Credit Unions Continue To Be The Best Deal in Checking, Savings: WalletHub Study
Consumers looking for the best deals on checking and savings accounts will find them at a credit union, according to WalletHub’s 2015 Banking Landscape Report.
Credit union checking accounts are 26% cheaper on average than online checking accounts, the next-best option, according to WalletHub.
The average monthly fee on a credit union account in 2015 was $1.87 compared with $15.05 at a large national bank and $6.14 at a community bank.
Also, 74% of credit unions offered checking accounts with no minimum account requirements to avoid a monthly fee, compared with just 3.2% of national banks and 40% of community banks.
For savings accounts, credit unions also offered the highest interest rates on traditional savings and certificates of deposits. “Credit union savings accounts continue to offer market-leading interest rates among branch-based institutions, providing more than twice as much value as regional banks and almost five times more value than national banks,” WalletHub said.