What Is a Savings Account? A Simple Guide for Smart Saving
A savings account is an easy and safe way to keep your money while earning a little extra over time. It’s not for everyday spending like checking accounts are. Instead, it helps you reach financial goals, build an emergency fund, or save for something big in the future.
At Northwoods Credit Union, our Share Savings account is especially designed to help members keep their money secure and grow it with useful benefits and easy access.
How Savings Accounts Work
A savings account lets you deposit money and earn interest, which means the credit union pays you a small percentage just for keeping your money there. Over time, this interest helps your balance grow. While this growth isn’t as fast as some investments, savings accounts are low risk and practical for short- and long-term goals.
With a Share Savings account at Northwoods Credit Union, you also become a member-owner of the credit union, unlocking access to all other credit union products and services.
What Makes Northwoods Credit Union’s Share Savings Account Ideal
Here’s what you should know about Northwoods Credit Union Share Savings:
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Own a Piece of the Credit Union: With your first deposit, you become a member and part-owner of Northwoods CU.
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Low Minimum to Open: You only need $5 to open and keep your account active.
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Easy Digital Tools: You get free online banking, bill pay, mobile banking, and mobile deposit with this account.
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Free eStatements: Keep track of your balance and activity easily and securely.
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Small Monthly Fee Only in Limited Cases: If you’re 18 or older, keep less than $50 and don’t use any other services besides your primary share account, a $1 monthly fee may apply.
These features make saving simple and convenient for all members.
Check Out Our Savings Options Now!
Why You Should Open a Savings Account
1. It Keeps Your Money Safe
Credit union deposits like Share Savings are federally insured, which means your money is protected.
2. You Earn Interest
Even modest interest helps your balance grow over time, especially when you save consistently.
3. It Helps You Reach Goals Faster
Whether saving for a car, vacation, emergency fund, or holiday gifts, this account gives you a clear place to set money aside. Use our Savings Goal Calculator.
4. Builds Good Money Habits
Having a dedicated savings account encourages regular saving and better budgeting.
5. Gives Member Privileges
At Northwoods CU, the Share Savings account is your key to ownership and access to loans, checking accounts, club accounts, and more.
Tips to Grow Your Savings
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Set up automatic transfers from checking each month
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Save a portion of tax refunds, bonuses, or gifts
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Use mobile banking to check your progress regularly
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Set a savings goal and track toward it
Small, consistent deposits often make the biggest difference.
Frequently Asked Questions (FAQ)
What is a savings account?
A savings account is a safe place to hold money you don’t plan to spend right away and earn interest as it sits there growing.
How much do I need to open a Share Savings account?
At Northwoods Credit Union, you just need $5 to open your Share Savings account.
Why is it called “Share” Savings?
“Share” Savings refers to the ownership you gain in the credit union when you open an account. That makes you a member rather than just a customer.
Can I access my money whenever I want?
Yes! Your savings are available to you when you need them. Just keep in mind a savings account is meant to help you keep money set aside.
Is my money insured?
Yes. Share Savings accounts are federally insured through the National Credit Union Administration (NCUA), similar to FDIC insurance at banks.
Start Saving with Northwoods Credit Union
Opening a Share Savings account is easy and affordable for almost anyone. It’s a smart first step toward strong financial health and opens doors to more credit union services. Visit your local office or apply online to get started today.
*Not all applicants will qualify. Membership eligibility required. NCU insured by NCUA.