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.
Credit unions continued to post lower deposit yields with CUNA estimates showing national average share draft rates of 0.39%, regular shares of 0.54% and money market accounts at 0.99%, the report data showed.
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"When you combine these rates with the fact that 80% of deposit growth over the past year is attributable to these three account types, we can expect an even lower cost of funds than the 1.81% reported by the NCUA with Q3 09 data," wrote CUNA Mutual Chief Economist Dave Colby. "This will help offset the adverse bottom line impact of lower yields on surplus funds."
Total assets at CUs reached $903 billion in November, 8.7% above prior year levels.
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