Total savings at credit unions were down by $1.8 billion in January, including a continued drop in certificates of deposit and individual retirement accounts.
That's according to the March issue of CUNA Mutual Group's Credit Union Trends Report, which tracked data through January. Working off December's five payroll Fridays, share drafts declined 2.4% in January. Annual savings growth peaked at 10.7% in October 2009 and has now fallen to 4.4%.
"Current deposit yields give members little incentive to save and the recent run-up in energy costs will likely dampen any near-term gains," according to Dave Colby, chief economist at CUNA Mutual.
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