ATLANTA (5/7/15)--Georgia consumers saved $130 million--$123 per household--in 2014 by choosing credit unions as their best financial partner, the Georgia Credit Union Affiliates (GCUA) reported.
To illustrate an example, financing a new automobile at $25,000 for 60 months at a Georgia credit union would save an average of $500 in interest over the life of the loan compared with the same loan at the bank.
“We're very pleased that the price comparisons continue to illustrate strong, tangible benefits for being a credit union member," said Mike Mercer, GCUA president/CEO. "Especially in this environment of extremely low interest rates."
The benefits for Georgia credit union members were generated from $72.5 million in the form of lower interest rates on loan products, $33.1 million from higher return rates on savings products, and $24.2 million from fewer and lower fees.
Credit unions are also renowned for the great deals they offer on checking. In Georgia, consumers saved more than $12 million in fees compared with state banking institutions.