Share/Savings Account SOFCU offers a variety of ways for you to save your money and earn interest. The most common account is: Savings Account: This is your regular savings account. Your money will earn dividends, and you can put your money into and take your money out of the savings account whenever you want. Your balance is the amount of money in your account. When you have a savings account you will receive a quarterly statement that shows the activity and the balance of your account. You need to have a Social Security Number to open a savings account. You must also be eligible for membership with SOFCU. See this to find out who can become a member. Here is an example of how a savings account helps you save money. Johnny A. Member has deposited $5.00 into his savings account every month for the last 12 months. 1. How much money has Johnny saved? 2. Since the interest rate is 2.5%, add $1.50 to account.* 3. If Johnny uses $5 to buy a gift for Father's Day, how much money does he have left? *Johnny's interest is calculated: .05 X (answer to question 1) = $1.50 Answer Page