Service Credit Union Boosts 5-Year Share Certificate

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Deal Summary: 5-year Share Certificate, 3.00% APY, $1k minimum deposit.

Availability: Easy membership requirement for family members of individuals who are serving, or have ever served, in any branch of the U.S. Military or Department of Defense; Active and former members of the U.S. Military and Department of Defense; Residents of New Hampshire and portions of Massachusetts (Cape Cod).

Not to be left out of the 3 for 5 Club, New Hampshire-based Service Credit Union (Service CU) has raised the rate on its 5-year Share Certificate (3.00% APY) by 100 bps. The minimum deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$1k-Service Credit Union5 Year Share Certificate
3.00%$1k-Service Credit Union5 Year IRA Certificate (Traditional, Roth, CESA)
Rates as of April 19, 2018.

The 5-year Share Certificate is also available as an IRA (Traditional, Roth, and CESA), earning the same 3.00% APY with the same funding requirements.

Service CU offered 3.00% APY on the 5-year Share Certificate for six months about eight years ago. In late 2010, the rate started a steady decline, finally settling at 1.80% APY, where it remained until January 2016. In the past two years, there have been short-lived rate hikes, but the 5-year Share Certificate basically held at 2.00%.

As stated in Service Credit Union’s Account Agreement and Disclosure brochure, the Early Withdrawal Penalty reads as follows:

If any of the deposit is withdrawn before the maturity date, a penalty as shown below would be imposed:

    Term length of 2 years or longer - 365 days’ dividends

18-month Share Certificate

In December, I wrote about Service CU’s 18-month Share Certificate Special (2.00% APY, $1k minimum deposit); that Special is still available.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00%$1k-Service Credit Union18 Month Share Certificate Special
2.00%$1k-Service Credit Union18 Month IRA Certificate Special (Traditional, Roth, CESA)
Rates as of April 19, 2018.

Excess Share Insurance

The following information is listed on the bottom of every page of Service CU’s website.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, National Credit Union Administration, a U.S. Government Agency. Additional coverage of up to $250,000 is provided by Excess Share Insurance Corporation, the nation’s largest private insurer for credit unions.

If you would like more information about Excess Share Insurance, my September 2001 blog post, ESI – Little Known Deposit Insurance for Credit Unions, may be helpful.

Thanks to DA reader, Carpline, for his Forum post about Service Credit Union’s new CD deal.

Availability

Headquartered in Portsmouth, New Hampshire, Service Credit Union’s field of membership (FOM) is diverse, and as the name suggests, a military service relationship plays a large role. The parameters of the military service requirements have been expanded to a point that the FOM could almost be described as including an easy membership requirement.

Military Relationship: Anyone who ever served, or is currently serving in the U.S. Military or Department of Defense, whether enlisted or civilian, is eligible to join.

Family Relationship: Family members of individuals who are serving, or have served, in any branch of the U.S. Military or Department of Defense. The last line on the online application reads,

I am a family member of someone who is serving or served in one of the following US military branches or DOD: Army, Navy, Air Force, Marines, Army National Guard, Coast Guard, Air National Guard, and Civilian employee of DOD.

DA reader, Carpline, was able to join based on his father’s service during WWII. Carpline stated that Service CU only required his father’s name, last known address, and the branch of the military in which he served. Nearly everyone has a relative with current or past military service, hence the “almost” easy membership requirement.

Other ways to join include,

Residency: Individuals who live or work in New Hampshire, or in the Massachusetts towns of Bourne, Falmouth, Mashpee, and Sandwich are eligible to join.

Affiliation: Members and employees of seven trade organizations are also eligible.

A complete description of Service CU’s membership eligibility is available on the website.

Joining Service Credit Union and opening a Certificate Special can be done simultaneously online, by phone, or by visiting any of 36 New Hampshire branches located in Amherst, Bedford, Berlin, Concord, Derry, Durham, Epping, Exeter, Franklin, Gorham, Hampton, Hinsdale, Hudson, Keene (2), Lancaster, Lebanon (2), Manchester, Nashua, Newington (3), Plymouth, Portsmouth (4), Rochester (2), Salem (2), Seabrook, Somersworth (2), and Tilton, or the Falmouth, Massachusetts branch. Service CU also has military branches located in Great Forks, North Dakota and Portsmouth, New Hampshire, and 14 military branches in Germany.

