As of Aug. 28, the premium savings rate offered by credit unions was .14% APY on average, which is 75% higher than the average rate of .08% APY offered by banks, according to a new report by GOBankingRates, a Los Angeles-based lead generating site.
Analysts have predicted a rise in interest rates in 2015.
“With an end to the Fed's stimulus program, we'll see rates on both deposit and loan products increase to pre-recession levels,” the GOBankingRates' report said. “In the meantime, however, we're still plagued by low interest rates on deposits and positioned to take advantage of low loan rates before they creep up.”
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