As members continue to keep their focus on paying down debt, the industry's savings rate has emerged and remained in a hale and hearty state.
Member savings picked up fractionally in June primarily due to a 1.3% month-only gain in regular shares, according to CUNA Mutual Group's August "Credit Union Trends Report." This component of member savings, which represent 31% of all savings, "is up a healthy 8.9% year to date and an astounding 10.8% since June 2010."
"Growth occurred despite rates falling to a new low of 0.34%," CUNA Mutual economist Dave Colby noted, adding in total, member savings were up 3.3% through the first half of 2011 and 4.5% over the past year. While current results look like a typical post-recession trend, usually deposit growth slowdowns are accompanied by a pick-up in loan growth, he offered.
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