Share and deposit growth was a mixed bag in 2024 for most U.S. credit unions with certificate accounts standing out as one of the few bright spots.

While regular shares declined by $13.6 billion, or 2.4%, to $555.5 billion at the end of the fourth quarter of 2024, total shares and deposits for credit unions grew by 4.2% year over year.

The overall number was buoyed by “other deposits,” which increased by $82.7 billion, or 8.8%. That surge was led by share certificate accounts, which grew by 16% during the past year to $561.2 billion, according to recently released data from the National Credit Union Administration.

One of the credit unions that found success in the CD market was Erie Federal Credit Union in Pennsylvania.

Erie FCU had $757.2 million in total shares and deposits at Dec. 31, 2024 compared to $731.8 million a year earlier – a modest 3.5% increase.

But share certificates were a highlight with year-over-year growth of nearly 18.5% to $255 million, according to call report data.

Tom Brennan, Chief Marketing Officer for the $805 million-asset credit union, said Erie FCU – like most credit unions in 2024 – focused on liquidity and deposit growth and found it with certificates.

“Our members were primarily seeking shorter term certificates such as our six month term and our 12 month certificate,” Brennan told Tyfone.

Besides CDs, checking account balances were up slightly, money market and IRA share balances were down and regular savings were down slightly for Erie FCU.

This year, Brennan said the credit union is hoping to shift member funds into longer certificate terms, and to do so, have increased rates mostly on terms over 30 months, although it has had to be nimble based on market conditions and borrowing rates.

“Our executive team tracks the cost of funds closely as we determine our pricing strategies,” Brennan said. “We think members who are paying attention are facing the reality that deposit rates are falling and will likely continue to fall. They seem to be looking a bit further out and want to lock in so as not to miss out.”

Also in 2025, Erie FCU will strategically deploy marketing plans to deepen member relationships and grow wallet share.

“We see this relationship building as a sustainable driver of both deposit and loan growth going forward versus playing the rate game,” Brennan said.

Erie FCU has almost 79,000 members and earned roughly $2.4 million in 2024, a 358% increase compared to a year earlier, according to call report data from the NCUA.

Brennan said there were a number of factors in play in that huge swing, but, in general, some larger loan write-offs and CECL implementation was a drag on earnings in 2023.

“We think members who are paying attention are facing the reality that deposit rates are falling and will likely continue to fall.”

 – Tom Brennan
Chief Marketing Officer
Erie Federal Credit Union