Other Services

Summit Community Bank also provides interest-bearing time-deposit accounts for a variety of individual savings goals. Start growing your retirement with an IRA or maximize your FDIC coverage with CDARS. Whatever your needs, Summit is in it for the long-term. We take pride in helping you grow and protect what you've worked so hard for. 

  • Time Deposits

    Certificate of Deposit

    Summit Community Bank offers a wide variety of Certificates of Deposit (CDs) in terms from a few months to several years that offer higher yields than other savings products, along with FDIC insurance.

     

      Certificate of Deposit
    Minimum to Open $1,000
    Minimum to Earn Interest N/A
    Minimum Balance Requirement N/A
    Monthly Fees None
    Restrictions 3-month interest penalty for early withdrawal for accounts with terms between 1 and 11 months. 6-month interest penalty for terms between 12 and 35 months. 9-month interest penalty for terms between 36 and 59 months. 12-month interest penalty for terms over 60 months.
    Interest Compounded Quarterly
    How Interest is Calculated Daily Balance

    Please contact us to obtain complete disclosures of all fees related to these accounts

  • IRA

    Individual Retirement Account

    Any one of our Individual Retirement Accounts will help you plan for your future. The IRA Certificate of Deposit allows you to invest your funds in the term and interest rate you choose. We offer Traditional Roth and SEP IRAs. All IRAs have annual contribution limits and government restrictions.

      IRA
    Minimum to Open $500
    Minimum to Earn Interest N/A
    Minimum Balance Requirement N/A
    Monthly Fees None
    Restrictions 3-month interest penalty for early withdrawal for accounts with terms between 1 and 11 months. 6-month interest penalty for terms between 12 and 35 months. 9-month interest penalty for terms between 36 and 59 months. 12-month interest penalty for terms over 60 months.
    Interest Compounded Quarterly
    How Interest is Calculated Daily Balance

    Please contact us to obtain complete disclosures of all fees related to these accounts

  • CDARS

    CDARS® the Certificate of Deposit Account Registry Service®

    Looking for a way to keep large deposits safe?
    Ask us about the Certificate of Deposit Account Registry Service®, or CDARS®.

    With CDARS, you can access multi-million-dollar FDIC insurance through Summit Community Bank. There are few guarantees in life - FDIC insurance is one of them. CDARS can be a valuable cash management or longer-term investment tool for you or your business.*

    Why CDARS?
    It's one-stop shopping. With help from CDARS, you can access:

    SAFETY -  Your money can access multi-million-dollar FDIC insurance coverage.

    CONVENIENCE -  You work directly with us. You earn one interest rate per maturity and receive one regular statement. Individual investors receive one year-end tax form.

    CD-LEVEL RATES  - Your money earns CD-level returns which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts and money market funds.

    How does CDARS work?
    We are members of the CDARS Network. Your large deposit is broken into smaller amounts and placed with other banks that are members of the CDARS Network. Then, those banks issue CDs in amounts under the standard FDIC insurance maximum ($250,000) so that your investment is eligible for FDIC protection. By working directly with just one bank - Summit Community Bank - you can receive insurance through many banks. Also, we can make the full amount of your deposit available for lending in the local community. **

    What else should I know?
    Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates per maturity, organizing interest disbursements from various sources, or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.

    And with CDARS, you can eliminate the need to monitor changing collateral values on an ongoing basis - another time-saving convenience.

    Of course, your confidential account information remains protected.

    Contact us today to see how CDARS can work for you! 

    * Limits apply. Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with Summit Community Bank. The agreement contains important information and conditions regarding the placement of funds by us.

    **When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, we can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors' local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.

    CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.

  • FDIC

    FDIC Insurance

    By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit https://www.fdic.gov/deposit/.