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.
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