Consumers Are Saving Like It's the 1980s
Matt Egan, CNN Business, in a May 12, 2020 article on cnn.com, writes: “The savings rate in the United States climbed from 8% in February to 13.1% in March. That was the highest savings rate since November 1981. And given the disastrous economic news, the savings rate will likely go even higher when April statistics are released.”
As loan demand wanes and savings rates soar, credit unions will face the real possibility of having to drop rates on loans and deposits to remain viable.
TCT has Loan and Deposit Pricing tools to assure deposits and loans are priced appropriately so the credit union remains profitable