Cash Boomerang
You helped make 2024's $2.5 million Cash Boomerang possible. And so much more!
Together, our cooperative saved members more than $28.4 million over doing business with an average Wisconsin bank last
gave back more to members in total value
On top of those savings, Cash Boomerang is an added way we show our appreciation to you and all our loyal members!
A Perk You Don't Want to Miss
$24.8 Million Member Give-Back Over the Last 11 Years!
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Here's How Cash Boomerang Works. It's Simple!
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First, have any personal Summit checking account. With all our checking options, you’re sure to find a great fit. -
Then save and borrow throughout the year with Summit. The more you do with us, the bigger your Cash Boomerang could be. Not to mention, you’re always getting more for your money here! -
Watch for your Cash Boomerang next fall. We’ll let you know if you qualified, and your cash give-back could be anywhere from $10 to $1,000! What a bonus for you and your goals, right?
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Cash Boomerang FAQs
How Do I Qualify to Receive a Cash Boomerang Payout in 2025?
It’s simple: All you need is a personal Summit checking account by 9/30/25 and then, the more you save and borrow with Summit between 10/1/24 and 9/30/25, the more your potential Cash Boomerang grows. If the amount is $10 or more, you qualify for a Cash Boomerang, with a maximum payout of $1,000.
How Can I Earn More Next Year?
The amount that comes back to you depends on two things:
The overall financial success of Summit and
How much you save and borrow at Summit.
You can increase your potential payout for next year’s Cash Boomerang by opening a checking account and borrowing, saving and investing with Summit.
How is the Cash Boomerang Payout Calculated?
Your Cash Boomerang is a percentage of the interest you paid and the dividends you received from 10/1/23 through 9/30/24 on all accounts on which you are the primary owner. A fixed amount is added for first mortgages, credit cards and length of your membership. A checking account is required to be eligible for Cash Boomerang. If the amount is $10 or more, you qualify for a Cash Boomerang. Maximum payout is $1,000.
Does Cash Boomerang Affect My Taxes?
Yes. If you receive a Cash Boomerang, it will be included in your 1099-INT. If you have any tax questions regarding the 1099 form(s), we recommend that you consult with your tax advisor.
What If I Have Accounts at Other Financial Institutions?
Bring them over to Summit! You’ll increase the chance of earning a Cash Boomerang next year, plus you can also save on interest and fees and earn more on your savings.
Can I Share the Summit Love With Family and Friends?
Absolutely! At Summit, we believe in serving entire communities, not just parts of them, and anyone can become a member. As a cooperative, member-owned financial institution, every Summit member has the benefit of lower fees, higher rates on savings and lower rates on loans.
Encourage others to check out the Summit difference. You’ll be helping them save and earn. And by building an even stronger Summit Credit Union, you improve both your chance and theirs to earn a Cash Boomerang payout next year.
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