Current Rates
Interest Rate: 0.50%Annual Percentage Yield*: 0.50%
- $100 Minimum Opening Deposit
- Consumer and Commercial customers
- Interest is credited and compounded quarterly
- Interest paid on the entire collected balance
- Five FREE withdrawals/debits per quarter
- $1 fee per withdrawal/debit after five per quarter
- FREE Internet Banking
- $3 quarterly fee if balance below $100
Variable Rate Account: The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account at any time.
Fees could reduce earnings.
We use the daily balance computation method on daily collected balances to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (i.e. checks).
There can be no more than six pre-authorized, automatic or telephone transfers (to a third person or to another account of yours at Summit Bank) per one month cycle, of which no more than three can be by check, draft, debit card, or similar order payable to a third party.
*Annual Percentage Yield accurate as of September 05, 2008Savings Services