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During the past 12 months, ending in June, credit union savings balances grew 16.7%, according to CUNA Mutual Group's latest "Credit Union Trends Report." The report stated that number is "almost three times faster than the 5.7% average annual growth rate recorded during the last 10 years."
The report showed "regular share deposits are currently growing at a 35% seasonally-adjusted annualized rate, the fastest pace in recent history as members have reduced spending due to the COVID-19 pandemic."
Credit Union Savings Growth chart from the "Credit Union Trends Report." Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
