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Share/Savings Account: This is your regular savings account. Your money will earn dividends, and you can put your money into and take your money out of the share/savings account whenever you want.
Your balance is the amount of money in your account. When you have a share/savings account you will receive a statement that shows the activity and the balance of your account.
You need to have a Social Security Number to open a share/savings account. You must also be eligible for membership with AllSouth Federal Credit Union. See this to find out who can become a member.
Here is an example of how a account helps you save money.
Johnny A. Member has deposited $5.00 into his share account every month for the last 12 months.
1. How much money has Johnny saved?
2. Since the interest rate is 2.5%, add $1.50 to account.*
3. If Johnny uses $5 to buy a gift for Father's Day, how much money does he have left?
*Johnny's interest is calculated: .05 X (answer to question 1) = $1.50
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