Summary: Service Credit Union was founded in 1957 to support military personnel and their families at Pease Air Force Base in New Hampshire. It has since expanded to serve hundreds of thousands of members around the world. It offers high-yield deposit products, loans, business and commercial banking services, and more.
The Everyday Checking account is a free checking account that earns rewards on debit purchases. Other perks include online banking, remote check deposit, early direct deposit, ATM surcharge rebates, and loan discounts.
The Dividend Checking account offers all of the same perks as the Everyday Checking account, plus 0.15% APY on balances. However, you must maintain a balance of at least $1,500 to avoid a monthly fee.
Service Credit Union’s Primary Savings account is required to become a member. It offers 5% APY on the first $500 and 0.25% APY on balances over $500. This account requires a $5 minimum opening deposit.
Service Credit Union also offers checking and high-yield savings accounts for children age 13 and up. The debit card comes with parental controls, and savings balances earn a 5% APY on the first $500 and 0.25% APY on balances exceeding $500.
Service also offers two different savings accounts tailored to members of the armed forces, veterans, and their families.
Read more: 5 best banks and credit unions for military
The Holiday Club account allows members to make automatic contributions toward holiday expenses throughout the year, then receive their full balance on Nov. 1. The account earns 3% APY on balances up to $3,000, and 0.25% APY on balances over $3,000.
Read more: What is a Christmas club account, and should you open one before the holidays?
Certificates are available in terms of three to 60 months with rates as high as 4.15% APY. The minimum opening deposit is $500. Dividends are compounded and credited monthly.
Read more: What is a share certificate?
Money market accounts offer rates up to 1.7% APY, depending on the balance. The minimum balance to earn dividends is $2,500.
Service CU provides living trusts and payable-on-death accounts. Members can open a trust at a local branch or by calling Service Credit Union’s toll-free number.
Business and commercial banking
Service Credit Union offers a full suite of business and commercial banking products, including checking and savings accounts, a digital invoicing and payment platform, debit and credit card merchant services, bill pay services, and more.
Credit union members can choose from a long list of loan options to finance larger purchases. This includes vehicle loans, personal loans, mortgages, home equity loans, military loans, student loans, student loan refinancing, and business and commercial loans.
Service Credit Union’s credit card offerings include cards with no annual fees, a starter card, a rewards card, and a secured credit card option.
Investment services are offered via the Service Financial Group program. Members can receive assistance with retirement income planning, trust accounts, spousal IRAs, college savings plans, and other related services.
Service Credit Union partners with several providers to offer its members discounted coverage for home, life, auto insurance, and more.
Service Credit Union members may incur certain fees, depending on the types of accounts they hold and their usage.
A few of the perks and drawbacks you’ll want to consider before joining Service Credit Union:
Pros:
Easy to qualify for membership: Membership is available to active duty military, veterans, and their families, as well as certain select employer groups. However, you can also qualify for membership by joining the American Consumer Council (ACC) or the Financial Fitness Association (FFA), making membership open to just about anyone.
24/7 phone support: Members can receive live support at any time by calling the credit union’s toll-free number.
Competitive deposit account rates: Many of the credit union’s deposit accounts pay above-average interest rates.
Cons:
Best savings rates are limited to certain balance: In some cases, the credit union’s highest rate offered only applies to a portion of the account balance.
Few branch locations: Service Credit Union branches are only found in a handful of states, which may be a drawback for members who prefer in-person assistance. However, the credit union does belong to shared branch networks, making certain basic banking services available nationwide.
Service Credit Union representatives are available 24/7 by calling 800-936-7730.
There is also a live chat and SMS text message contact option available, though standard data rates may apply. For general inquiries, you can also reach out via email at [email protected] or by sending a fax to 603-422-8451.
The Service Credit Union mobile app is available for download on the Apple App Store and Google Play Store with ratings of 4.8 and 4.6 stars, respectively. Members can use the app to check account balances, transfer funds, pay bills, deposit checks, activate cash back offers, and more.
Service Credit Union has its own foundation — the Service CU Impact Foundation — which promotes and funds initiatives that target education, housing and homelessness, veterans, military, and first responders. The organization offers a scholarship program, hosts cash raffles, and provides grants to non-profit organizations that are making a positive impact in the communities served by the Service CU Impact Foundation.
Membership with Service CU is open to:
Active duty military, veterans, and their families
Anyone who currently works (or worked) for the Department of Defense, as well as their families
Members of one of Service CU’s Select Employer Groups
Members of the American Consumer Council (If you’re not yet a member, you can visit the ACC online and join for free with promo code “Service”)
Members of the Financial Fitness Association (If you’re not yet a member, Service Credit Union can help you join)
You can apply to join Service Credit Union online, by phone, or in person at a branch. You’ll need to deposit at least $5 into a Primary Savings account to secure your membership.
Read more: 7 credit unions anyone can join
Yes. Service Credit Union is an NCUA-insured financial institution. Deposits are guaranteed up to $250,000 per depositor, per ownership category.
Service Credit Union’s U.S. routing number is 211489656.
Service Credit Union was first established in 1957.
