A combination of higher deposit yields and more members seeking financial safe havens has helped boost the savings at credit unions.
At $933 billion, savings were up 4.1% year to date and 6.0% since May 2012, according to CUNA Mutual Group's July Credit Union Trends Report, which tracked data through May.
“Given the extremely low deposit yields, 6.0% annual growth is remarkable and reflects a combination of members seeking safe haven and possibly deposit yields higher than necessary,” Dave Colby, CUNA Mutual chief economist, wrote in the report.
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