Federal Reserve policy drove down loan rates in the recession to spur investment and consumer spending. But deposit rates plummeted even more quickly, resulting in a net deterioration of the interest rate climate for consumers. In the years since the height of the recession, the rate climate -- as measured by our Credit Power Index -- has improved in fits and starts, but has yet to recover to pre-recession levels. If you look only at credit unions, though, the numbers tell a different story. Our Credit Power Index figure for credit unions at the end of July was just 17.55, nearly five points lower than the national average and more than five and a half points better for consumers than the interest rate climate found at banks. It's no wonder these nonprofit institutions have seen their numbers swell since the recession as Americans seek out better rates. While credit unions have not been immune from a falling interest rate climate, their members are getting much better rates than bank customers are. For instance, the average interest rate on the 12-month certificate of deposit declined from 4% in January 2007 to just 0.47% at the end of July. While the subset of banks are in line with that national average, the same product at a credit union offers a 0.73% return -- nothing mind-blowing, but still more than 55% higher than the national average for banks. Indeed, credit unions beat banks on deposit rates across the board. Banks actually have an advantage when it comes to mortgage rates, charging a 3.32% APR on 60-month adjustable rate mortgages to the credit unions' 3.77%. (When we compared the two institution types on fixed mortgages in December we found a statistical dead heat, though some experts argued that credit unions have an advantage in that they tend to charge lower fees.) But credit unions won on the other loan rates used in calculating the Credit Power Index, including personal unsecured loans (charging 10.49%, to 12.54% at banks), 36-month home equity loans (5.61% at credit unions, 6.75% at banks) and 48-month new auto loans (3.68% at credit unions, 4.72% at banks).