With so many different types of financial accounts available at banks which carry fees for the privilege of having your money held by the bank, you may be familiar with savings accounts, but unfamiliar with share accounts.
Share accounts are only available through credit unions, and they pay what is called dividends, similar to the interest that is paid on a savings account at a bank.
The minimum that is required is $25.00 to open a share account.
Common Questions About Share Accounts
Is a regular share account the same as a savings account?
Regular Share accounts are similar in nature to savings accounts, but as stated above, the difference is Share accounts are available through credit unions, and Savings accounts are available through banks and other financial institutions. As long as you maintain the minimum required balance in the Share account, the account will earn dividends.
What does a “Share Deposit” mean?
Look at this as you would a deposit into a bank, but since you are a member of a credit union, the terminology is slightly different and “deposits” are referred to as “share deposits.”