Bankrate: Credit Unions “Destroy Banks on Yields”

Credit union members are always telling their friends and family that CUs offer the best deal for consumers. However, it’s nice to see an objective news source weighing in – and saying the same thing.

This was the case recently, when Bankrate.com studied deposit rates across the country, and found that credit unions typically offer higher ones than banks do, nationwide.

According to Bankrate’s Claes Bell, over the 10-year period between 2006 and 2015, credit unions have beaten banks by an average 55 basis points on savings accounts, 79 basis points on 1-year CDs and 107 basis points on 5-year CDs.

Previous studies have shown that CUs beat banks on fees, loan rates and overall customer service as well.

So, by all means keep telling your friends and family about CUs, and the better deals they offer.

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