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, commercial and business banking services, and more.
The Everyday Checking account is a free checking account that earns rewards for debit purchases. Other benefits include online banking, remote check deposit, early direct deposit, ATM fee refunds, and loan discounts.
The Dividend Checking account offers the same benefits 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.
A Service Credit Union primary savings account is required to become a member. Offers 5% APY on the first $500 and 0.25% APY on balances over $500. This account requires a minimum initial deposit of $5.
Service Credit Union also offers high-yield checking and savings accounts for kids ages 13 and up. The debit card comes with parental controls and savings balances earn a 5% APY on the first $500 and a 0.25% APY on balances over $500.
The service also offers two different savings accounts designed for members of the military, 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 vacation expenses throughout the year and then receive their full balance on November 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? Should I open one before the holidays?
Certificates are available in terms of three to 60 months with rates up to 4.15% APY. The minimum opening deposit is $500. Dividends are capitalized and credited monthly.
Read more: What is a stock certificate?
Money market accounts offer interest rates up to 1.7% APY, depending on 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 toll-free.
Business and commercial banking
Service Credit Union offers a full suite of commercial and business banking products, including checking and savings accounts, a digital billing and payment platform, merchant debit and credit card services, bill payment services and more.
Credit union members can choose from a long list of loan options to finance larger purchases. This includes auto 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 through the Service Financial Group program. Members can receive assistance with retirement income planning, trust accounts, marital IRAs, college savings plans, and other related services.
Service Credit Union partners with several providers to offer members discounted coverage for home, life, auto, and more.
Service Credit Union members may incur certain fees, depending on the types of accounts they have and their usage.
Some of the pros and cons you’ll want to consider before joining Service Credit Union:
Advantages:
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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 almost anyone.
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24/7 phone support: Members can receive live assistance at any time by calling the credit union’s toll-free number.
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Competitive rates for deposit accounts: Many credit union deposit accounts pay above-average interest rates.
Cons:
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The best savings rates are limited to a certain balance: In some cases, the highest rate offered by the credit union only applies to a portion of the account balance.
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Few branches: Service Credit Union branches are only located in a few states, which can be a drawback for members who prefer in-person assistance. However, the credit union belongs to shared branch networks, making certain basic banking services available nationwide.
Service Credit Union representatives are available 24/7 at 800-936-7730.
A live chat and SMS text contact option is also available, although standard data rates may apply. For general inquiries, you can also contact us by email at scu@servicecu.org or by fax at 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 targeting education, housing and homelessness, veterans, military and first responders. The organization offers a scholarship program, hosts cash raffles, and awards grants to nonprofit organizations that are making a positive impact in the communities served by the Service CU Impact Foundation.
Membership with Service CU is open to:
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Active duty military, veterans and their families.
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Anyone who currently works (or has worked) for the Department of Defense, as well as their families.
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Members of one of Service CU’s select employer groups
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American Consumer Council Members (if you are not already a member, you can visit the ACC online and join for free with promo code “Service”)
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Financial Fitness Association Members (if you are not already 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 will 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 property category.
Service Credit Union’s US routing number is 211489656.
Service Credit Union was first established in 1957.