Discover how Service Credit Union can meet your banking needs with competitive rates and comprehensive services. Read our full review to learn more.
Key Takeaways
- Founded to support military members: Service Credit Union initially aimed to support military personnel and their families.
- Diverse membership: Membership includes military personnel, Department of Defense employees, American Consumer Council members, and select employer groups.
- Competitive savings rates: Offers competitive APYs on savings accounts, including special rates for military members.
- No monthly fees on checking: Standard checking accounts come with no monthly service fees.
- Limited U.S. branches: Branches are located in Massachusetts, New Hampshire, North Dakota, and Germany.
- Military perks: Active duty military members can enjoy lower APRs on loans and higher savings rates.
Introduction: What Makes Service Credit Union Stand Out?
Are you searching for a reliable credit union that offers competitive banking products and services?
Service Credit Union might be the right fit for you, especially if you’re part of the military or prefer a credit union over a traditional bank. With a rich history of supporting military members and a growing range of financial products, Service Credit Union offers a unique banking experience tailored to your needs.
From no monthly fees on Everyday checking to competitive savings rates, this credit union provides plenty of benefits to its members. Ready to explore all that Service Credit Union has to offer?
Let’s dive in and see how it can enhance your financial journey.
Comprehensive Review of Service Credit Union Checking Accounts
Service Credit Union offers a variety of checking accounts designed to meet the needs of different members, from everyday banking to more specialized financial needs. Here’s a detailed look at their checking account offerings:
Everyday Checking
Service Credit Union Everyday Checking is a versatile account that caters to a wide range of users. Here are its key features:
- No Monthly Service Fees: There are no monthly maintenance fees, making it a cost-effective option for daily banking needs.
- Three Levels of Membership:
- Basic: The entry-level tier with essential banking features.
- Direct Deposit: Offers additional perks for members who set up direct deposits, including rewards on debit card purchases.
- Direct Deposit+: The highest tier, providing maximum benefits, including rate discounts on personal and auto loans.
- ATM Fee Reimbursements: Depending on your membership level, you can get up to $30 per month in ATM fee reimbursements on certain accounts.
- Overdraft Protection: Share Transfer Overdraft Protection helps avoid overdraft fees by automatically transferring funds from a linked account.
- Digital Wallet and Smartwatch Payments: Easy, modern payment options for tech-savvy users.
- International Bill Pay: Convenient for members with global financial needs.
Dividend Checking
For those who want to earn dividends on their checking account balances, Service Credit Union’s Dividend Checking is an attractive option. Here’s what you need to know:
- Dividend on All Balances: Earn dividend on your entire balance with no minimum balance requirement.
- Monthly Maintenance Fee: A $10 monthly fee is charged but can be waived with a minimum balance of $1,500.
- Comprehensive Benefits: Enjoy all the features of the Everyday Checking account, plus the benefit of earning dividends on your deposits.
Pros and Cons of Service Credit Union Checking Accounts
Pros:
- No Monthly Fees: Enjoy fee-free banking with the Everyday Checking account.
- Military Perks: Active duty military members benefit from lower APRs on loans and competitive savings rates.
- ATM Fee Reimbursements: Generous reimbursements for out-of-network ATM fees.
- Advanced Digital Features: Modern payment options like digital wallets and smartwatch payments.
Cons:
- Limited Branch Locations: Physical branches are only available in select states and Germany.
- Dividend Checking Fee: The Dividend Checking account has a monthly fee unless a $1,500 balance is maintained.
Final Thoughts on Service Credit Union Checking Accounts
Service Credit Union’s checking accounts offer a variety of benefits tailored to different banking needs, particularly for military members and those seeking a fee-free everyday banking solution. While the limited branch locations may be a drawback for some, the comprehensive digital banking features and competitive perks make these accounts worth considering.
By John Huynh, with over two decades in finance and investing, including as a Senior Finance & Operations Manager at a renowned research institute and degrees in Economics and International Studies from UC Irvine. Edited by Tony Jay, a seasoned finance blogger and Executive Editor with two decades in banking, specializing in online banking and savings strategies. Tony holds a doctorate from Tulane University.
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