HIGH-YIELD SAVINGS
4.15% APY on every dollar, starting at the first one
One rate, no tiers, no minimum balance, and no promotional period that quietly expires. Interest compounds daily and is credited to your account on the last day of each month.
The short version
Three rules, and that is the entire account
Most savings accounts are complicated on purpose. This one is not.
One rate for everybody
A balance of $40 earns 4.15% APY and so does a balance of $400,000. There is no tier table to read and no threshold you drop below in a bad month.
Compounds daily
We calculate dividends on your daily balance and credit them on the last day of the month. Yesterday's earnings start earning today, which is where the yield actually comes from.
No minimum, no monthly fee
Open with any amount and keep any amount. There is no service charge, no dormancy fee, and no penalty for letting the balance run low while you rebuild it.
Side by side
Savings, Money Market, or a Certificate
All three are insured the same way. The difference is how fast you can get the money and what you give up for a higher rate.
Feature
High-Yield Savings
Money Market
Share Certificates
Rate
4.15% APY
3.60% to 4.10% APY by tier
3.25% to 4.25% APY by term
Minimum to open
$0
$2,500
$500
Monthly fee
$0
$0
$0
Rate can change
Yes, variable
Yes, variable
No, fixed for the term
Check writing
None
Six checks per month
None
Getting money out
Any time, six free transfers a month
Any time, six items per month
At maturity, or pay a penalty
Best for
Emergency fund and short-term goals
Large balances you still touch
Money with a known due date
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
How daily compounding works
What 4.15% actually does to a balance
We take your balance at the end of each day, apply the daily rate, and add the result to a running total. On the last day of the month that total is credited to your account, and from that point forward it earns too. Nothing is prorated away if you deposit mid-month.
Moving money
The transfer rules, stated plainly
Savings is meant to sit still, so a few limits apply. None of them stop you from getting your money.
Six free outbound transfers
You get six pre-authorized or online transfers out of savings each month at no cost. Each one after that is $2.
Branch and ATM are unlimited
Withdrawals made at a teller line, at an ATM, or at a shared branching location do not count toward the six.
Same-day internal moves
Transfers between your Summit accounts post immediately, day or night. Outside transfers to another institution take one to three business days.
Automatic saving
Set a recurring transfer from checking on payday. Most members who save consistently do it this way rather than by willpower.
Common questions
Is 4.15% a teaser rate?
No. There is no introductory window and no step-down date. It is a variable rate, so it can move when market conditions move, and we post any change on the rates page before it takes effect.
Do I need a checking account to open savings?
No, but you do need to be a member, which means a $5 share deposit in a membership savings account. Many members pair High-Yield Savings with Free Checking so payday transfers are instant.
What happens if I go over six transfers?
The seventh and any later online or pre-authorized transfer in that month costs $2 each. We do not close the account or convert it to checking, and the counter resets on the first of the month.
How is this different from a Money Market?
Money Market requires $2,500 to open and pays by tier, from 3.60% up to 4.10% APY. Below roughly $250,000, High-Yield Savings pays more and asks less of you. The Money Market's real advantage is limited check writing.
Is my money insured?
Yes. Summit is federally insured by the National Credit Union Administration, an agency of the United States government, for at least $250,000 per member. Different ownership categories can raise that figure.
Start earning 4.15% APY this week
Open savings online in a few minutes, or walk into any of our 42 branches.