What is a regular share account?

A regular share account, also known as a savings account or share savings account, is a basic type of account offered by credit unions and some banks. It allows individuals to deposit money into the account and earn interest on their balance.

Regular share accounts typically have lower interest rates compared to other types of accounts, such as money market accounts or certificates of deposit. However, they offer easy access to funds and are a safe way to save money while earning a small return.

Most regular share accounts have no monthly fees, but some institutions may require a minimum balance to avoid fees or to earn interest. Withdrawals from a regular share account are usually limited to a certain number per month, with additional fees or penalties for exceeding this limit.

Overall, regular share accounts are a convenient and secure way to save money and earn interest on your balance while still having easy access to your funds.