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What is a Share Account?

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Definition: In the world of banks and credit unions, a share account is a savings account.

Share accounts pay dividends, similar to interest from a bank account. They are a place to keep cash safe while it earns a small return.

Credit unions call your deposits "shares" because they represent ownership of the credit union. They refer to customers as "members" for the same reason. "Checking accounts" at credit unions are called Share Draft Accounts.

 

Also Known As: Share savings accounts.

Examples: I deposit $100 each month into my share account for emergency savings.

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