Falling rates on deposits at credit unions may continue to chip away at savings growth gains within the industry.
According to CUNA Mutual Group's December Credit Union Trends Report, low rates have discouraged large deposit inflows and in turn, reduced the annual savings growth to 4.1%.
During the past 12 months, certificates of deposits at credit unions declined $11.7 billion or 5.3%, with the average yield on a one-year CD falling 28 basis points to 1.02%, read the report, which tracked data through October.
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