Share account as the term suggests is an account run by mostly credit unions to pay you divined against your shares in the bank. This kind of account is usually opened to become a member of the credit union. While opening a share account to be a member in the credit union pave way for enjoying an array of benefits for the share holder. The person can apply for loan, enjoy the dividends of share and reap benefits of opening many kinds of accounts like Express checking account.
Express checking account is a low-cost checking account that can be opened with nil balance. People love to use such accounts as it is totally safe to do small amount of online transactions and to access ready cash from ATM machine. The amount in the checking account needn’t be disclosed as a taxable money savings account. The account holder may or not get interest, however can feel safe to save its details in their android phone or laptop without any worries.
What are the special features of share account?
- Reap the interest on the saved amount.
- Your dividend money of having shares in the credit union gets saved in the account and you get interest for it.
- Your money gets saved along with the interest money as you can’t use it as you do in your checking account.
- Your money deposited can act as collateral to have loan from the bank.
- Helps you in maintaining good credit score.
In share account, there are few rules to follow put forward by the credit union. There isn’t any doubt your money is saved however, you can’t transfer the money as often as you will prefer to do.
You can avail cash secured loans if due to some reason you experience shortage of cash to buy a land asset or to expand your business. The cash in the share account will act as a safe kind of collateral for the loan to be sanctioned easily. To have a share account you need to opt for the best credit union bank as non functional credit banks may not release your money in future. Hence, it is best to know in detail about the credit union credentials before opening a share account there. You need to even compare the interest rates provided of different credit union units before you choose the best interest providing one. Enjoy opening your share account and reap its benefits.