Summit Credit Union
Headquarters
Po Box 8046
Madison, WI 53708
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Phone 1-608-245-5698
2024 Overview
General Credit Union Information
Summit is an NCUA insured institution located in Madison, WI. It was founded in 1935 and has approximately $6949.5 millions in assets.
Who can join?
To join the credit union you must meet the membership requirements including purchase and maintenance of the minimum required share(s) (“membership share”) as set forth in the credit union’s bylaws.
| NCUA Insured | Yes / State-Chartered |
| Charter Number # | # 67190 |
| Date Established | 1935 |
| Assets | $6,949.50 million |
| Loans | $5,645.30 million |
| Deposits | $5,421.38 million |
| Capital | $669.00 million |
Field of Membership Restrictions
While many credit unions are still exclusive to certain companies or localities, Summit was the first to be granted on open charter, allowing anyone to become a member.
Deposit Rates - April 18, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates (Share Account Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| SAV
|
0.10% | $25 | - |
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|
|
Money Market
|
4.25% | $25,000 | - |
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|
Money Market
|
0.00% | $50,000 | $74,999 |
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|
Money Market
|
1.35% | $75,000 | $149,999 |
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|
Money Market
|
1.29% | $100,000 | $149,999 |
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|
Money Market
|
1.75% | $150,000 | $249,999 |
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|
Money Market
|
1.39% | $200,000 | - |
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|
Money Market
|
2.60% | $250,000 | $499,999 |
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|
Money Market
|
2.85% | $500,000 | $999,999 |
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|
Money Market
|
3.10% | $1,000,000 | - |
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|
| CD Rates (Share Certificate Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Mo CD
|
0.50% | $250 | - |
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|
| 6 Mo CD
|
1.00% | $500 | - |
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| 9 Mo CD
|
5.00% | $500 | - |
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| 12 Mo CD
|
0.90% | $250 | - |
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| 12 Mo CD
|
1.40% | $500 | - |
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| 13 Mo CD
|
5.35% | $5,000 | - |
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| 18 Mo CD
|
0.90% | $250 | - |
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| 18 Mo CD
|
1.40% | $500 | - |
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| 22 Mo CD
|
5.25% | $5,000 | - |
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| 24 Mo CD
|
1.50% | $250 | - |
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| 24 Mo CD
|
2.00% | $500 | - |
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| 36 Mo CD
|
4.50% | $500 | - |
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| 48 Mo CD
|
2.40% | $500 | - |
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| 60 Mo CD
|
2.80% | $500 | - |
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|
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| INTCK
|
0.10% | $2,500 | - | Learn More |
Loan Rates - April 18, 2024
Your Current Location: Ohio, OH 43085
| Home Equity Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| Line of Credit
See Table |
8.25% | 2.99% | Varies | |
Compare with 7.49 RATE Line of Credit from Third Federal Savings and Loan
See All Home Equity Rates |
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| 10 Year Loan
See Table |
7.99% | 8.00% | $1,213.28 | |
| 15 Year Loan
See Table |
9.74% | 9.50% | $1,044.22 | |
| Auto Loan Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 3 Year | 4.99% | 4.99% | $749.16 | |
| 4 Year | 5.24% | 5.24% | $578.45 | |
| 5 Year | 5.45% | 5.45% | $476.95 |
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 5 Year Adjustable Conforming See Amortization Table |
7.47% | 7.30% | $2,192.74 | |
| 7 Year Adjustable Conforming See Amortization Table |
7.32% | 7.07% | $2,143.39 | |
| 10 Year Adjustable Conforming See Amortization Table |
7.37% | 6.91% | $2,110.30 | |
| 15 Year Fixed Conforming See Amortization Table |
7.50% | 6.75% | $2,831.36 | |
| 20 Year Fixed Conforming See Amortization Table |
6.64% | 6.38% | $2,363.84 | |
| 30 Year Fixed Conforming See Amortization Table |
6.96% | 6.71% | $2,066.38 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 5 Year Adjustable Conforming See Amortization Table |
7.47% | 7.30% | $2,192.74 | |
| 7 Year Adjustable Conforming See Amortization Table |
7.32% | 7.07% | $2,143.39 | |
| 10 Year Adjustable Conforming See Amortization Table |
7.37% | 6.91% | $2,110.30 | |
| 15 Year Fixed Conforming See Amortization Table |
7.50% | 6.75% | $2,831.36 | |
| 20 Year Fixed Conforming See Amortization Table |
6.64% | 6.38% | $2,363.84 | |
| 30 Year Fixed Conforming See Amortization Table |
6.96% | 6.71% | $2,066.38 | |
Compare with 7.451% APR and 7.375% 30-Year Fixed RATE from Rocket Mortgage
See All Mortgage Rates |
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Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Below are Summit branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
SUMMIT is encouraged to provide us with this information. When we receive this information from the credit union, we will provide it here.
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Financial Details
Summit Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Summit. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.
Texas Ratio
| Summit | U.S. Average |
|---|---|
| 6.37% | 6.97 |
The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.
As of December 31, 2023, Summit had $41,416,359 in non-current loans and $2,327,326 in owned assets. To cover these potential losses it had $669,002,770 in net worth and $17,361,584 in loans loss reserves. That gives it a Texas Ratio of 6.37%.
Net Worth
| Summit | U.S. Average |
|---|---|
| 9.63% | 13.62% |
Summit FCU has a net worth of 9.63% versus the BestCashCow average of 13.62. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.
Customer Reviews for Summit
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