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 about eight of them. Service CU introduced the latest Special yesterday and it’s nice: an 18-month Share Certificate Special earning 2.00% APY. The minimum deposit is $1k, with no stated balance cap.
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If any of the deposit is withdrawn before the maturity date, a penalty as shown below would be imposed: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 1 year to less than 2 years - 180 days’ dividends
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 2011 blog post, ESI – Little Known Deposit Insurance for Credit Unions, may be helpful.
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.
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 Certificate Special Compares
When compared to the 146 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Service Credit Union's 18-Month Share Certificate Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||18-Month Share Certificate Special||Service Credit Union|
|1.85% APY||18-Month CD||Live Oak Bank|
|1.82% APY||18-Month CD||USALLIANCE Financial|
The above rates are accurate as of 12/21/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.