Summer Cash Account
The Summer Cash Program is available to public school system and community college employees who are not paid on a 12-month basis to save for summer
funds. A portion determined by the member is transferred from the member's paycheck to the Summer Cash account by Payroll Deduction or Funds
Funds will be transferred automatically to the checking, money market or regular share account designated by the member during the unpaid summer months.
These transfers will be divided equally between the unpaid months for 10-month employees. An 11-month employee will be paid the entire balance in
- Current rate for 2014/2015 school year is % / % APY2
- minimum deposit required to open3
- Dividends compounded daily, paid annually either in July or August
- Accessible via ATM, ASK SECU, Member Access, branch, and SECU Contact Center4
- Deposits must be made via Payroll Deduction or Funds Transfer
- No service charges
- No special penalty for early withdrawal5
- Same account can be used the next year6
You can apply for a Summer Cash Account online via Member Access. Also, to help decide the amount you wish to deposit, take advantage of our
Summer Cash Contribution Calculator
1 With the exception of the initial deposit, no over-the-counter deposits can be made.
2 Quoted rates and annual percentage yields (APY) are subject to change once a year on August 1st.
3 A "catch up" payment can be made upon opening to compensate for a late start.
4 Only inquiry is available via ATM, ASK SECU Voice Response, and Member Access. Early withdrawals must be processed through
the local branch or the Contact Center.
5 If the account is closed prior to the summer months, it cannot be reopened until the next work cycle begins.
6 Login to Member Access to update or renew your current Summer Cash account.