When I wrote about Service Credit Union (Service CU) 18-month and 24-month CDs five months ago, the CDs had become competitive by maintaining their APYs as other CD rates fell. Even though the rates dropped a uniform 25 bps in October, the 18-month CD (2.25% APY) and 24-month CD (2.30% APY) are still very competitive. Service CU CDs can be opened with a $1k minimum deposit, with no stated balance cap.
Service CU Share Certificates are also available as IRAs (Tradition and Roth), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (EWP) for Share Certificates with terms of one year to less than two years is 180 days of dividends; Share Certificates with terms of two years or more have an EWP of 365 days of dividends.
Funding and Maturing Funds
As stated on the Eligibility page of the online application, Service CU accounts can be funded by from a U.S. bank account, or a credit/debit card. In a Live Chat, CSR stated there is no limit on the amount that can be funded using a credit card. CSR also stated that maturing funds can be distributed “any way you like” – cashier’s check, ACH, wire transfer, or transfer to a Service CU checking/savings account. Unlimited beneficiaries (equal shares) can be named, with Social Security numbers required for each beneficiary.
Headquartered in Portsmouth, New Hampshire, Service Credit Union’s field of membership (FOM) is diverse, although a military service relationship does plays a significant role. The parameters of the military service requirements have been expanded to the 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/has served in the US military or DOD.
DA reader, Carpline, was able to join based on his father’s service during WWII. Service CU only required the 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: Members and employees of seven SEGs are also eligible.
A complete description of Service CU’s membership eligibility is available on the first page of the online application.
Joining Service Credit Union and/or opening a Share Certificate can be done online, by phone (800.936.7730), 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, and Somersworth (2), or the single Massachusetts branch in Falmouth. Service CU also has military branches located in Great Forks, North Dakota and Portsmouth, New Hampshire, along with 14 military branches in Germany.
To become a member of Service Credit Union, you must open a Share Savings account with a deposit of $5 or more. Equally important, your membership makes you eligible for all the other services Service Credit Union offers.
In addition to participating in the CO-OP Share Branch and ATM networks, Service CU has recently partnered with Allpoint, the world’s largest surcharge-free ATM provider.
Members now have access to over 88,000 fee-free Allpoint, CO-OP, and Service CU-branded ATMs.
Credit Union Overview
Service Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.60% (excellent) based on September 30, 2019 data. In the past year, Service Credit Union increased its total non-brokered deposits by $269.21 million, an excellent annual growth rate of 9.65%. Please refer to our financial overview of Service Credit Union (NCUA Charter # 68375) for more details.
Service Credit Union was established in 1957, with a FOM exclusive to 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 59th largest credit union in the country, with assets in excess of $3.7 billion and nearly 294,000 members.
According to an April 2019 press release,
The Credit Union National Association (CUNA) has recognized Service Credit Union with its Certificate of Excellence.
CUNA determined that Service Credit Union provided $56,874,253 in direct financial benefits to its 241,845 members during the twelve months ending in September 2018. These benefits are equivalent to approximately $494 per member household. Service Credit Union provided loyal high-use member households $1,139 in direct financial benefits.
How the Share Certificate Compares
When compared to 156 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit ($5k or less) and are available nationwide, Service Credit Union's 18-month Share Certificate APY currently shares the top spot with the APYs offering on seven other nationally available 18-month CDs.
When compared to 204 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit ($5k or less) and are available nationwide, Service Credit Union's 24-month Share Certificate APY currently ranks second .
The above rates are accurate as of 1/31/2020.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.