For the first time ever, the average savings balance at creditunions moved past the $9,000 mark.
|That's according to the April issue of CUNA Mutual Group'sCredit Union Trends Report, which tracked data throughFebruary.
|Members have a preference for liquid deposit accounts, wrote Dave Colby, chief economist at CUNA Mutual, in the report.Share drafts (0.26% yield) were up 10.9% since February 2011,regular shares (0.27% yield) were up 9.3%, and money marketaccounts (0.42% yield) increased 7.9%. Certificates of deposit weredown 3.5% with one-year yields falling to 0.966%.
|The 2011 savings gain was 5.2%, an improvement from 2010but annualgrowth through February slipped to 5.0%, the data showed.
|Colby said he expects short-term rates to remain low through2014 based on statements and actions from the Federal ReserveBoard.
|“This will give CUs solid spreads provided they can grow loansin portfolio, but this will be a difficult challenge,” Colbysaid.
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