Service Credit Union Review

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Service credit union is a full service Credit union The network is primarily aimed at active military personnel and their families, current and former Department of Defense employees, and individuals who work for select employer groups.

The credit union offers a wide range of banking products, including checking and Savings accountsStock certificates, credit cards, loans, mortgages (including VA loans), and more. Our review focuses on Service Credit Union's personal deposit products, and we'll show you how they compare to other military financial institutions like USAA and Navy Federal Credit Union.

• Military credit union based in New Hampshire
• High APR on the first $500 saved
• Attractive share returns
• Free checking accounts with early direct deposit

What is a service credit union?

New Hampshire-based Service Credit Union opened in 1957 to serve military personnel and their families stationed at Pease Air Guard National Base in Portsmouth. It now has over 50 branches in New Hampshire, Massachusetts, North Dakota and Germany.

What does it offer?

Service Credit Union offers a full range of financial products and services for individuals and businesses. For this review, we will focus primarily on the personal deposit products (checking accounts, savings accounts, stock certificates).

Current accounts

Service Credit Union offers a Current account for every daywhich is available in three tiers: Basic, Everyday Checking with Direct Deposit, and Direct Deposit+. By being active regularly and setting up additional services such as direct deposit to payroll, you unlock additional features offered in the latter two tiers. There are no monthly account maintenance fees for Everyday Checking accounts.

The daily check includes the following functions:

• Rewards for debit card purchases
• Mobile bill payment and remote check deposit
• Early direct deposit (get your money up to two days early)
• Up to 0.75% credit discount on selected loans
• Up to $30/month in ATM surcharges and foreign transaction fee reimbursements

You can also Dividend current accountwhich unlocks 0.15% APY in dividends on the entire balance. However, you must maintain a minimum daily balance of $1,500 to avoid the $10 monthly fee.

Savings accounts

Service Credit Union offers a variety of savings accounts, including Primary Savings, Youth Accounts, Military Savings Accounts, Holiday Club, Money Market and Trust Accounts.

The Primary savings account is mandatory if you want to become a member of a credit union. It includes a small minimum deposit of $5 and you will receive 5.00% APY on the first $500 and 0.25% APY on balances over $500. This is a great option for anyone looking to earn an attractive interest rate on smaller savings balances.

Credit union members currently on active duty in a combat zone may qualify for a 10% APY savings rate on balances up to $10,000. Warrior Savings Account deployed. Service Credit Union recommends that you contact them directly to find out if you qualify.

Share certificates

Stock certificates are the credit union version of certificates of deposit (CDs), which are savings accounts that require you to lock up your money for a set period of time to receive a guaranteed return. Because of this lock-up period, certificates tend to offer higher returns than most savings accounts for the same guaranteed principal.

Service Credit Union offers shares with the following terms and APYs:

*APYs are current as of September 1, 2024 and are subject to change.

Money market accounts

If you're looking for a higher return on your savings but don't want to put your money in a stock certificate, consider a Service Credit Union money market account. Money market accounts are similar to savings accounts, but they offer a tiered interest rate. In other words, the more money you deposit, the higher your return. And you don't have to set up direct deposit to qualify for the better interest rates.

The Service Credit Union Money Market Account has the following levels:

This account is really only worth it if you have over $2,500, as you will not earn any interest below that amount and will incur a $5 monthly fee. Additionally, if you know you won't have to touch your money for at least six months, you're better off buying a 6-month stock certificate, which currently pays a much higher annual interest rate of 4.90%.

Are there any fees?

Service Credit Union does not charge monthly maintenance fees for its Everyday Checking and Primary Savings accounts. There are also no monthly fees for stock certificates. However, you will pay a $10 monthly fee for Dividend Checking if you do not meet the required minimum balance of $1,500 and $5 per month for a money market account if you can keep less than $2,500 in the account.

Of course, other Service Credit Union accounts also incur various fees and other costs, as they also offer credit cards, loans, mortgages and small business banking products.

How does Service Credit Union compare?

When it comes to everyday banking products, Service Credit Union is competitive with similar financial institutions. For example, it offers slightly better savings rates than Navy Federal Credit Union, the largest retail credit union in the country. Certificate rates are similar, although Navy Federal is currently offering 5.30% APY on its 12-month Special EasyStart certificate.

And Service Credit Union's savings rates are better than another financial institution that serves military members, USAA. It offers a meager 0.01% APR on most tiered balances, and you need over $500,000 to earn 1.50%. While competitive, their certificate APRs are also a bit lower than Service Credit Union.

How do I open an account?

To open an account with Service Credit Union, you must belong to one of the following groups:

• Active military member, veteran or family member
• Current or former Department of Defense employee or family member.
• Work for a selected group of employers (check this list for your suitability)
• Join the Financial Fitness Association (FFA)
• Join the American Consumer Council (ACC)

The first account all members must open is a primary savings account. From there, you can open a checking account, stock certificate, or other account. First, on the home page of the Service Credit Union website, select “Get Started” and then “Open an Account.”

To make your first deposit, you will need to provide the required ID, your social security number, and your account information. The online application process consists of four steps: account selection, personal information, agreements, and funding. Once you successfully complete all four steps, your new account is ready to use.

Is it safe and secure?

Yes, Service Credit Union has been around for many decades and is a well-established and reputable financial institution. It uses the same security precautions you would expect from any reputable financial institution for its online banking services, including mobile banking. In addition, Service Credit Union is a member of the National Credit Union Administration (NCUA), which insures your eligible deposits up to $250,000.

How do I contact Service Credit Union?

If you need assistance with your daily banking needs, you can contact Service Credit Union at the following numbers:

• (800)-936-7730 (Nationwide in the US)
• 00800-4728-2000 (International)

You can also access live chat support through the website or by texting at (877)-849-4559. If you live near a Service Credit Union branch (most are in New Hampshire and Germany), you can visit a branch in person.

Is it worth it?

If you're eligible for membership at Service Credit Union and live near a branch, you may be able to take advantage of a free checking account, attractive certificate yields, and several other products and services. Even if you have a small savings balance, you'll appreciate the 5.00% APY on balances up to $500. However, better CDs and savings accounts with high yields can be found at many online banks, so unless you have a particular affinity for Service Credit Union, you're better off looking elsewhere.

Check out Service Credit Union here >>

Service Credit Union Features

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