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Savings Growth Still Fueled by Uncertain Job Outlook

As long as members continue to be uneasy about their financial and unemployment statuses, credit unions may continue to see a raise in their savings portfolios.

By Michelle A. Samaad | Updated on January 19, 2010

As long as members continue to be uneasy about their financial and unemployment statuses, credit unions may continue to see a raise in their savings portfolios.

Savings per member rose 8.1% over the past year to $8,254. This average increased $617 despite membership growth estimates, which are well above trend, according to CUNA Mutual Group’s January Credit Union Trends Report. In spite of historically low deposit yields and an equity market gain in excess of 26% as seen in the S&P 500, CUs have seen their savings portfolios increase 10.4% over the past year.

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