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.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
