed below:

Minimum Balance APY
$2,500 to $9,999 %
$10,000 to $24,999 %
$25,000 to $49,999 %
$50,000 to $99,999 0%
$100,000+ %

Benefits

Summit Credit Union is integrated with Zelle, which allows its members to quickly and easily send money to others in the U.S. directly from the mobile app.

Along with this, members can use an Amazon Alexa device — if they have one — to complete everyday 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 be simply added to digital wallets on mobile devices. 

Additionally, Summit Credit Union customers have access to a network of 5,000 surcharge-free ATMs.

Finally, members purchasing their first home using a loan from Summit Credit Union can qualify for $1,000 off their closing costs, and getting preapproved for a mortgage can be issued in as little as 15 minutes. 

Products

Summit Credit Union has various investment products, including:

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

Summit Credit Union has five credit cards to choose from as well, all of which offer a 0% annual percentage rate for the first 12 months. After this grace period, APRs start at 9.90%. Cash advances are available on all cards. 

Summit Credit Union provides several loan options, such as:

  • Mortgages
  • Home equity loans
  • Personal loans
  • Auto loans
  • Energy loans
  • Student loans

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

Customer Service

Summit Credit Union gives its members 24/7 customer phone support for credit and debit card issues. Outside of these issues, normal hours are 7:30 a.m. to 7 p.m. from Monday to Thursday, 7:30 a.m. to 6 p.m. on Fridays and 8 a.m. to 1 p.m. on Saturdays.

Members can also reach out by email or schedule an appointment to meet with a Summit Credit Union representative for more complex queries.

How Does Summit Credit Union Stand Out?

Summit Credit Union stands out for its unique Voice Banking feature. This interesting value-add allows customers to make simple payments and complete other tasks through voice commands if they have an Amazon Alexa device. However, this feature does need to be set up 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 enable.

Following this, members can link their accounts and create a voice passcode for future interactions.

Comparable Summit Credit Union Options

Here’s how Summit Credit Union performs against a couple of its close competitors.

Service Credit Union

Service Credit Union offers more competitive APYs than Summit Credit Union. Summit’s APY on its 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 fee-free ATMs, whereas Summit Credit Union provides only 5,000 surcharge-free ATMs.

How To Apply

To join Summit Credit Union, new members need only three pieces of documentation. These are:

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

Once they’re ready to go, customers just need to choose an account and meet the minimum balance requirements, if there are any.

Who Summit Credit Union Is Best For

Summit Credit Union offers a vast selection of home loans, making it a good option for those who might be looking to buy or refinance their homes.

Summit Credit Union FAQs

Here are some questions people often ask about Summit Credit Union.
  • Did Summit Credit Union buy Associated Bank?
    • No. Summit Credit Union bought an Associated Bank branch and its deposit account in Monroe, Wisconsin, in 2021.
  • What's the daily limit on a Summit bank account?
    • A maximum daily limit of $300 can be withdrawn from a Summit account.
  • How do I transfer money from Summit?
    • Money can be transferred from Summit Credit Union accounts using Zelle.

This article was updated on July 18, 2022.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of July 7, 2022. Additional requirements may apply. Offers and terms are subject to change.

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

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About the Author

David is a qualified financial advisor in the Republic of Ireland. He has a bachelor's degree in business and entrepreneurship, as well as over five years of investing experience.

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