Credit Union 1 Savings Rates and Money Market Rates: Highest Rates at 0.50 Percent Today

Credit Union 1 headquartered in Matteson, Illinois, is advertising two different savings account rates and money market rates which are tiered. While Credit Union 1's savings rates are not the best savings rates around their rates are higher than the current FDIC national average rate. Credit Union 1's money market account rates are also currently higher than their savings account rates.

Credit union savings rates at Credit Union 1 on regular share savings accounts and IRA savings accounts are currently at 0.25 percent with an APY of 0.25 percent. The FDIC's national average bank savings rate is less than one third at 0.08 percent. In fact, jumbo savings rates in the FDIC rate survey are also at 0.08 percent for the week ending October 9, 2012. If you open a savings account at Credit Union 1 you can earn a rate three times the jumbo savings rate without having to place at least $100,000 into a savings account.

Though you can also get higher savings rates at many different banks right now. On our national savings rate list CIT Bank savings rate is currently at 1.04 percent with an APY of 1.05 percent. CIT Bank require a minimum opening deposit of $25,000. If you don't have $25k to invest in a savings account CIT Bank has a rate of 0.90 percent for account balances of less than $25k.

I mentioned Credit Union 1's money market rates are higher than their savings rates, in fact the highest money market rate is double the credit union's savings rate. Money market rates on account balances of $50,000 or more are currently at 0.50 percent with an APY of 0.50 percent.

Credit Union 1's money market rates are four times the FDIC national average for the week ending October 9, 2012. Current money market rates are averaging 0.12 percent. Jumbo money market rates are also averaging less than Credit Union 1's rates. The current national average jumbo money market account rate is at 0.18 percent in the FDIC rate survey.

The other Credit Union 1 money rates are as follows:

  • MMA Rate 0.35% APY 0.35% Min Bal $2,500

  • MMA Rate 0.40% APY 0.40% Min Bal $10,000

  • MMA Rate 0.45% APY 0.45% Min Bal $25,000

  • MMA Rate 0.50% APY 0.50% Min Bal $50,000

As you can see all of the money market rates are higher than the national averages and higher than the credit union's savings rates. You can also see how Credit Union 1's interest rates compare to other bank interest rates by using our rate tables below:
Author: Lisa Graham
October 15th, 2012