The Credit Union pays you extra money for keeping the money you save in your account. This extra money is called "dividends." The amount of dividends your account earns determines how quickly your money grows.
1. Rate of earned interest = 2.5%
$100 in 1 year will grow to $102.50
$100 in 2 years will grow to $105.12
$100 in 10 years will grow to $128.36
Rate of earned interest = 4%
$100 in 1 year will grow to $104.07
$100 in 2 years will grow to $108.31
$100 in 10 years will grow to $149.05
2. The more money you deposit (put in your account), the more money in dividends you will earn. For instance, see the difference in your earnings if you deposit $100 or $1,000 at % earned interest. (P.S. Members who deposit money in their credit union are called shareholders because they actually own a share of the credit union.)
At the end of 1 year your $100 earned $2.50 in dividends.
At the end of 1 year $1,000 earned $25.00 in dividends.
Find Out How The Credit Unions Can Pay Dividends
Simple Interest Calculation