AUGUSTA, Maine — Should KV Federal Credit Union eventually approve of a merger with a local savings bank, they may turn their backs on some good rates on their savings.
According to numbers compiled by Datatrac, a leading financial information research firm, KV offers its members higher interest rates on its money market accounts (1. 26% for KV vs. 1.10 %) than does Kennebec Savings Bank (KSV), ts potential merger partner. The difference grows wider on the certificates of deposit. Datatrac showed that KV had significantly higher interest rates on its six month CD, as well as its one-, two-, three-, four- and five-year CDs as well.
For a one year CD of $10,000, KV offered 3.30% against 2.90% for KSV. On the two-year CD the spread was 3.35% against 3.05%, and so on although the numbers narrowed at the longer terms so that for a five-year CD the difference was only 4.23% for KV versus 4.20% for KSV.
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