Update 4/25/22: They also have a Primary Savings Account with 5% APY on balances up to 5% (ht Alex)
Offer at a glance
- Interest Rate: 3%
- Minimum Balance: None
- Maximum Balance: $3,000
- Availability: MA, NH only. It’s actually available nationwide if you join the ACC (free to join) first
- Direct deposit required: None
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Can fund up to $249 with a credit card
- Monthly fees: None
- Insured: NCUA
The Offer
- Service Credit Union offers a Holiday Club account. This earns 3% APY on balances up to $3,000 with no requirements.
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees to worry about
Our Verdict
The primary savings account offers 5% APY on balances up to $500 as well. I can’t see these rates last long, especially as it’s available nationwide by joining the ACC for free but might be useful in the short term. I think most people would be better off just going for a savings bonus instead. If the rate does stay around long term then it’s obviously fantastic but I think the chances of that are low. You can view other high yield accounts by clicking here. There is also a $100 referral bonus.
I already have Primary Savings Account with them, If I open a “Holiday Club” account, would they pull chex again?
Is there anyone open this account with the HSBC credit card initial funding?
If yes, the transaction was posted as purchase or cash advance?
Many Thanks!
The account described is called the ‘Holiday Club Savings’. It can only be opened if a ‘Primary Savings’ account is present, or is being opened at the same time. The ‘Primary’ savings account pays 4.889% dividends (interest) up to a balance of $500, any amount above will receive 0.25%.
They pulled chex for both Savings
You should sign up if you want Service CU to ask to see your SSN card and to provide 2 relatives who don’t live with you and their addresses
5% APY on balances up to $500, not up to 5%
FYI – As of 1-31-2022 there is now a monthly $10 inactivity fee. This can be avoided by calling customer service and talking to a rep at least once every twelve months. If you have an account that is more than a year old you will see a $10 fee on 2-1 and another on 2-28. I was able to get both reversed by calling up customer service and politely asking them to reverse it. Both fees were reversed and I am good for another 12 months. I will likely setup a yearly auto transfer of the some amount from each account to my checking to cover this.
To clarify, the fee schedule says the inactivity fee is “$10 each month once an account has been inactive for 12 months”. They had an inactivity fee before too; the difference now is just that instead of charging $50 per year, they charge $10 each month.
I assume they are changing the statement cycles or the dividend payment schedule. I received dividends on 9/30, 10/08, and 10/31. Prior to that I always received them on the last day of the month. I did not receive any on 11/30. Anybody get anything from SCU explaining this (there’s a good chance they sent something but I missed it)?
Same here – no dividends on 11/30. Will look around on their site to see if they changed terms.
My dividends posted today (12/1). (maybe check again today)
Mine did too, thank you.
Service Credit Union no longer offers any referral bonuses, but everything else (Primary Savings for 5% and Holiday Club for 3%) is still in place
They still have a referral program ($75 for both people). “Promotion runs from May 10, 2021 to December 31, 2021”
Not earning 3% on their account for some reason. made a contact email asking why.
Find out why? I’m considering opening an account if the rates are still in effect.
Its all good now, had the money in a wrong account type. Also if you havent already opened an account their referal bonus is still going ($75). If you need a referal I can send you one, contact me at: cameron DOT p DOT fraser AT hotmail DOT com
I didnt realize there was also a referal thread. I posted there instead but it wont let me remove this comment.
Apac I see you commented on both threads.