NEW YORK–New analysis shows that credit unions have been providing better deposit rates than banks consistently over the past decade.
Bankrate.com said its researchers have collected hundreds of data points on savings and CD rates at banks and credit unions to come up with national averages, and over the 10-year period between 2006 and 2015, credit unions have beaten banks by an average:
- 55 basis points on savings accounts
- 79 basis points on one-year CDs
- 107 basis points on five-year CDs
Bankrate.com noted that like deposit rates themselves, credit unions' advantage “has fluctuated a lot. For example, in 2007, credit unions' advantage on savings rates was a whopping 146 basis points, compared with a more modest 23 basis points in 2015. After shrinking in the years following the financial crisis, credit unions' advantage has started to expand again.”