Get Paid to Save
When you save money in a Credit Union account, you’ll actually get paid. Sound impossible? Here’s how it works:
When you deposit money into a Credit Union account, your money is used to make a loan for another member. The Credit Union then charges them a fee for borrowing money. This fee is called interest. The credit union then PAYS YOU money (called a dividend) for helping them loan money to other members.
Wait — it gets better! If you deposit $100 into an account that pays 2% interest, in a year you’ll have $102. If you continue to save your money, you’ll earn compound interest – that’s interest on top of interest. At the end of the next year, you’ll have $102 plus another $2.04 for a total of $104.04. Keep saving your money and you'll double it in only 7.2 years.
Back To Saving Your Cash Training Center