What is a credit union membership share account?

If you had an extra $5, how would you spend it?

You might buy a cup of coffee or cool off with a frozen treat. Or maybe you’d rent a movie from your favorite streaming service.

But did you know you could use it to become a member-owner of your local credit union?

That’s right. When you join a credit union like OCCU, you become more than just a customer. You become a force for good. Your money goes into a membership share account, making you a member-owner of our financial cooperative.

By depositing just $5 in your local credit union, you’ll reap the financial benefits for years to come — in the form of better interest rates, lower fees, and innovative products and services to help you manage your money. Plus, you’ll be helping your community thrive. It’s a win-win.

What is a membership share account?

Unlike banks, which are typically owned by shareholders, community credit unions are financial cooperatives owned by their members. Credit unions were founded on the philosophy of people helping people, which means your money helps fund loans and services for other members of your community and their money helps fund loans and services for you.

Your membership share account represents your ownership share in our organization. It functions in the same way as a regular checking or savings account, but in reality — it’s so much more.

When you become an OCCU member-owner, you don’t just get access to banking services. You also get a share of the profits we make, which we return to you in investments that support your financial well-being. For example, we are committed to having low to no fees, which has allowed us to reduce or eliminate more than 60% of account-related fees over the past three years.

Another example is our Ignite Savings, a high-yield savings account which pays interest rates up to 20 times higher than the national average.* We’re dedicated to continuous improvement, rolling out new member benefits and services dedicated to meeting you where you are on your financial journey.

Since we thrive when our members thrive, we also go above and beyond to help you cultivate financial wellness and achieve your money goals. It’s not just about offering exceptional member service (which we do). It’s also about being here for you when it matters most, listening to your needs and offering solutions when you need a helping hand.

And just think: You achieved all of this for only $5.

We have a long history of people helping people

To understand why credit unions operate the way we do, it helps to learn a bit about how we got started. OCCU was founded in 1956 by a group of State of Oregon employees who pooled their money together in a shoebox. When one of them needed a loan, everyone pitched in to help each other out. And everyone’s life was enriched because of it.

We’ve long since outgrown that shoebox, but we continue to operate on the same principles today. And we still have the same guiding vision: to enrich lives. That includes both the lives of our members and the lives of everyone within our neighborhoods and communities.

Got $5 to spare? Join us in our effort to enrich lives and watch your investment grow today – and well into the future to create longstanding positive change.

Want to learn more about OCCU? Visit our OCCU YouTube channel to watch more videos and discover the credit union difference.

Insured by NCUA.

*Claim based on Bankrate.com / “What is the average interest rate for savings accounts?”