Summer Cash Account

The Summer Cash account is available to public school system, public university and community college employees who are paid 9, 10, or 11 months per year. The Summer Cash account allows these employees to save money during the school year from each paycheck, while earning dividends.

Over the year, an amount determined by the member is regularly transferred from the member's paychecks to the Summer Cash account, either by Payroll Deduction or Funds Transfer. At the end of the school year, funds from the Summer Cash account are transferred automatically to the member-designated Share, Checking, Money Market Share, or CashPoints® Global account in one or more payments.

Features

  • Competitive dividend rate.1 View our current Deposit Rates.
  • Dividends compounded daily; paid annually either in July or August, depending on your election
  • No minimum deposit required to open account. A "catch up" payment can be made at account opening to compensate for a late start
  • Additional account funding only through Payroll Deduction or Funds Transfer
  • Account accessible for inquiries online or via ATM, ASK SECU, your local branch, and our 24/7 Member Services
  • No service charges
  • No early withdrawal penalty2
  • Same account can be used the next school year
You can open, update, or renew a Summer Cash account online via Member Access. Also, use our Summer Cash Contribution Calculator to help you decide the amount you wish to deposit.
1 Dividend rate and annual percentage yield (APY) are subject to change daily at the discretion of the Board of Directors.
2 Early withdrawals must be processed through the local branch or our 24/7 Member Services. If the account is closed prior to the summer months, it cannot be reopened until the next work cycle begins.