Despite yields dropping to 0.66%, money market accounts at credit unions still contributed 55% to overall deposit growth, the latest industry data showed.
Over the past year, 61% of deposit growth was attributable to regular shares now yielding just 0.40%, according to CUNA Mutual Group's December Credit Union Trends Report, which tracked data through October 2010. Certificates of deposits at credit unions declined by 6.3% or $14.7 billion over the past year as rates paid fell 63 basis points to 1.29%.
Dave Colby, chief economist at CUNA Mutual, said when you add in share drafts at a 0.35% yield, you get 129% of all growth attributable to liquid deposits.
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