Cash Boomerang
You helped make 2026's $3.2 million Cash Boomerang possible. And so much more!
Together, our cooperative saved members more than $64 million over doing business with an average Wisconsin bank last
A Perk You Don't Want to Miss
$30.8 Million Member Give-Back Over the Last 13 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! -
Long-term members will get a bonus in their Cash Boomerang as added appreciation! -
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?
It’s simple: All you need is a personal Summit checking account by 9/30 of year of payment and then, the more you save and borrow with Summit, 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.
There's also a longevity bonus! Once you've been with Summit for 10 years, $5 gets added to your payout amount. And it goes up to an additional $10 when you reach 25 years of membership!
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.
Plus, you get an added bonus the longer you've been with Summit! For 10 to 24 years of membership, $5 will be added to your payout amount. Those with 25+ years of membership get an additional $10.
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 of the previous year through 9/30 of year of payment 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. Plus, if you've been a member for 10 to 24 years, $5 will be added to your dividend amount. Those with 25+ years of membership get an additional $10. 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.