EL SEGUNDO, Calif. — As checking rates finally begin to inch upward this year, CUs are well ahead of banks in the average yield paid on checking products, according to GoBankingRates.
The average credit union checking yield (0.31% APY) nearly doubles that of banks (0.16%) according to the latest GoBankingRates survey of financial institutions through May 14.
However, banks are offering the highest checking rates in the country, with nine banks paying 3.01% and higher. No credit union is paying above 3%, according to the GoBankingRates survey.
Home Federal Bank, Shreveport, La., has the best checking rate in the nation at 4%.
The average national checking yield grew by one basis point month-over-month to 0.18%. While still a 0.02% decline from May of last year, GoBankingRates says the slight increase is a good sign rock-bottom deposit rates are on the way to recovery.
