You can easily adjust your savings contributions to align with your new salary by changing your transfer amount. You may request this by visiting your local branch or sending a secure message in Member Access.
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Automatic savings from your payroll
Once you determine how much to save, funds are automatically transferred from each paycheck to your Summer Cash Account. The account renews annually, but you can make adjustments to your savings amount each year, as needed.
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Competitive dividend rate
Dividend rates for Summer Cash Accounts are based on the previous year’s rate for 12-month Share Term Certificates.2
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Easy budgeting year-round
Consistent transfers to the Summer Cash Account throughout the year help you to prepare for your summer month expenses.
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Flexible funding
You can make a one-time catch-up payment to get on track with your savings goals for the summer, no matter what time of year you open the account. Summer Cash has no minimum deposit and no maintenance fees.
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Update any time
Did you get a raise, bonus, or promotion? You may request to update your monthly transfer amounts at any time throughout the year to reflect your income and receive a predictable deposit in the summer.
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Open anywhere, anytime
SECU members who are school system employees1 can open a Summer Cash Account in person at their local branch or online via Member Access.
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Choosing funding amount
Choose how much to transfer from each paycheck during the school year via Funds Transfer or Payroll Deduction. Unsure how much to save? Use our Summer Cash Contribution Calculator below.
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Select deposit account
Designate an SECU account3 to receive your summer deposit(s). You will receive your savings deposit(s) in June / July or July / August depending on your school’s summer schedule.
Summer Cash Contribution Calculator
Use our customized calculators to help you realize 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 school system 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. 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.
