While it may be hard to pinpoint if credit union deposit rates are bringing in a large number of new members, CUNA Mutual Group said some of the recent membership gains might be attributed to those seeking a “safe haven” for insured deposits.

“Looking at deposit yield detail, we see no significant change in relative CU rate competitiveness, which would draw in a large number of new depositors,” wrote CUNA Mutual Chief Economist Dave Colby in the company’s November Credit Union Trends Report. Still, “Some of the current increase is likely due to the ‘safe haven of insured deposits’ effect.”

The year-to-date membership gain is 2.1 million, according to the report. At 92.8 million, total membership is up 701,000 in just the past two months and 1.7 million over the past year.

Tracking activity over the last three years, membership has declined in the fourth quarter, Colby wrote. This year will follow a similar pattern as tight budgets imply less marketing and fewer select employee group additions, according to the report. The view is a little clouded looking ahead, Colby noted, saying “Our models indicate slower growth over the next few years, but uncertainty in the entire banking system could lead more consumers to the nation’s CUs.”