A combination of higher deposit yields and more members seekingfinancial safe havens has helped boost the savings at creditunions.

At $933 billion, savingswere up 4.1% year to date and 6.0% since May 2012, according toCUNA Mutual Group's July Credit Union Trends Report, whichtracked data through May.

“Given the extremely low deposityields, 6.0% annual growth is remarkable and reflects a combinationof members seeking safe haven and possibly deposit yields higherthan necessary,” Dave Colby, CUNA Mutual chief economist, wrote inthe report.

Regular shares yielding 0.26% were up 6.4% year over year andhave accounted for 34% of annual savings growth, according to thedata.

Share drafts with a 0.28% yield climbed 10.9% since May 2012 andaccounted for 22% of annual growth while money market accounts witha 0.37% yield posted 5.1% annual growth and supplied 19% of savingsgrowth.

Certificates of deposit fell in May but were up 6.9% year todate and $9.4 billion or 4.5% since the same period in 2012. At0.88%, the national average one-year CD yield is down five basispoints year over year, the CUNA Mutual report said.

Meanwhile, looking at where members might see some economicoptimism, Colby pointed to robust new light vehicle sales, astronger housing recovery with sales and prices up and inventoriesdown, and improving job growth.

“These bright spots bode well for credit union industry lendingand credit quality results going forward,” Colby said.

Still, the economy has a way to go.

“While there are many positive economic signals, make nomistake, this recovery remains very fragile,” Colby said. “Itdepends on global economic and geopolitical stability and gooddecision making in Washington.”