Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs On Top In New Savings Rate Study
LOS ANGELES (7/1/13)--A just-released savings rate study comparing credit unions and community banks rates has found that "it is credit unions that do, in fact, come out on top," according to GoBankingRates.com (June 28).

Credit unions offer an average 0.20% annual percentage yield (APY) savings account rate, while local banks provide a slightly lower 0.18% APY, said GoBankingRates.com. Its data averaged rates from 5,000 community banks and credit unions.

In the top 10 credit unions with the highest rates, two credit unions --Pioneer Muslim FCU, Sugar Land, Texas,  and Rutherford Postal District Employees FCU, Lakewood, N.J.--tied for the highest savings rate of 2.52%.  In the banks' Top 10 list, the two top banks--Atlas Bank and Bank of Bolivar--offered 1.01% rates.

All of the top 10 credit unions had rates of 1.25% and above, as of May 31.  The banks' top 10 list rates ranged from 0.85% to 1.01%.

A similar study in April found that the average savings rate at credit unions was 0.21% APY, while banks' rates averaged 0.19% APY.  Big banks in that study averaged 0.04% (News Now April 25).

The study based the rates on online published rate sheets belonging to the financial institutions for a $10,000 opening deposit. For more information, use the link.
RSS





print
News Now LiveWire
.@FAACreditUnion named a top Okla workplace by @TheOklahoman via @Cornerstone_CUL http://t.co/qQP1zpxJrO
47 minutes ago
NY @NYGovCuomo signs historic FOM law @NYCUAtweets http://t.co/NMTlgkpYqs
1 hours ago
Shop for Miracles day nets $450K for CUs for Kids #NewsNow #System http://t.co/N809BLkzGP
1 hours ago
2 Calif. #creditunions on why the #IOLTA reg relief bill is important. See #NewsNow http://t.co/TvBTGR3qed
1 hours ago
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
16 hours ago