Set the target once, then stop thinking about it
Tell us the balance your checking account should hold overnight. Everything above that line sweeps into money market in $500 increments after the close of business, and if a check clears in the morning that would take you under, the money comes straight back. A shop leaving $60,000 in checking out of habit earns nothing on it; swept at 2.90% APY that is roughly $1,740 a year for filling out one form.
What your balance earns
Money market tiers apply to the entire balance, not just the portion above each threshold.
APY means annual percentage yield. Certificate rates are fixed for the term and early withdrawal reduces earnings. Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
Reserves, taxes and insurance limits
How much should a small business keep in reserve?
Three months of fixed costs is where most of our business members land: rent, payroll, insurance and debt service. Seasonal operators usually need closer to five, because the reserve has to carry the slow quarter as well as an emergency.
Should sales tax and payroll tax money sit somewhere separate?
Yes, and it is the easiest habit to build. Open a second money market subaccount, move the tax portion the same day the sale settles, and stop treating that balance as available cash. It earns the same tiered rate while it waits for the filing date.
Is there a limit on withdrawals?
Transfers between your own Summit accounts are unlimited, whether you make them online, by phone or at a branch. Money market checks written to a third party are capped at six per statement cycle.
Are business deposits insured the same way personal ones are?
They are federally insured by the NCUA. Coverage on a business account is generally $250,000 for the entity itself, separate from the personal coverage the owners hold. A banker can structure a larger balance across ownership categories so all of it stays covered.
What happens when a certificate matures?
We write to you 20 days ahead of the maturity date. You get a 10-day grace period to add funds, take the money or change the term, and if you do nothing the certificate renews at the current rate for the same length.
Can a savings balance help me get credit?
In two ways. A visible reserve strengthens the file when we underwrite a working capital line, and you can pledge a certificate as collateral for a share-secured loan at a rate well below an unsecured one.
Put the reserve to work
Fifteen minutes with a business banker is usually all it takes to set your target balance and turn the sweep on.