New Hampshire-based Service Credit Union (Service CU) is offering two limited-time Special Rate Share Certificates (SRSC) today through November 26, 2018. The 27-month (3.25% APY) and 18-month (3.05% APY) SRSCs can be opened with a $1k minimum deposit and there is no stated balance cap.
As stated in the 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If any of the deposit is withdrawn before the maturity date, a penalty as shown below would be imposed: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
Term length 2 years or more – 365 days’ dividends
Excess Share Insurance
Service CU no longer participates in the Excess Share Insurance program. As stated on the Insurance FAQs: page,
As of July 1, 2018, Service Credit Union is no longer able to offer Excess Share Insurance to our Trust Account holders due to a restriction with our insurance provider. We apologize for the inconvenience, but want you to rest assured knowing that your money is still federally insured up to at least $250,000 by the National Credit Union Administration.
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 first page of the online application.
Joining Service Credit Union and/or opening a Special Rate Share Certificate Special can be done 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. There is also a 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.
Credit Union Overview
Service Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.06% (excellent) based on June 30, 2018 data. In the past year, Service Credit Union increased its total non-brokered deposits by $162.82 million, an excellent annual growth rate of 6.31%. 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 $3.37 billion and more than 265,600 members. According to an April press release,
The Credit Union National Association (CUNA) recognized Service Credit Union (SCU) for being among the best at saving its members money. The credit union received the CUNA Benefits of Membership Award. CUNA determined that each member household at SCU saved an average of $412 this past year compared to the same services from banks in its region.
How the Special Rate Share Certificates Compare
When compared to 211 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Service Credit Union's 27-month Share Certificate Special APY currently ranks first.
When compared to 167 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 Special Rate Certificate APY currently ranks second.
The above rates are accurate as of 11/23/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.