Service Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
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Updated on Wednesday, July 1, 2020
Service Credit Union’s checking account options
Basic Service Checking
- Minimum opening deposit: None
- MMonthly account maintenance fee: None
- ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: No overdraft protection; transactions are denied if the funds aren’t available
This is a no-frills checking account that doesn’t earn interest. On the plus side, it has no monthly maintenance fees or overdraft fees; it won’t let you proceed with a transaction if you don’t have the funds available in your account to cover it. It also allows you to be paid up to two days early if you have payroll direct deposit. Terms apply. This account also requires you to receive statements and account communications electronically. You also can’t write paper checks.
Classic Service Checking
- Minimum opening deposit: None
- Monthly account maintenance fee: None
- ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $30 per item
Like the Basic Service Checking account, this account has no monthly maintenance fee or minimum balance requirement. It also comes with Courtesy Pay, which, for a fee of $30 every time it’s utilized, covers checks that would normally be returned unpaid. The account also comes with free online bill pay, mobile apps with remote check deposit, international online bill pay, unlimited check writing and the ability to get paid up to two days early with direct deposit.
Five Star Service Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.05% | $1,500 |
| 0.10% | $5,000 |
- Minimum opening deposit: None
- Monthly account maintenance fee: $10, unless a minimum balance of $1,500 is maintained
- ATM fee: None on in-network ATMs. First five non-Service Credit Union/non-CO-OP withdrawals are free; after that, it’s $2 per transaction
- ATM fee refund: Up to $20 per month
- Overdraft fee: $30 per item
The Five Star Service Checking account offers the opportunity to earn interest at two different tiers once you have a balance above $1,500. While it does have a monthly maintenance fee, it can easily be waived if you maintain that balance requirement.
This account also comes with Courtesy Pay for a fee of $30 every time it’s utilized, which will cover any checks that would normally be returned, along with international online bill pay, free mobile apps with remote check deposit, unlimited check writing and the ability to get paid up to two days early with direct deposit.
Student Checking
- Minimum opening deposit: None
- Monthly account maintenance fee: None
- ATM fee: None on in-network ATMs. First four non-Service Credit Union/non-CO-OP ATM withdrawals are free; after that, it’s $2 per transaction
- ATM fee refund: None
- Overdraft fee: $10 Courtesy Pay fee on each overdraft
This account is a great option for students who want to keep track of their funds without any hassles and, especially, without any fees. This account has no minimum balance requirements, comes with online banking services and mobile apps with remote check deposit, offers unlimited check writing and the ability to get paid up to two days early with direct deposit (Terms Apply). Once account holders turn 26, the account will convert into a Basic Service Checking account.
How Service Credit Union’s checking accounts compare
The best checking accounts out there will feature no monthly fees and ATM fees, as well as provide ATM fee refunds. Most of Service Credit Union’s checking accounts get a gold star for one or more of these features.
But another feature that makes a checking account stand out is if it offers interest on deposited funds. The Five Star Service Checking account does have this going for it, but the rates are still fairly low and you have to maintain a balance of at least $1,500 to earn them. That requirement isn’t all that high, but there are still better checking account options that will get you higher rates. We suggest digging around and looking elsewhere.
Service Credit Union’s savings account options
Share Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.20% | $50 |
| 0.25% | $5,000 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: $50
- Monthly account maintenance fee: None
- ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $30 per item
A Shared Savings account is the entry point to join Service Credit Union and to any other products. That’s not necessarily a bad thing, though, as there’s just a $5 minimum deposit to open it, and it earns higher interest than the checking accounts. Like all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals up to six per month. E-statements are also available with this account.
Christmas/Holiday Club account
| APY | Minimum Balance to Earn APY |
|---|---|
| 3.00% | $0.01-$3,000 |
| 0.25% | $3,000.01 |
- Minimum opening deposit: None
- Minimum balance to earn APY: 1 cent
- Monthly account maintenance fee: None
- ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $30 per item
This account is designed for putting funds aside to save up for holiday-related expenses, or any special event. The APY drops when your daily balance goes above $3,000.
Your funds can be transferred automatically online, through a payroll deduction, at a branch or by mail. As with other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.
Youth Club/Smart Savers Program
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.20% | $50-$5,000 |
| 0.25% | $5,000 |
The Youth Club Program is pretty much a standard young savers account, but with activities and information targeted to specific age groups — for the younger crowd, there’s Money Mammals, while the Cha-Ching program provides financial services and resources for teens.
Also, once a child has made 12 visits to a branch, making a deposit of $10 or more each time, they’ll earn an additional $5 in their account. The APY is paid on daily balances of $50 or more, compounded and paid monthly. Kids with balances of $5,000 or more can get an even better rate.
