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 to seeing it in the bi-weekly CD Rates Summary (albeit it at the bottom of the 18-month category), so I was a little sad when I saw it was no longer available. Then I saw the latest addition to Service CU’s product line: an 11-month Certificate Special earning 1.50% APY. Any sentimental attachment I had to the 20-month Certificate Special is now forgotten.
|1.50%||$1k||-||Service Credit Union||11 Month Share Certificate Special|
|1.50%||$1k||-||Service Credit Union||11 Month IRA Certificate Special (Traditional, Roth, CESA)|
The minimum deposit is $1k, with no stated balance cap. The Certificate Special is also available as an IRA (Traditional, Roth, CESA) earning the same 1.50% APY, with the same funding requirements.
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If any of the deposit is withdrawn before the maturity date, a penalty as shown below would be imposed: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 day to less than 1 year - 90 days’ dividends
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 because of 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.
Employment: Employees of more than 70 New Hampshire SEGs, qualify for membership.
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 1.46% (excellent) based on March 31, 2017 data. In the past year, Service Credit Union increased its total non-brokered deposits by $177.87 million, an excellent annual growth rate of 7.51%. 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 Credit Union is the largest credit union in New Hampshire and the 60th largest in the country, with assets in excess of $3.1 billion and more than 245,500 members.
How the Certificate Special Compares
When compared to the 202 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Service Credit Union's 11-Month Certificate Special APY currently ranks third.
The above rates are accurate as of 7/5/2017.