While savings growth has slowed down, individual retirement accounts grew the fastest during July.

According to new CUNA data, IRAs grew 4.1% followed by share drafts at 2.1% and money market accounts at 0.48%. Certificate account and regular share balances dropped during July.

Overall, savings growth was 0.13% for the month, putting it behind total loan growth.

CUNA Senior Economist Mike Schenk said loan-to savings ratios barely budged from 69.6% to 69.7% in July, which still marked a third consecutive increase this year. Credit union liquidity buffers and big, low-yielding investment, portfolios may continue to slow down earnings, he added.

Loan growth was lead by adjustable rate mortgages at 1.9% followed by personal unsecured loans at 0.9% and used auto loans and credit cards, both at 0.7%, according to CUNA. The declines were seen in new auto balances, fixed-rate mortgages, home equity lines of credit and second mortgages.

Schenk noted that while members are taking out more loans, the increase in loans remains measly at a 2.7% annualized rate. The 0.23% uptick in loans in July happened as members continue to pay down debt in the midst of a still sluggish housing market and an uncertain stock market, he said.