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Difference between credit union shares and savings

  • 12-07-2017 02:41PM
    #1
    bizidea
    Registered Users, Registered Users 2 Posts: 403 ✭✭


    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


Comments

  • #2
    bizidea
    Registered Users, Registered Users 2 Posts: 403 ✭✭bizidea


    Anyone


  • #3
    JTMan
    Registered Users, Registered Users 2 Posts: 5,581 ✭✭✭JTMan


    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.


  • #4
    Quackster
    Moderators, Regional South Moderators Posts: 6,051 Mod ✭✭✭✭Quackster


    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.


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