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Share Accounts

Type Everyday Finance

Share Accounts

Description  Share Accounts are savings accounts offerd by Credit Unions. A Credit Union is owned and controlled by its members and is a not-for-profit institution, which is quite unlike a bank, whose sole purpose is to make a profit for the shareholders. If you're don't belong to a Credit Union, and you're like to find one you're eligible to join, contact the Credit Union league for your state. Eligibility requirements are nowadays very wide ranging, based on a whole variety of criteria such as who you work for, or where you live.

Share Accounts are a very safe home for your money. Your savings are insured by the National Credit Union Share Insurance Fund (NCUSIF). As yet no member of a federally insured credit union has ever lost any savings.

As a rule, you must deposit and hold a minimum sum in your share account (typically as low as $20). You can then withdraw savings whenever you wish so long as the minimum sum remains in your account.

Features of most Share Accounts include:

  • No checking. Cash is available on demand from an ATM or from a branch by submission of a passbook.
  • Interest is paid, normally in the form of a dividend
  • Unlimited access to funds. There is no restriction on how much can be withdrawn, although some branches might request advance notice for large withdrawals.
  • No overdraft is allowed.
  • Why in 100 Best?
    Often Credit Unions help build a real sense of community within their membership. But let's forget this feel-good factor and think about our pockets. Because of their not-for-profit creed, a well run, effiicient Credit Union will offer an account with a better interest rates than a comparable account at a Bank.

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    Listing contributed by Stephanie

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    Tags credit union, credit unions, savings accounts

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    Best Personal Finance - Guide To Share Accounts - Description, Pros, and Cons - 1 votes