Save For Later
Why exactly is it called a share savings account? Since credit unions are owned and controlled by their members, this account represents your SHARE of the financial cooperative. This share, regardless if it's a minimum $5.00 deposit or much more than that, entitles you to one vote at any business meeting of the organization, and signifies that you are a member in good standing.
Share savings accounts are the cornerstone of any credit union, and an excellent way for you and your family members to develop the savings habit. By payroll deducting or directly depositing into your share savings each payday, you pay yourself first. As the funds accumulate and compound over time, you quickly realize the sound money management involved in a regular savings plan.
How does a share savings account work? Dividends are declared each month from available credit union earnings by Statewide's Board of Directors. Dividends are calculated on the average daily balance in the account multiplied by the number of days in the month times the daily dividend rate (annual rate divided by 365). Dividends are posted on the first day of the following month, added to the previous account balance. (This "compounding" effect helps you earn even faster!).
Your funds are available to you at any time. You can visit any of our branches, call us, use our TellerPhone audio response or access your account with eBranch, our home banking product. You must maintain at least a $5.00 balance in your share savings in order to remain a member of Statewide. (You can also borrow against your Share Savings at the low, low rate of the dividend rate plus 3%)
Check to see if you are eligible for membership by clicking on the "Join Now" tab at the top. Look through the list to find your employer or group, or contact us to learn more about eligibility.