LOS ANGELES (4/15/14)--Credit unions continue to offer strong interest rates on deposit products, shutting out banks once again and staying high above the national averages, according to a recent survey by GOBankingRates.
Across the board, credit unions were ahead of banks with numbers such as:
Certificate of deposit rates at credit unions ranged from 0.08% higher than banks for a six-month CD all the way to 0.29% higher for a 60-month CD.
GOBankingRates surveyed interest rates for more than 26,700 deposit accounts offered by banks and credit unions in the U.S. as of April 1, with an assumed deposit of $10,000. It did not include rates for online-only financial institutions.
"Our goal is to encourage our members to use GLCU as their primary financial institution," John Skul, assistant vice president of marketing, Great Lakes CU, North Chicago, Ill., told GOBankingRates (April 9). "Offering them a fantastic rate is a win-win for both GLCU and our members--they receive a great interest rate on their checking account and we benefit when they meet the criteria to receive the great rate," he added.
The top 10 credit unions and their products are: