In early July, Service Credit Union (Service CU) raised the rate on its 11-month Share Certificate Special to 1.50% APY; that rate is still in effect. Service CU began September by adding another Share Certificate Special: a 30-month earning 2.05% APY. The minimum opening deposit is $1k, with no stated balance cap.
The Share Certificate Specials are also available as IRAs (Traditional, Roth, CESA) earning the same APYs, 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If any of the deposit is withdrawn before the maturity date, a penalty as shown below would be imposed:
1 Day SC to less than 1 year - 90 days’ dividends
2 Years SC or longer - 365 days’ dividends
Headquartered in Portsmouth, New Hampshire, Service Credit Union’s field of membership (FOM) is diverse, but as the name suggests, a military service relationship plays a large role. The structure of the military service requirement has been changed 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 qualifying option 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.
Affiliation: Members and employees of seven trade organizations are also eligible.
Service CU’s membership eligibility is detailed on the first page of the online application.
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 a military branch located in Great Forks, North Dakota and in Portsmouth, New Hampshire, and 14 military branches in Germany.
Credit Union Overview
Service Credit Union has an overall health grade of "A+" at EpBooks.us, with a Texas Ratio of 1.46% (excellent) based on March 31, 2017 data. In the past year, Service Credit Union increased its total deposits by $117.87 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 248,000 members.
How the Certificate Special Compares
When compared to the 193 similar length-of-term CDs tracked by EpBooks.us that require a similar minimum deposit and are available nationwide, Service Credit Union's 30-Month Share Certificate Special APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.17% APY||36-Month CD||USALLIANCE Financial|
|2.05% APY||30-Month Share Certificate Special||Service Credit Union|
|2.00% APY||30-Month CD||INOVA Federal Credit Union|
The above rates are accurate as of 9/5/2017.