In a GoLocalWorcester.com article, Victor Matheson, associate professor of economics at the College of the Holy Cross, commented on a study showing credit unions offer the best interest rates on savings accounts and CDs in Massachussetts.
“Credit Unions are organized as non-profit entities and are not subject to corporate income taxes,” contributed Matheson. “Without having to pay a return to investors and a cut to Uncle Sam, they can pass on their savings in the from of higher rates for savers and lower rates for borrowers.”
This “Holy Cross in the News” item is by Sara Bovat ’14.
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