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:
- Savings: Credit unions, 0.14% annual percentage yield (APY) vs. banks, 0.11%;
- Checking: Credit unions, 0.31% vs. banks, 0.20%; and
- Money market: Credit unions, 0.19% vs banks, 0.15%.
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:
- Alabama Telco CU, Birmingham, AL. The credit union’s Centsible Savings account works like a “keep the change” savings program and has 3% APY.
- Great Lakes CU, Chicago, IL. The Ultimate Checking account is a rewards account with 3% APY and up to a $5 ATM rebate per month.
- Gulf Coast Community FCU, Gulfport, MS offers the Kasasa cash checking account, which earns 3% APY on balances up to $25,000.
- Lake Michigan CU, Grand Rapids, MI. The Max checking account pays 3% APY on balances up to $15,000, with no fees and no minimum balance requirements.
- Meridian Trust FCU, Cheyenne, WY. The MaxRewards checking account pays up to 3% APY and charges no maintenance fees.
- Partner Colorado CU, Arvada, CO. The high-interest checking account is a straightforward high-yield account that pays 3% APY as long as account holders complete 20 signature-based debit card transactions, receive e-statements and use online or mobile banking.
- UniWyo FCU, Laramie, WY The maximum interest rate–currently 2.99% APY–is paid on balances up to $15,000.
- DuPont Community CU, Waynesboro, VA. The credit union offers 2.78% APY on its Grow Green checking account when 15 debit transactions are performed each month with an amount of at least $250.
- IC FCU, Fitchburg, MA. Intelligent Checking is a high-yield checking account with no monthly fees. Balances up to $15,000 earn 2.59% APY.
- University of Iowa Community CU, North Liberty, IA The credit union’s Rewards checking account offers 2.5% APY on balances of $0 to $19,999.
To join your local credit union with great rates like these, visit asmarterchoice.org!