2014 Banking Landscape Report
October 07, 2014
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WalletHub’s 2014 Banking Landscape Report is aimed “to help consumers navigate this often unrecognizable, yet critically important segment of everyday life, WalletHub analyzed the fees, features, and rates associated with more than 2,000 checking accounts, savings accounts, money market accounts, and CDs from financial institutions both big and small, both online and brick-and-mortar, and both shareholder- and member-owned.
The findings present “an environment in which long-held assumptions regarding which type of financial product to use may no longer hold true.”
Not surprisingly, credit unions outperformed banks in multiple ways:
Differences by Institution Types
- Credit unions are 72% cheaper than national banks, offer 105% more features and provide 562% higher interest rates.
- When it comes to small banks, credit unions are still 48% cheaper, offer 46% more features and provide 699% higher interest rates.
