If you are looking for a financial partner in Nebraska that prioritizes your goals over corporate profits, you may have come across the term “Share Savings Account.” While it might sound like a complex investment term, it is actually the foundation of everything we do at Liberty First Credit Union.
Understanding what a share savings account is and how it differs from a standard bank account is the first step toward achieving true financial independence.
What Makes a Credit Union Different From a Bank?
The primary difference between a credit union and a traditional bank lies in ownership. Banks are for-profit institutions owned by outside stockholders who expect a return on their investment. At a bank, you are a customer.
In contrast, Liberty First Credit Union is a member-owned, not-for-profit financial cooperative. We don’t have outside shareholders. Instead, we exist solely to provide our members with affordable financial services. This “people helping people” philosophy means that our earnings are returned to you in the form of higher dividends, competitive loan rates, and low-cost services.
What Is a Share Savings Account?
When you open a savings account at a credit union, it is called a “Share” account because it literally represents your share of ownership. While a bank account is simply a place to store money, a Share Savings Account at Liberty First Credit Union signifies that you are a part-owner of the institution.
Because we are a democratic organization, your share gives you a voice. Regardless of whether you have $5 or $50,000 in your account, every member owns exactly one share and receives one vote in our Board of Directors elections.
How the $5 Share Works at Liberty First Credit Union
At Liberty First Credit Union, we believe in keeping the barrier to entry low so that everyone in our community can benefit from our services. To establish your membership, you simply need to open a share savings account with a minimum balance of $5.
This $5 deposit isn’t just a fee; it is your “par value” share. As long as you maintain that $5 balance, you remain a member-owner of the credit union and stay eligible for all the benefits we offer. Your savings also work for the community: member deposits create a pool of funds that allows us to provide low-interest loans to other members right here in Nebraska.
What Benefits Come With Membership?
Once you’ve opened your share savings account, you gain access to a full suite of financial products designed with your well-being in mind. Benefits include:
- Competitive Dividends: Your savings earn returns that help your money grow faster.
- Lower Fees: Because we aren’t focused on profit, we keep our service fees as low as possible.
- Local Decision Making: We’ve been serving Nebraska since 1935. We understand the needs of residents in Lancaster and Seward County because we live here, too.
- A Financial Partner for Life: Once a member, always a member. Even if you move or change jobs, you can keep your Liberty First Credit Union accounts.
How to Open Your Account Today
Becoming a member-owner is simple. If you live, work, worship, or attend school in Lancaster County or Seward County, Nebraska, or if you are related to someone who does, you are eligible to join the Liberty First Credit Union family. You are also eligible if you are part of one of our partner groups.
Ready to take ownership of your financial future? You can open your account online or visit one of our local branches to make your $5 deposit.If you have questions about our services or eligibility, pleasecontact us today. We look forward to helping you reach your financial goals!
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