A savings account is offered by banks and allows you to deposit money, earn interest, and save for future expenses.
A share account functions similarly but is offered by credit unions, which are member-owned financial cooperatives.
The key difference is that savings accounts are provided by banks, while share accounts are available through credit unions, indicating your membership and ownership in the credit union.
Both accounts help you save money and earn interest, but the institution and membership structure differ. To try and lessen confusion, credit unions often use the terms “Savings Account” and “Share Account” synonymously.