You can adjust your savings contribution amount to align with your new salary by changing your transfer amount. If you contribute via Funds Transfer, you may request this by visiting your local branch, by calling Member Services Support at (888) 732-8562, or sending a secure message in Member Access. If you contribute via Direct Deposit, contact your payroll office to update the amount.
-
Savings from your payroll
Once you determine how much to save, funds can be automatically transferred via Funds Transfer or ACH/Direct Deposit to your Summer Cash Account. The account renews annually, but you can make adjustments to your savings contribution amount as needed.
-
Competitive dividend rate
Dividend rates for Summer Cash Accounts are based on the previous year’s rate for 12-month Share Term Certificates.2
-
Easy budgeting year-round
Consistent contributions to the Summer Cash Account throughout the year help you to prepare for your summer expenses.
-
Flexible funding
You can make a one-time catch-up deposit at account opening to get on track with your savings goals for the summer, if the account is opened after the school year begins. Summer Cash Accounts have no minimum deposit and no maintenance fees.
-
Update any time
Did you get a raise, bonus, or promotion? Adjust your savings contribution amount at any time throughout the year to reflect your income and receive a predictable deposit in the summer.
Summer Cash Contribution Calculator
Use our customized calculators to help you reach your goals. Choose a calculator based on the information you need.
I want to calculate how much:
- to receive
- to save
Results
By contributing from each paycheck,
you will receive
for each summer month
Results
To receive each summer month,
you will need to contribute
each pay period
Frequently asked questions about Summer Cash Accounts
Choose from your SECU Share, Checking, Money Market Share, or CashPoints® Global Account to receive your summer deposit(s).
Open a Summer Cash Account anytime throughout the year to start saving. The earlier in the school year you start saving, the longer you have to save for your summer expenses.
Any public school employee who is paid 9, 10, or 11 months per year may open a Summer Cash Account. This includes public school, university, and community college system employees.
Summer Cash deposits are set up to transfer funds to your designated SECU account in either June/July or July/August, depending on your summer schedule.
No, Summer Cash Accounts are automatically renewed year after year unless closed. Savings contributions can be changed at any time.
No, partial withdrawals are not allowed during the school year, but you can withdraw the entire balance by closing the account without penalty. However, once the account is closed, it cannot be reopened until the next program year.
