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June 30, 2015

Survey: CUs (still) pay better checking account rates

A new ranking of checking account rates found that credit unions offer, by far, the highest interest rates among institutions surveyed. GoBankingRates surveyed more than 4,000 banks and credit unions to find the best checking account rates available today.

The top 10 financial institutions offering the highest checking account rates locally were credit unions – and their rates were three to four times higher than those of the top banks, which dominated the national institution rankings.

According to the survey, "Local financial institutions offered the highest checking account rates today, with the No. 10 spot beating the national average of 0.22% APY by more than 22 times." However, GoBankingRates cautioned that the highly competitive rates offered by local institutions are only available on a portion of balances.

For nationwide rate comparisons, visit CULookup.com, the credit union locator site administered by NAFCU Services.

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