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'Safe Haven' for Insured Deposits May Grow Membership

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.

By Michelle A. Samaad | Updated on November 18, 2009

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.”

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