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Texas CUs Noted in Top Savings Rates
Tuesday, June 30, 2015 6:50 AM

In a June 22 article, “Best Savings Account Rates Today,” GoBankingRates reported that eight of the 10 best rates offered by brick-and-mortar institutions belong to credit unions.

The article says a few percentage points makes all the difference, and the best rates on savings can be found at credit unions, which, on a local basis, consistently offer better rates on savings than banks.

Holding the No. 1 spot on the list of local credit union and bank savings rates was Seattle-based School Employees CU of Washington, which offers its members a 6 percent annual percentage yield (APY) on all of its savings accounts, if the account holder signs up for direct deposit or payroll deduction and e-statements. The 6 percent APY rate applies to balances up to $500.

Also on the list were Cornerstone credit unions Pioneer Mutual Federal Credit Union and Houston Police Federal Credit Union.

Pioneer Mutual FCU in Sugarland, Texas, offers a 2.78 percent APY on its share savings account, with a minimum opening balance of $110. Interest is paid each quarter on balances over $250, and there’s no monthly fee.

Houston Police FCU offers a 2.02 percent APY on its share savings account with a minimum balance of $2,500.