Service Credit Union CD Rates of April 2024
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BLUEPRINT
Updated 10:59 a.m. UTC April 10, 2024
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A Service Federal Credit Union share certificate offers competitive yields, a low minimum balance to get started and eight terms to choose from. Moreover, membership is easy to come by; anyone can qualify by joining the American Consumer Council free of charge.
Account details and annual percentage yields (APYs) are accurate as of April 10, 2024.
Navy Federal Credit Union
About Service Credit Union Certificates
Service Credit Union share certificate terms range from three months to five years, offering a good selection of short- and long-term options.
The credit union’s highest-yielding maturity is the 12-month certificate (5.10% APY), while the 15-month term is also competitive (4.75% APY).
However, not all terms pay as well.
For example, according to the Federal Deposit Insurance Corporation (FDIC), the national average rate on a three-month certificate of deposit (CD) is 1.65% APY as of April 15, 2024 — which is more than double the 0.80% APY offered through Service Credit Union’s three-month Share Certificate.
All certificates come with a yield that compounds and is credited monthly. If you need to tap into your certificate’s principal before the term is up, an early withdrawal penalty will apply.
If you prefer to avoid an early withdrawal penalty, consider no-penalty CD options.
| OVERVIEW | |
|---|---|
Minimum deposit
| $500
|
Term lengths
| 3 months, 6 months, 9 months, 12 months, 15 months, 18 months, 2 years, 3 years, 4 years and 5 years
|
Compounding schedule
| Monthly, credited monthly
|
Early withdrawal penalty
| Undisclosed
|
Grace period for penalty-free withdrawals after maturity
| Undisclosed
|
How Service Credit Union rates compare
Service Credit Union’s share certificates have competitive rates, but may not pay top dollar, depending on the term you want. For instance, you can find more juicy APYs at Pentagon Federal Credit Union (PenFed) — its 12-month term pays 4.20% APY — compared to Service Credit Union’s 5.10% APY and Navy Fed’s 4.80% to 4.85% APY.
Yet Service Credit Union’s opening deposit requirement is only $500. In contrast, you’ll need a minimum deposit of at least $1,000 for PenFed Money Market certificates or Navy Federal Credit Union standard certificates.
| ERM | SERVICE CREDIT UNION SHARE CERTIFICATE RATES (APY) | NAVY FEDERAL CREDIT UNION STANDARD CERTIFICATE RATES (APY) | PENFED MONEY MARKET CERTIFICATE RATES (APY |
|---|---|---|---|
3 months
| 0.80%
| 2.75% to 2.80% depending on minimum deposit amount
| N/A
|
6 months
| 5.00%
| N/A
| 3.00%
|
9 months
| 3.15%
| N/A
| N/A
|
12 months
| 5.10%
| 4.80% to 4.85%
| 4.20%
|
15 months
| 4.75%
| N/A
| 4.20%
|
18 months
| 4.45%
| 4.50% to 4.55%
| 4.20%
|
24 months
| 3.50%
| 4.20% to 4.25% depending on minimum deposit amount
| 4.20%
|
36 months
| 2.35%
| 4.00% to 4.05%
| 3.60%
|
48 months
| 2.45%
| N/A
| 3.50%
|
60 months
| 2.50%
| 3.80% to 3.85%
| 3.50%
|
A CD calculator can help you determine how much you could earn from the terms that fit your needs.
Also, consider building a CD ladder, which involves opening several CDs with various term lengths to give you regular access to the funds without forgoing the top rates that come with different terms.
How to get a Service Credit Union certificate
To do any business at a credit union, you must first become a member.
While Service Credit Union is focused on serving members of the armed forces and their families, others could qualify for membership through their employer and anyone can qualify by joining a nonprofit.
To go into the details: Active duty military members, veterans, current or former employees of the Department of Defence and their family members are automatically eligible to join. Employees of select businesses are eligible as well —- many of the listed companies are based in New Hampshire, the credit union’s headquarters.
If none of those statuses apply to you, you’re not out of luck. You can join the American Consumer Council (ACC), which is dedicated to consumer education, advocacy and financial literacy. The credit union even covers your membership fee: Use promo code “Service” on the ACC’s application form to join free of charge.
Once you’re able to qualify, click to open a Service Credit Union certificate online. Be prepared to provide your Social Security number, current home address, a government-issued ID (such as your driver’s license) and a routing number or credit card to fund your account.
Credit Union share certificates vs. bank CDs: Is there a difference?
Like all credit unions, Service Credit Union offers share certificates instead of CDs. While the names differ, the end result is similar for savers. As with a CD, share certificates involve making a deposit into an account for a predetermined period of time. In exchange for giving up access to your funds, the share certificate will provide a set amount of interest earnings over the term.
Both types offer deposit insurance up to $250,000 per person, per account type, per account ownership type (think joint vs. individual account). Bank CDs are protected through the Federal Deposit Insurance Corporation (FDIC) and credit union share certificates are protected through the National Credit Union Administration (NCUA).
Other products Service Credit Union offers
Service Credit Union is a full-service financial institution, offering a wide range of products, making it possible to manage all of your finances in one place:
- Checking and savings accounts.
- Money market accounts.
- Business bank accounts.
- Auto loans for cars, boats, RVs, ATVs and more.
- Credit cards.
- Personal loans.
- Home loans.
- Student loans.
- Investment services.
- Retirement accounts.
Service Credit Union review
The New Hampshire-based financial institution focuses on providing banking services to military families (though anyone can join) and it offers a wide range of financial products.
It has a smattering of physical branches in its home state, Vermont, Rhode Island and North Dakota, but it’s also a part of the CO-OP network, which means you can conduct business at over 30,000 ATMs and over 5,000 shared branches across the country.
If digital banking is more your style, its mobile app is highly rated: 4.8 stars out of 5 on iOs and 4.6 on Android platforms.
Frequently asked questions (FAQs)
Certificate rates at Service Credit Union range from 0.80% to 5.10% APY, depending on the term you choose.
Yes, the funds you save at Service Credit Union are protected through the National Credit Union Administration up to $250,000 per depositor, per account ownership type.
On average, credit union share certificate rates are higher than bank CD rates. But it’s important to shop around for the best rate before you commit your funds to a particular certificate.
Some of the Share Certificate rates offered through Service Credit Union are competitive, but not all of them. For example, the opportunity to earn 5.10% APY on a 12-month Certificate is attractive — but the 0.80% APY attached to the three-month Certificate is below average.
Service credit union is available for military members and veterans. But the credit union also offers membership to current and former employees of the Department of Defense, members of the American Consumer Council, members of the Financial Fitness Association and employees of other selected employers.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
