Weak savings growth over the past year and rapid membership expansion reduced the savings per member growth rate to 0.6% last month – the lowest since August 2000, according to CUNA Mutual Group's August Credit Union Trends Report.
As a result, many cooperatives have raised rates on deposits. The premium savings rate offered by credit unions was 0.14% annual percentage yield on average, compared to the average rate of 0.08% APY offered by banks as of Aug. 28, according to GOBankingRates, a Los Angeles-based lead generating site.
Some analysts predicted rates will climb significantly by Q1 of 2015.
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