Service Credit Union continues to offer two certificate specials. The rates have gone down since my last post in April, but they remain competitive: 1.75% APY for 19-months and 1.40% APY for 8 months. Minimum deposit is $1,000, and these are also available in an IRA. These rates are listed in the credit union's rates page as of 7/06/2010. According to the credit union rep, these should last at least until 7/14/2010.
These rates may seem low, but unfortunately, they're very competitive. As a comparison, the best 9-month CD rate at Bankrate is currently 1.18% APY and the best 18-month CD rate is 1.72% APY.
Other CD Specials
In addition to these specials, the credit union has some good deals for seniors. There's a new Senior Account program in which any person age 62+ who maintains a direct deposit of their Social Security or other payroll check is eligible for a 1.65% APY 6-month CD. Minimum deposit is $250, and add-on deposits are allowed. In addition to senior members, STAR members also qualify. Those who earn less than $43,450 per year can qualify for STAR membership.
There's also a good deal for certain military members. It's called the Warrior Reward Certificate, and it pays 2.15% APY for 6 months as of 7/6/2010. Please refer to the bottom of the rates page for details for the military requirements to qualify for this CD. This CD also requires direct deposit (not allotment) and selection of the automatic loan payment feature.
Unlimited World Wide ATM Rebates
Service Credit Union has modified its ServicePlus+ checking account to provide extra ATM benefits for those who use direct deposit, e-statements and maintain a $1,500 daily balance:
- Rebate with no limit of every ATM fee charged on your checking account for using a non-SCU ATM
- Rebate with no limit of every VISA International Service Assessment (ISA) fee charged when using their debit or credit card (signature-based transactions). This is the 1% foreign fee that is charged by VISA.
Credit Union Membership
Service Credit Union membership is available to anyone living or working in New Hampshire (except Coos County which is way north in NH) and in the Falmouth MA area, as well as anyone related to an existing member (by family), or anyone who has served in the US Military. Please refer to the credit union's membership eligibility page for the full details. Membership requires a $5 minimum balance in the share savings account.
Branches are located in the New Hampshire cities of Bedford, Epping, Keene, Lebanon, Manchester, Newington, Portsmouth, Rochester, Salem and Somersworth and in Falmouth, Massachusetts. There are also branches in Germany to service military members.
The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Service Credit Union financial overview). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 68375). It's a large credit union with $1.6 billion in assets.