More Than Just The Temperature Dropping

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Savings rates at credit unions continued to plummet to all-time lows in the new year, with the benchmark rate on regular share accounts dipping below 0.8% for the first time ever.

Data compiled by DataTrac Corp. show that average rates paid by credit unions on regular shares fell Friday to just 0.70%-an all-time low; while the average for share drafts (checking) and money market accounts also fell to record lows of 0.47% and 0.96%, respectively. Still, those rates continue to hover above what the banks are paying; 0.48% average on regular savings; 0.54% on checking; and 0.88% on money market accounts.

Rates on all other savings products, like CDs, also continued to fall to decades-long, if not all-time lows, as well, for both credit unions and banks.

DataTrac follows rates for more than 8,000 depository institutions, including 1,000 credit unions.

Ed Roberts can be contacted at eroberts cujournal.com.

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