Berger: CUs shine in Wallet Hub report

Wallet Hub chart
Source: Wallet Hub

July 11, 2014 – Credit unions charge less, offer more features and pay higher interest rates on checking and savings accounts than national banks, according to a recently released 2014 study by Wallet Hub.

“The findings in this report are a resounding vote of confidence in the value credit unions offer,” said NAFCU President and CEO Dan Berger. “The report also underscores the findings of our recent study on the value of the credit union tax exemption and credit union membership.”

The Wallet Hub study, Q2 2014 Banking Landscape Report, based on second-quarter data, found that “national banks charge the highest fees and offer the least amount of features on checking accounts, while on the opposite end credit unions continue to be 72% cheaper than national banks, offer 120% more features and provide 567% higher interest rates [on checking and savings accounts].”

The study also found that “credit unions offer the highest interest rates on the market for interest-bearing checking accounts, savings accounts and CDs, offering average interest rates of 0.43%, 0.21% and 0.79%, respectively.”

First-quarter findings from the Wallet Hub study also noted that “credit unions are still 48% cheaper, offer 46% more features and provide 699% higher interest rates [on checking and savings accounts]” when compared with small banks.

Consumers can use CULookup.com, the credit union locator site provided by NAFCU Services and its Preferred Partners, to find a credit union they can join.

 

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