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CDs Continue to Freefall at CUs

While total savings are up 6.0% over the past year at credit unions, certificates of deposits remain on a steady decline.

By Michelle A. Samaad | Updated on July 12, 2010

While total savings are up 6.0% over the past year at credit unions, certificates of deposits remain on a steady decline.

CUNA Mutual Group’s June Credit Union Trends Report, which tracked data through May, showed a 5.7% annual decline in CDs. The year-to-date decline is 3.2%. Industry estimates revealed the average rate paid on one-year CDs was just below 1.5% in May. This is down 73 basis points over the past year and is just 70 bps above money market returns.

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