Credit unions offer better savings rates than community banks, according to a new study by the personal finance site GoBankingRates.com.
The study, which compared more than 5,000 savings account rates from credit unions and community banks across the U.S., noted that CUs offer an average .20% APY savings account rate, while local banks provide an average of .18% APY, said Casey Bond, managing editor for GoBankingRates.com.
Bond said savings account interest rates used in the study were based on credit union's online published rates on May 31, 2013 and a deposit amount of $10,000.
To provide depositors a benchmark for comparing the best savings account rates, GoBankingRates.com also compiled the top 10 highest savings rates from both local banks and credit unions, according to its database.
Those rankings list two credit unions – the $70 million, 6,400-member Pioneer Muslim CU in Sugar Land, Texas and the $8 million, 465-member Rutherford Postal District CU in Rutherford, N.J., as having the best rates at 2.52 APY.
The complete study is available online.
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