Three Largest CUs are One, Two, Three in IRAs, Keogh
WASHINGTON - The country's three largest credit unions-Navy FCU, State Employees CU of N.C. and Pentagon FCU-hold the top three spots in member usage of IRAs and Keogh accounts.
As of March 31, the $25 billion Navy Federal had nearly $2.3 billion invested in IRAs and Keogh accounts, according to Callahan & Associates, Inc. The credit union also had the second highest amount of dollars invested in money market share accounts at $2.4 billion behind $13 billion State Employees CU, which had $4.7 billion.
Navy Federal members have also invested heavily in investments with maturities of one year of less totaling $4.6 billion, Callahan reported, earning the CU the top spot in this ranking.
This total is in line with a recent industry trend showing 57.5% of all surplus funds, considered to be cash plus investments, are scheduled to mature in one year or less although that percentage is expected to recede by late in the second quarter as CUs are expected to gain investment yield advantages by extending maturities, according to the March edition of CUNA Mutual Group's Credit Union Trends report. -firstname.lastname@example.org