How Service Credit Union’s savings accounts compare
While the Share Savings account has its minimal balance and deposit requirements going for it, it really doesn’t have much else, and its rates really can’t compete with some of the best online savings accounts. This account won’t be a hassle to maintain if you’re opening it because you’re after one of the credit union’s other products, but we wouldn’t seek out Service Credit Union for this account alone.
The real standout among Service Credit Union’s savings accounts is the Youth Club account, with its dividend and program extras. The higher rates on the Christmas/Holiday Savings account are definitely more enticing and worth taking advantage of if you typically work to put aside funds for the holidays or other special occasions.
Service Credit Union’s CD rates
Share Certificates
| Term | APY | Minimum Balance to Earn APY |
|---|---|---|
| 3 months | 0.50% | $1,000 |
| 6 months | 0.60% | $1,000 |
| 9 months | 2.50% | $1,000 |
| 12 months | 0.80% | $1,000 |
| 15 months | 2.75% | $1,000 |
| 24 months | 1.05% | $1,000 |
| 36 months | 1.10% | $1,000 |
| 48 months | 1.25% | $1,000 |
| 60 months | 1.50% | $1,000 |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: Depends on the date and the amount withdrawn; contact the credit union for specific details
Service Credit Union offers share certificates in terms ranging from three months to five years, all with higher minimum deposit requirements than most offerings out there. Its rates, for the most part, are not very competitive.
How Service Credit Union’s CD rates compare
Let’s be clear: Service Credit Union’s CD rates don’t really compete with the best offerings out there. In fact, they don’t even come close until you get to some of the longer terms, and, even then, they still don’t beat them. They also come with higher minimum opening deposit requirements than many with better rates. We say consider one of the CDs on our list of the best CD rates instead.
Service Credit Union’s money market account option
Money Market account
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.50% | $2,500 |
| 0.75% | $25,000 |
| 1.00% | $100,000 |
- Minimum opening deposit: $2,500
- Minimum balance to earn APY: $2,500
- Monthly account maintenance fee: $5
- ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $30 per item
Service Credit Union’s Money Market account allows you to earn interest on balances of $2,500 or more, with rates increasing across two upper tiers. This account allows you to earn more interest than the regular Share Savings account, and also allows you to write up to six checks per month. Since it is a savings account itself, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions each month.
How Service Credit Union’s money market account compares
As with many traditional banks, Service Credit Union is paying very low rates on its money market account. None of the rates on the balance tiers’ compete with those on our list of the best money market rates available, many of which come with much lower minimum balance requirements to earn said rates. We say look elsewhere before opting for this account.
Service Credit Union’s IRA options
IRA CD rates
IRA Share Certificates
| Term | APY | Minimum Balance to Earn APY |
|---|---|---|
| 3 months | 0.50% | $1,000 |
| 6 months | 0.60% | $1,000 |
| 9 months | 2.50% | $1,000 |
| 12 months | 0.80% | $1,000 |
| 15 months | 2.75% | $1,000 |
| 24 months | 1.05% | $1,000 |
| 36 months | 1.10% | $1,000 |
| 48 months | 1.25% | $1,000 |
| 60 months | 1.50% | $1,000 |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: Depends on the date and amount withdrawn; contact the credit union for further details
These IRA share certificates are virtually the same as the regular certificates; the only difference is that they can be opened within an IRA. As with the regular accounts, though, their rates are pretty lackluster as well and come with somewhat high minimum deposit requirements.
How Service Credit Union’s IRA CD rates compare
As with the regular share certificates, the rates on the IRA share certificates really don’t stack up against the competition, and their minimum deposit requirements are higher than most as well. We recommend checking out one of the top IRA CDs on our list, many of which offer higher rates and lower deposit requirements.
IRA savings account
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.60% | $50 |
- Minimum opening deposit: $1,000
- Minimum balance to earn APY: $50
- Monthly account maintenance fee: None
- ATM fee: N/A
- ATM fee refund: N/A
- Overdraft fee: N/A
This account allows you to build tax-deferred savings for your retirement. In some cases, you may be eligible for a tax deduction of up to $2,000 as an individual, or $4,000 for a couple (a tax adviser can provide complete details). Like a traditional savings account, this IRA is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month, as well as IRS penalties for early withdrawals.
How to get Service Credit Union’s banking products
Customers can open Service Credit Union’s checking, savings money market and certificate accounts online in about 10 minutes, by calling the bank at 800-936-7730 or by visiting a branch in person. You’ll need information such as your address and Social Security number, as well as a government-issued ID, such as a driver’s license, and a credit, debit or U.S. bank account to fund your account.
For the Student Checking and Youth Club accounts, prospective account holders younger than 17 will need to visit a branch with a parent or guardian to open the account.
Overall review of Service Credit Union’s banking products
On the whole, none of Service Credit Union’s products is particularly impressive. The absence of fees and minimal balance requirements are a plus, but we would always recommend shopping around for accounts that not only also have these characteristics but offer better rates.
