New Hampshire-based Service Credit Union (SCU) wants to help you to “save smarter” by raising the rates on three of its Share Certificates: 15-month, 24-month, and 60-month. Of the three, the 60-month Share Certificate (3.50% APY) offers the most competitive rate. The minimum opening deposit for any SCU Share Certificate is $500, with no stated balance cap.
SCU Share Certificates are also available as IRA Share Certificates (Tradition and Roth), earning the same APYs with the same deposit requirements.
As stated in the fine print on the Certificate Rates page,
The dividend rate and APY may change on the 1st and 16th
of every month, as determined by the Board of Directors.
According to CSR, the Early Withdrawal Penalty for a Share Certificate with a term of two years or more is 365 days of dividends, with partial withdrawals allowed.
Funding and Distribution of Maturing Funds
As stated on the Eligibility page of the online application, SCU accounts can be funded by funds from a U.S. bank account (ACH or wire) 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. However, readers have reported that the credit card funding limit is $249. CSR also stated that maturing funds can be distributed “any way you like” – cashier’s check, ACH, wire transfer, or transferred to a SCU checking/savings account. Dividends are compounded and credited monthly and can be withdrawn penalty-free any time after they are credited. Unlimited beneficiaries (equal shares) can be designated, with Social Security numbers required for each named beneficiary.
If you’re thinking of opening a 60-month Share Certificate, don’t overlook the Primary Savings account. Earning 5.00% APY on balances up to $500, a Primary Savings account generates an effortless $25 a year. Keeping $500 in a Primary Savings account throughout the term of the 60-month Share Certificate would net approximately $138.
In addition to $500 in the Primary Savings account, you may also want to consider the Holiday Club account. Earning 3.00% APY on balances up to $3k, a Holiday Club account generates an effortless $90 a year. The portion of the balance above $3k earns 0.25% APY. According to the small print of the Holiday Club page, “Funds are disbursed on the first business day in November. One Holiday Club account allowed per tax reported owner.”
Headquartered in Portsmouth, New Hampshire, Service Credit Union’s field of membership (FOM) expanded more than two years ago. The previous easy membership requirement for current/former members of U.S. Military or Department of Defense and their family now includes all U.S. citizens/resident aliens with a valid Social Security number.
As stated on the Become a Member page, there are many ways to qualify for SCU membership including,
Members of the American Consumer Council (ACC). Not a member? Visit the ACC online, click “join now” and use promo code “Service” to join free of charge.
Members of the Financial Fitness Association (FFA). Not a Member? Learn more about the FFA by clicking here. Ready to join? We’ll help you get signed up! Once you join the FFA, a confirmation email will come directly to you with all of your login credentials.
Membership is also open to the following:
- Active duty military, veterans, and their immediate families.
- Anyone who currently works (or worked) for the Department of Defense, as well as their families.
- Employees/members of more than 400 Select Employer Groups.
Joining Service Credit Union and/or opening a Share Certificate can be done online, by phone (800.936.7730), or at any of 36 New Hampshire branches, which are located in Amherst, Bedford, Berlin, Concord, Derry, Durham, Epping, Exeter, Franklin, Gorham, Hampton, Hinsdale, Hudson, Keene (2), Laconia, Lancaster, Lebanon (2), Manchester, Nashua, Newington (3), Plymouth, Portsmouth (3), Rochester (3), Salem (2), Seabrook, and Somersworth (2), or the single Massachusetts branch in Falmouth. SCU also has military branches located in Great Forks, North Dakota and Portsmouth, New Hampshire, along with 13 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, SCU 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, Dolphin Debit Access, 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 1.32% (excellent) based on March 31, 2022 data. In the past year, Service Credit Union increased its total non-brokered deposits by $499.07 million, an excellent annual growth rate of 11.93%. 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 $5.3 billion and more than 331,000 members.
According to a June 2022 press release,
Service Credit Union is proud to be named Forbes’ top credit union in New Hampshire. This is the second year in a row that Service CU has been named to the list.
Forbes partnered with market research firm Statista to produce the annual list. More than 26,000 citizens in all 50 states were interviewed on their banking relationships.
How the 60-Month Share Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, two banks and one credit union have a higher rate than currently offered on the Service Credit Union 60-Month Share Certificate. The following table compares the 60-Month Share Certificate to the two highest-rate CDs from other credit unions, and the two highest-rate CDs from banks.
The above information and rates are accurate as of 8/19/2022.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.