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.”

When it comes to setting savings rates, some experts caution that cooperatives should not let their competitive nature be the biggest influence.

“Beating banks should never be the point for the CU, but I understand the short-term buzz an organization can get from seeing the marketed rate differentials,” Randy Karnes, CEO of CU*Answers in Grand Rapids, Mich., said. “It is fun to feel like we one-upped them. But the real point in setting savings rates at the proper price is to reward members for their patronage of the credit union and balance that against the big picture long term health and sustainability of the organization that real vested customer-owners count on.”

Credit union leaders sometimes scramble to set high savings rates because they need to grow quickly, fund a special project or impress the board immediately, but that could backfire, Karnes said.

“Setting high rates right now has nothing to do with good long term financial management,” he explained. “It simply is a response to right now and the expense should be justified against the challenge of right now.”

Credit unions and banks both face stiff competition from online banks, which can offer higher rates due to lower overhead costs.

The average online savings account rate in the survey was .55% APY – almost four times higher than the average credit union savings rate and nearly seven times that of brick and mortar banks. However, with the highest online savings account rate being 1.00% APY, account seekers can still benefit from comparing online offers to those at credit unions and banks, the report said.

The report also noted that rate averages don't always accurately reflect the disparity in rates.

For example, the highest interest credit union savings rate was 3.00% APY at the $607 million, Birmingham-based Alabama Telco Credit Union, which is more than 21 times the average credit union yield. The highest rate offered by a bank was 4.00% APY at the Bank of Greene County based in Catskill, N.Y., which was 50 times the average bank yield, the report said.