MADISON, Wis. (9/4/14)--File this in the "old-news-is-good-news" category. And isn't good news always welcome? A GOBankingRates.com article Monday reported that credit unions easily offer consumers better savings rates than banks.
"Those looking to make the most on their deposited funds should opt for a credit union, as a national survey of deposit rates found that, though rates haven't changed noticeably year over year, credit unions are outpacing banks when it comes to offering high interest rates," the article said.
"The average deposit rate offered by credit unions today is 0.14% annual percentage yield (APY), whereas the average rate offered by banks is a mere 0.08% APY on average, or 43% lower than what you'll typically get at a credit union."
The article also predicts that with an end to the Federal Reserve stimulus program, interest rates on both deposit and loan products will return to pre-recession levels--allowing consumers to enjoy even greater savings on the better rates offered by credit unions.
To read the article, and see the highest savings rates from 10 credit unions, use the link.