CD growth skyrockets for credit unions as core deposits decline
Certificates now make up 28% of credit union savings products, the highest level in 15 years.
Traditional credit union savings products continue to see declining balances, but certificate of deposits are booming.
During the last 12 months, share draft balances declined 2.8%, regular shares balances fell 7.2% and money market account balances fell 6.5%, according to a new report from TruStage.
Meanwhile, certificate of deposit balances rose a remarkable 34.5% during the past year.
In 2021, share certificate balances made up only 13.8% of all credit union saving deposits. By June 2024, that percentage share more than doubled to 28%, the highest since 2009.
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