As 2009 winds down, money market accounts will probably be this year's top driver for increased savings activity at credit unions.
Over the past year, the 22.1% gain in money market accounts contributed almost 38% of all savings growth, followed by a 30% contribution from regular shares which were up 11.8% through October, the latest period tracked, according to CUNA Mutual Group's December Credit Union Trends Report.
Certificates of deposits, which accounted for 31% of total CU deposits, were up just 4.1% over the past year, while members seeking safety for their retirement assets generated 15.5% annual growth in individual retirement account deposits.
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