Savings Flow Into CUs
MADISON, Wis. - (05/04/06) -- Credit unions reported one of theirbest months in several years for savings growth in March, with anestimated $14.2 billion of new shares pouring in, according toCUNA. The savings growth was helped substantially by a fifthFriday, normally payday, in the month, pushing up both regularshares and share drafts by 4.1% for the period. There was alsostrong growth for CDs (1.5%) IRAs (1.3%) and money market accounts(1.2%) for the month. Loans grew by 5% for the month, down from1.3% for the same month a year ago, with mortgage lendingcontinuing to lead the way.