More Than Just The Temperature Dropping
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