Moebs Study: Banks Paying Higher Deposit Rates Than CUs

A study by Moebs Services found that banks are paying higher deposit rates than credit unions.

The study found that for the first time since 2007 total interest expense divided by assets at credit unions is less than banks. So far this year, banks are 90 basis points (BPs), while CUs are 83 BPs or 7.8 percent less.

However, the study found that credit unions with greater than $10 billion in assets are paying 116 BPs, while similarly-sized banks are paying 91 BPs.

In contrast, community banks are paying 66 BPs compared to only 43 BPs by credit unions.