With a recent 2% drop in certificates of deposit at credit unions, the savings tools are now $44 billion below their March 2009 peak.
"From a member perspective, the 0.80% national average rate paid on a one-year CD isn't worth tying up the money," said Dave Colby, chief economist at CUNA Mutual Group.
According to CUNA Mutual Group's June Credit Union Trends Report, 114% of the year-over-year change in deposits went into share drafts, regular shares and money market accounts as of April, the latest month tracked.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
