Credit unions offer better savings rates than community banks,according to a new study by the personal finance siteGoBankingRates.com.
|The study, which compared more than 5,000 savings account ratesfrom credit unions and community banks across the U.S., noted thatCUs offer an average .20% APY savings account rate, while localbanks provide an average of .18% APY, said Casey Bond, managingeditor for GoBankingRates.com.
|Bond said savings account interest rates used in the study werebased on credit union's online published rates on May 31, 2013 anda deposit amount of $10,000.
|To provide depositors a benchmark for comparing the best savingsaccount rates, GoBankingRates.com also compiled the top 10 highestsavings rates from both local banks and credit unions, according toits database.
|Those rankings list two credit unions – the $70 million,6,400-member Pioneer Muslim CU in Sugar Land, Texas and the$8 million, 465-member Rutherford Postal District CU in Rutherford,N.J., as having the best rates at 2.52 APY.
|The complete study is available online.
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