Steinbach credit union drops interest rate to 1.80% | Steinbach Credit Union | Discussion forum

doc said

steinback credit has dropped it rate from 1.95% to 1.80%. why is this happening?

If you had $100,000 on deposit the rate change is costing you about $0.41 per day.
If the CU had $1,000,000,000 on deposit at that high interest rate tier the rate change is saving them $4109.59 per day.

Steinbach's website reports they have $3.9 billion in assets and my $1 billion figure is simply a guess, but you can see why they would want to keep their interest rate competitive..

Greg