In a recent study by bankrate.com, researchers found that credit unions have been offering consumers better rates than banks consistently over the last ten years.
Credit unions have beaten banks by an average of:
- 0.55% on savings accounts
- 0.79% on 12 month share certificates
- 1.07% on 60 month share certificates
The study also states that:
“Credit unions’ ability and willingness to offer higher rates comes from their basic structure. Unlike banks, which are owned by stockholders or private companies, credit unions are member-owned, not-for-profit institutions. Any money they make is returned to members, typically in the form of higher rates on deposits or lower rates on loans.”
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