Summer Cash Account

Summer Cash is a share account available to public school, university and community college system employees who are paid 9, 10, or 11 months per year. The Summer Cash account allows you to save money during the school year to prepare for the summer months when you don’t receive a paycheck.

Open a Summer Cash Account

How It Works

1. Determine how much to save.
Choose an amount to transfer from each paycheck during the school year to your Summer Cash account, typically by Payroll Deduction.

Not sure how much to save? Use our Summer Cash Contribution Calculator to help you decide.

2. Choose your transfer account.
Choose which share or deposit account will receive your summer cash payments. Share, Checking, Money Market Share, or CashPoints® Global accounts can be designated as your transfer account.

3. Get your summer cash.
Funds from your Summer Cash account are transferred automatically to your designated share or deposit account in one or more payments based on your salary schedule.


  • Competitive dividend rate.1 View our current Share and Deposit Rates.
  • No minimum opening deposit (A “catch up” payment can be made at account opening to compensate for a late start.)
  • No service charges
  • Make account inquiries through all service channels
  • Monthly transfer amount can be changed
  • No early withdrawal penalty2
  • Same account can be used the next school year
You can update your Summer Cash account online via Member Access.
1 The Summer Cash account Annual Percentage Yield (APY) equals the 12-month STC rate on August 1 of each program year, regardless of when the account is opened, and remains in effect until the next adjustment period. The rate adjusts each program year on August 1 for June-July accounts and September 1 for July-August accounts.
2 The account can be closed at any time during the program year without penalty. However, once the account is closed, it cannot be reopened until the next program year.