Difference between credit union shares and savings

bizidea · 12-07-2017 02:41PM #1

Can anyone tell me what the difference between credit union shares and credit union savings I thought they were the same thing but just noticed on my cu statement that I have money in a shares account and money in a savings account

bizidea · 15-07-2017 10:06PM

Anyone

JTMan · 16-07-2017 06:23AM

bizidea wrote: »

Can anyone tell me what the difference between credit union shares and credit union savings I thought they were the same thing but just noticed on my cu statement that I have money in a shares account and money in a savings account

Both a CU share account and CU savings account give you shares in the credit union which sometimes mean dividend payments. Savings accounts, sometimes, also pay deposit interest which may be variable or fixed. Share accounts do not pay deposit interest. Reality is both are very likely to give a zero, or cost to zero, return these days.

Quackster · 17-07-2017 08:47AM

bizidea wrote: »

Can anyone tell me what the difference between credit union shares and credit union savings I thought they were the same thing but just noticed on my cu statement that I have money in a shares account and money in a savings account

You're only allowed have so much money in shares, maybe 10k or 20k. Any more money you lodge is then added to the savings account instead.

Difference between credit union shares and savings

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