Credit Union Overview

Service Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.50% (excellent) based on September 31, 2017 data. In the past year, Service Credit Union increased its total non-brokered deposits by $181.57 million, an excellent annual growth rate of 7.57%. Please refer to our financial overview of Service Credit Union (NCUA Charter # 68375) for more details.

Service Credit Union was established in 1957 to serve the military and civilian employees at New Hampshire’s Pease Air Force Base. Headquartered in Portsmouth, Service CU is currently New Hampshire's largest credit union and the 60th largest credit union in the country, with assets in excess of $3.2 billion and more than 218,000 members. In August, Service CU was named the 2016 Distinguished Credit Union of the Year by the United States Department of the Army. This is the fifth time Service Credit Union has been awarded this honor.

How the Share Certificate Compares

When compared to the 182 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Service Credit Union's 5-year Share Certificate APY currently shares the top spot with Connexus Credit Union’s 60-month Certificate APY and Mountain American Credit Union’s 5-year Term Deposit APY.

The above rates are accurate as of 3/2/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Portland CD rates, Boston CD rates, Burlington CD rates, Fargo CD rates, 5-year CD rates, nationwide deals

Comments
Kaight
Kaight   |     |   Comment #1
Not detecting any "juice" here when compared with the Sharonview deal.

To compete with Sharonview, any "three for five" deal has to offer us, for example, a significantly reduced EWP (early withdrawal penalty) as compared with Sharonview's 365 days. These guys are not even proffering a toaster! :-)
Service Credit Union Adds 18-Month CD Special
Deal Summary: 18-month Share Certificate Special, 2.00% APY, $1k minimum deposit.

Availability: Easy membership requirement for family members of individuals who are serving, or have ever served, in any branch of the U.S. Military or Department of Defense; Active and former members of the U.S. Military and Department of Defense; Residents of New Hampshire and portions of Massachusetts (Cape Cod).

New Hampshire-based Service Credit Union (Service CU) has been offering competitive Share Certificates Specials for the past several years. In the past three years, I’ve written...

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Service Credit Union Adds 30-Month CD Special
Deal Summary: 30-month Share Certificate Special, 2.05% APY, $1k minimum deposit.

Availability: Easy membership requirement for family members of individuals who are serving, or have ever served, in any branch of the U.S. Military or Department of Defense; active and former members of the U.S. Military and Department of Defense; residents of New Hampshire and portions of Massachusetts (Falmouth area).

In early July, Service Credit Union (Service CU) raised the rate on its 11-month Share Certificate Special to 1.50% APY; that rate is still in effect....

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Service CU Unveils 11-Month Certificate Special
Deal Summary: 11-month Certificate Special, 1.50% APY, $1k minimum deposit.

Availability: Easy membership requirement for family members of individuals who are serving, or have ever served, in any branch of the U.S. Military or Department of Defense*; Active and former members of the U.S. Military and Department of Defense; Residents of New Hampshire and portions of Massachusetts (Cape Cod).

For the past seven months, New Hampshire-based Service Credit Union (Service CU) has been offering a 20-month Certificate Special, which earned 1.50% APY. I had grown used...

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Service CU Celebrates 60 Years With 60-Month CD Special

Deal Summary: 60-month Certificate Special, 2.60% APY, $600 minimum deposit, available through April 30, 2017

Availability: Easy membership requirement for family members of individuals who are serving, or have ever served, in any branch of the U.S. Military or Department of Defense*; Active and former members of the U.S. Military and Department of Defense; Residents of New Hampshire and portions of Massachusetts (Cape Cod)

In the past year or so, I’ve had occasion to write four blog posts about various offerings from New Hampshire-based Service Credit Union (Service...

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Service Credit Union Adds Two Short-Term Certificate Specials
Availability: Residents of New Hampshire and portions of Massachusetts (Cape Cod); active and former members of the U.S. Military and Department of Defense.

New Hampshire-based Service Credit Union (Service CU) has been busy lately issuing Certificate Specials, including its Black Friday 3-month Certificate Special and a 27-month Certificate Special, both which have expired recently. In their stead, Service CU has just added a 9-month Certificate Special (1.00% APY) and 20-month Certificate Special (1.50% APY).

Both Certificate Specials can be opened with a $1k minimum deposit and there is no stated...

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