According to an article from Market Watch, credit unions offer better rates compared to national and regional banks. After reading the statistics, it becomes clear that credit unions have several financial advantages.
1. New research finds that credit unions have the best deals on checking accounts, charging 70 percent less than national banks, and providing almost 10 times higher interest rates than regional banks.
2. In addition, approximately 72 percent of credit unions offer a free checking account, whereas only 38 percent of the largest banks offer a standalone free checking account. The credit union locator makes it easy to find the credit union nearest to you, where you can open a free account!
3. Research from financial website, WalletHub proves that savings account rates at a credit union are also superior. According to returns in the *third quarter of the year, credit unions offered six times more interest than national banks. WalletHub tracks more than 2,000 checking and savings accounts available to consumers, small businesses, and students from financial institutions nationwide.
More checking account statistics....
- Credit unions charged an average of $21.76 for checking account fees in the *third quarter
- National banks charged $73.61 for checking account fees in the *third quarter
- Regional banks charged $63.60 for checking account fees in the *third quarter
- Small banks charged $42.23 for checking account fees in the *third quarter
- Community banks charged $41.30 for checking account fees in the *third quarter
Analysis of savings and money-market accounts with balances between $1,000 and $50,000 revealed that...
- credit unions paid 0.21% interest versus
- national banks, paying 0.03% and
- regional banks, paying 0.06%.
This shows that the return on your money in a credit union is likely to be higher than in a bank. If you are putting money away for saving, or are hoping to earn more returns on your savings, check into the rates at your local credit union.
*The third quarter: Is the 3-month period that makes up one-fourth of the year on the financial calendar that acts as a basis for reporting earnings and the payment of dividends. January, February, March (Q1); April, May, June (Q2); July, August, and September (Q3); and October, November, December (Q4).