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Bankrate.com CUs offer great rates
NEW YORK (10/28/10)--Bankrate.com recently highlighted credit unions’ abilities to offer “a great rate” on deposit accounts because they are organized as nonprofit cooperatives. Don Taylor, a financial expert who authors Bankrate’s “Dr. Don” column, responded to a question from a reader who wanted to know how a credit union could afford to offer money market account interest rates of 1.75% on deposits of more than $50,000. Taylor also told readers that people with a common bond originally formed credit unions, but membership at many credit unions is now open to anyone who lives or works in a certain geographic area. Readers were directed to the Credit Union National Association’s online credit union locator to find a local credit union. To read the article, use the link.
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