Did you know that your local credit unions consistently offer higher dividend rates on your savings than local and even national banks? Did you also know that credit unions offer these higher savings rates while having lower fee structures and lower loan rates than traditional banks?
As Amplify Credit Union’s Chief Financial Officer John Orton explains, “Amplify proudly offers higher deposit rates than most banks. We’re able to do this because we choose to reinvest profits in our members and the community, whereas most banks return more of their profits to their shareholders as dividends.”
Are savings account interest rates still low? Compared to how they were before the financial unpleasantness of 2008, yes, they are. But they are slowly making a comeback and, as this chart created by the government’s National Credit Union Administration illustrates, the longer you commit your money for, the more choosing a credit union pays off.
Move Your Savings to a Credit Union
By now, you’re probably asking yourself, “If credit unions are so benevolent compared to traditional banks, why aren’t more people joining them?” Well, they are, actually. According to statistics from the Credit Union National Association (CUNA) 3.7 million people joined a credit union 2015. This brought national credit union membership to an all-time high.
The choice seems rather obvious, doesn’t it? If you want your money to work harder for you, put it where the reward is greater. More and more people are realizing it and are moving their savings and banking relationships to local credit unions where they can open a Free Checking Account as well as earn better rates on deposits and loans.
More About Credit Unions
Interested in joining the credit union movement? Read on to learn more about How Credit Unions Help You and Your Community and Why a Credit Union is the Best Place for Your Savings. Or, if you're ready to become an Amplify member and start earning higher dividends on your savings, check out our Certificates of Deposit (CD) and Money Market rates here: