Share Checking Accounts
A share checking account is a liquid account at a credit union that allows you to make frequent withdrawals and payments. If you’re familiar with checking accounts, share draft accounts are essentially the same. Again, the only difference is that a “share” account is at a credit union instead of a bank.
Access to funds: With a share checking account, there are generally no limits on how often you use the account (one exception might be a business doing numerous transactions every month). These accounts are a good place for your everyday spending money. If you write a
check, purchase something with a debit card, withdraw cash from an ATM, or pay bills online (whether your biller pulls the funds or you set up the payment with your bank), a share checking account is an excellent choice.
Interest earnings: Most free share checking accounts do not pay interest. However, many credit unions offer reward checking and interest checking accounts, which allow you to earn interest.
A safe place: Your share checking account is a safe place to keep your money. Instead of keeping cash at home or carrying it around, it stays with the credit union. Verify that your deposits are fully insured and that you’re below the maximum dollar limits.
Not Necessarily A Joint Account
Don’t confuse a share account with a shared account (that you share with somebody else). The term “share” refers to your share of ownership in the credit union. Although you can have a joint share savings account, share accounts can also be individual accounts.
Y-12 Federal Credit Union has plenty of options for folks looking to open a new checking account in the Knoxville area. From standard free checking to high-yield options and accounts tailored just for students and those over the age of 55, we’ve got it all! Click here to learn more about all we have to offer.