NEW YORK — When searching for the best rates on deposits and loans, credit unions are likely to beat those of the neighborhood bank, Money Magazine said on CNNMoney's Web site.
In a Sept. 12 posting, a reader wrote in asking why the magazine doesn't list rates for certificates of deposits at credit unions. The writer wondered "[is] it because account insurance from credit unions isn't as reliable as insurance you'd get from a bank?"
In response, George Mannes, Money Magazine senior writer, wrote "To make Money Magazine's Savings and Credit listings, a bank must be willing to sell CDs to anybody. But credit unions – member-owned, nonprofit institutions chartered by a state or the federal government – limit their membership to certain populations."
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