Service Credit Union 60-Month CD APY Ranks Near the Top
There are two important take-aways from this blog post: 1) Service Credit Union’s (Service CU) 60-month Share Certificate (1.50% APY) is currently a near-rate leader and 2) Service CU is now an easy membership requirement credit union. The minimum deposit to open any Service CU Share Certificate is now $500 (previously $1k), with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.95% | $500 | - | Service Credit Union | 60 Month Share Certificate | |
| 0.95% | $500 | - | Service Credit Union | 60 Month IRA Certificate (Traditional, Roth) |
Service CU Share Certificates are also available as IRAs (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 (EWP) for Share Certificates with terms of two years or more is 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.
Primary Savings
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 $125.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 5.00*% | - | $500 | Service Credit Union | Primary Savings | |
| OTHER TIERS: 0.25% → $500+ | |||||
Availability
Headquartered in Portsmouth, New Hampshire, Service Credit Union’s field of membership (FOM) has expanded since I last wrote about Service CU in January. As stated on the first page of the online membership application,
I am a member of the American Consumer Council or I would like you to enroll me in ACC.
If you choose to join ACC before applying for Service CU membership, use the promo code “Service” to join ACC free of charge.
Other ways to join Service CU include,
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.
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), Laconia, 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 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, 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 1.72% (excellent) based on March 31, 2020 data. In the past year, Service Credit Union increased its total non-brokered deposits by $281.93 million, an excellent annual growth rate of 9.41%. 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 60th largest credit union in the country, with assets in excess of $3.9 billion and more than 315,000 members.
According to an August 2020 press release,
Service Credit Union was selected as the 2019 Distinguished Credit Union of the Year by the United States Department of the Army in recognition of its exceptional financial service and support of the Army communities in U.S. Army Garrison Bavaria, Germany.
In a nomination letter from the U.S. Army Garrison in Bavaria, Col. Adam J. Boyd wrote, “Service Credit Union stands out as the leader in crucial financial services, combating predatory lending [and providing] community financial education, 24/7 worldwide access and a full range of high quality, low-cost financial solutions for our soldiers. Their unrivaled ability to support our service members worldwide through multiple remote access channels enhances individual and unit readiness, as well as insuring the financial soundness of soldiers’ families here in Germany. Ultimately, their ‘service’ helps our troops focus on the important mission at hand.”
How the Share Certificate Compares
When compared to 179 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Service Credit Union’s 60-month Share Certificate APY currently ranks second. (Note: while the CDs offered by Barksdale Federal Credit Union are available nationwide, Barksdale’s FOM requires a military relationship.)
The above rates are accurate as of 9/4/2020.
Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.
Service Credit Union recently offered a referral bonus where both referer and referee each received a $100 bonus if the referee opened a checking account and deposited $500. The referrals went wild on Doctor of Credit. Took me only two days from account opening (including joining ACC) to receive my $100 referee bonus. I also referred some friends/family members and all of us received the bonuses speedily.