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WalletHub: CUs Continue to Be Best Deal in Checking, Savings
Wednesday, January 20, 2016 6:30 AM

Consumers looking for the best deals on checking and savings accounts will find them at a credit union, according to WalletHub’s 2015 Banking Landscape Report. Credit union checking accounts are 26 percent cheaper on average than online checking accounts, the next-best option, according to WalletHub.

The average monthly fee on a credit union account in 2015 was $1.87 compared with $15.05 at a large national bank and $6.14 at a community bank.

Also, 74 percent of credit unions offered checking accounts with no minimum account requirements to avoid a monthly fee, compared with just 3.2 percent of national banks and 40 percent of community banks.

For savings accounts, credit unions also offered the highest interest rates on traditional savings and certificates of deposits. “Credit union savings accounts continue to offer market-leading interest rates among branch-based institutions, providing more than twice as much value as regional banks and almost five times more value than national banks,” WalletHub said.