Primary Savings Account

A primary savings account (sometimes called a primary share account) is the account you open to establish your membership with Soarion Credit Union.

With an initial deposit of as little as $5, it’s a place to start saving. It’s also a springboard to all the benefits of credit union membership, including access to other savings options like share certificates and IRAs, as well as credit and loan products to help you reach your financial goals.

While credit unions and traditional banks both offer savings accounts, a credit union’s not-for-profit status means they’re generally able to pay better dividends and charge fewer fees than banks do. Credit unions’ member-owned structure means there are no other shareholders to benefit from your savings before you do.

Most banks and credit unions like Soarion are federally insured by the FDIC (for banks) and the NCUA (for credit unions), which guarantee your savings and earnings up to $250,000 per account. That makes money invested in bank and credit union deposit accounts equally safe and incredibly secure.

Many people prefer to use a credit union savings account rather than a bank to manage their finances because they enjoy the personal services they get from smaller institutions that often have deep roots in their communities. Soarion, for example, was founded in San Antonio in 1952 to provide affordable financial services to servicemen and their families at Lackland Air Force Base, now JBSA-Lackland.

As financial co-operatives, credit unions succeed when their members succeed, so credit unions are also more focused on building long-term relationships rather than making short-term profits.

The truth is you can have as much money as you like in a savings account, keeping it close at hand while enjoying regular dividend payments. That said, if you do have a significant amount of cash in your savings account, it’s wise to speak to a financial advisor about share certificates, IRAs, and other investment accounts that can often earn you higher dividends over time.

You’re eligible to join Soarion Credit Union if you meet one of these criteria:

• You live, work, worship, or attend school in certain areas in and around San Antonio and Del Rio, Texas.
• You have a military affiliation (active duty, veteran, reservist, or dependent) in Texas, Oklahoma, Arkansas, Louisiana, or Mississippi.
• You are a family member or live with someone who qualifies for membership.
• You join the Airman Heritage Foundation or the Dream Educational Foundation, which supports charitable missions related to the Air Force and educational finance initiatives.