Did you know you’re saving money—maybe hundreds of dollars a year—just by being a Liberty Savings CU member? Credit unions typically charge fewer and lower fees than other financial institutions, according to the Credit Union National Association’s (CUNA) latest membership benefits report.
Of course, the amount you save has a lot to do with your financial habits and the number of Liberty Savings products and services you use. On average, credit union member households in the U.S. save about $159 a year.
Some of those savings comes from higher rates on savings products. For example, according to CUNA’s latest report, money market accounts at credit unions earned an average interest rate of .18%, while the same accounts at banks earned .09% interest.
Lower rates on credit cards also benefit the bottom line. CUNA reported that the average rate for a classic credit union credit card is 11.70% versus 17.16% for a bank credit card.
Consider this: Financing a $25,000 new automobile for 60 months at a credit union will save members an average of $171 per year in interest expense compared to what they would pay at a banking institution. That’s approximately $855 in savings over five years.
Credit unions offer better value because they are non-for-profit institutions owned and controlled by their members. Banks are owned by stockholders who want solid returns on their investments.
These reasons, and so many more, are why we’re committed to strengthening the credit union community–we’ve even included info about this in our latest advertising. Be part of the conversation by using #BankingYouCanTrust on social media.
And if you are enjoying all the pluses that credit unions have to offer, why not share those positive savings with others? Visit us today to see how much more you can save by using our services, and how your friends and neighbors can save too.