4 Reasons why Credit Unions remain a safe harbor for consumer savings

With so much chaos and uncertainty in the financial market, we wanted to provide you with reassurance that Team One Credit Union, along with other Michigan credit unions, remains very strong financially, and is a great place for your hard earned savings.

1. Savings at credit unions so far this year have grown nearly 7%. In today's economy, consumers are increasing their savings in response to concerns about their economic future.
2. More people seeking to put their money in a stable source offering good rates are turning to credit union.
3. As not for profit cooperatives, credit unions typically offer higher savings rates than banks. For a daily rate comparison, visit http://www.creditunion.coop/ratedex.php.
4. Consumers saved $10.9 billion last year by using credit unions rather than banks. The savings comes in the form of lower fees, higher savings rates, and lower loan rates. That works out to about $126 per credit union member or $239 per household.

Source: Michigan Credit Union League & CUNA