Savings Accounts

Share Accounts

A share account is essentially the same as a savings account. When you open a share account at Arise Community Credit Union, you become a member-owner of the credit union and earn dividends on a quarterly basis. Share accounts provide a safe and accessible way to deposit money and earn a return on your deposit.

How It Works

• Membership: Opening a share account makes you a member of the credit union, granting you access to member benefits and potentially voting rights.
• Features: Share accounts typically offer lower fees and potentially better dividend rates compared to bank savings accounts. Share accounts are NCUA insured and offer a range of features like access using online banking, ATM access, and debit cards (for those with Share Draft Accounts).
• Dividends: Credit Unions are member-owned and operate on a non-profit basis, so Arise Community Credit Union will they return earnings to members through dividends.
• Accessibility: Share accounts are NCUA insured, and generally easy to access and withdraw funds from.
• Types: Arise Community Credit Union offers different types of share accounts, such as primary & secondary share accounts, money market share accounts, and share certificates.

Money Market Share Account (MMSA)

A money market share account (MMSA) is a type of share account that earns dividend, similar to a share savings account, but with features like check-writing and debit card access, offering more flexibility than a traditional share account. It's often used for short-term savings goals or emergency funds, providing a balance between earning dividends and having easy access to funds.

*Note:  Launching July 1, 2025.

How It Works

• Interest Earning: MMSAs pay dividends on the account balance, at a higher rate than regular share account and at a greater frequency, in this case monthly. .
• Flexibility: They allow for check-writing, debit card access, and ATM withdrawals, providing convenient access to funds.
• Dividends: Credit Unions are member-owned and operate on a non-profit basis, so Arise Community Credit Union will they return earnings to members through dividends.
• NCUA Insurance: Like other deposit accounts, MMSAs are insured by the NCUA, protecting the funds up to $250,000 per depositor..
• Minimum Balance Requirements: MMSAs have minimum balance requirements to avoid monthly fees or earn higher dividend rates.
• Limited Transactions: MMSAs limit the number of checks or withdrawals per month, so it's important to understand the specific terms and conditions.

Benefits

• Higher Interest Rates: MMSAs offer higher interest rates than standard share accounts.
• Convenience: Check-writing and debit card access provide flexibility in managing funds.
• Safety: NCUA insurance protects the funds in the account.

Share Certificate of Deposit

A Share Certificate of Deposit (CD) is a share account that pays a fixed dividend rate for a set period, known as the term. In exchange for keeping your money deposited for that term, CDs generally offer a higher dividend rate than regular share accounts. If you withdraw your money early, you'll likely be charged a penalty.

*Note:  Launching July 1, 2025.

How It Works

• Fixed Dividend Rate: CDs offer a fixed dividend rate for the duration of the term, ensuring you earn a predictable return.
• Fixed Term: You agree to keep your money deposited for a specific period, which can range from a few months to several years.
• Higher Dividend Rates: CDs typically offer higher dividend rates than regular share accounts, making them a good option for saving for a specific goal or earning more on your money.
• Early Withdrawal Penalties: If you need to access your money before the term ends, you'll likely face a penalty, potentially including a loss of interest or a fee.
• NCUA Insured: CDs are federally insured, meaning your deposit is protected up to a certain amount by the NCUA.