Weak savings growth coupled with fast membership expansion overthe last year reduced the savings per member growth rate to 0.6%,the lowest since August 2000.

That's according to CUNA Mutual Group's August Credit UnionTrends Report, which tracked data through June. Credit unionsavings balances fell 0.5% that month, lowering theyear-over-year savings growth rate to 3.5%.

Deposit interest rates appeared to have bottomed out in thesecond quarter and are starting to move up ever so slowly, SteveRick, CUNA Mutual chief economist said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.