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Welcome to the Synergy Solutions Centre!
Just click on the one of the questions below and you'll get a simple answer. If the question you have doesn't appear on this list, feel free to ask us and we'll be happy to help you in any way we can.
You can "search" through the questions and answers by entering keyword(s) into our search box. Or you can categorize the questions listed by a category name, such as borrowing or wealth services, by selecting one of the categories from the drop-down menu from our main page. You can also comment on each of these questions by providing a comment on our answer, where we could provide additional answers.
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Profit Sharing: One of the most notable advantages of belonging to Synergy Credit Union is that we are member-owned. As shareholders, our member-owners have the ability to share in their credit union s profits through our member profit sharing program called ProfitShares. It s our way of saying ... more...
During uncertain economic times your best strategy is to either reduce your debt or increase your savings, although doing both would be optimal. This provides flexibility so you can react to changes in the economy or your personal employment situation, if needed. If you build up reserves (savings... more...
One of the most notable differences is credit unions are member-owned. As shareholders, our members are in the driver s seat determining the direction of their credit union. And we do listen and act accordingly, with decisions that are made locally, not from a distant head office. An added member b... more...
Our members are our owners, and as an owner of a corporation you are a shareholder. ProfitShares is Synergy Credit Union s member equity program.
How does the program work? ProfitShares is a member benefit, not an investment product. Synergy pays ProfitShares to all our members based on the bus... more...
Money on deposit in Canadian banks and credit unions is insured through separate corporations set up specifically for that purpose. For credit unions, the Credit Union Deposit Guarantee Corporation (CUDGC) fully guarantees all funds, with no limit, in your Synergy accounts, whether it s ten dolla... more...
This is a very good question. Yes, the credit union has money to lend out to members. This is a result of sound business practices and is an indication of the excellent financial position your credit union has maintained year over year.
As a good steward of our members financial business, it i... more...
Your question is not specific as to the type of equity you are referring to, Synergy s ProfitShares program or equity in your home? The following will briefly discuss both scenarios.
ProfitShares, Synergy s member equity program, pays shareholder dividends to its member/owners for conducting the... more...
What are the benefits of consolidating all your finances with one financial institution?
1. If you deal with one financial institution, they get to know you better. Having a complete understanding and knowledge of your overall financial situation, and your goals and objectives, ensures a... more...
Big banks, little banks, piggy banks. There are many options for kids (and adults) to choose from.
People use a credit union or bank because they are a safe place to keep your money, it s even guaranteed. If you stash your cash in a savings account, the credit union or bank pays interest on yo... more...
Synergy as with all credit unions in Saskatchewan is able to do this because of our affiliation with the Credit Union Deposit Guarantee Corporation (CUDGC). We are legally bound, through provincial legislation, to fully guarantee your deposit (including any interest you earn on that deposit) ... more...
Suppose you and two other people started a company and had equal shares, and after the first year the company had $300 left over, after paying all the expenses/overhead. Each of you as owners would then be entitled to $100 (i.e. your net profit split three ways). Profit sharing in principle work... more...
Synergy Credit Union pays ProfitShares to all our members, including corporations, based on the business they do with us.
How much you receive will also depend on the surplus earnings of Synergy each year. The ProfitShares Program allows members to share in Synergy s surplus earnings through a... more...
The allocations, based on Synergy s December 31 st year end surplus earnings, did take place in June 2009. Members ProfitShares accounts were credited with their portion of the allocation based on a 4.5% bonus on the interest paid by borrowers, 7% bonus on interest earned by depositors and a furt... more...
ProfitShares is Synergy Credit Union s member equity program. Our members are our owners, and as an owner of a corporation you are a shareholder.
How does the program work? Synergy pays ProfitShares to all our members based on the business they do with us. And how much you receive depends on Sy... more...
The ProfitShares Program allows members to share in Synergy s surplus earnings through allocations to their equity account. Allocations are based on interest paid on loans and earned on savings and term deposits.
The percentage of earnings allocated to members is not ongoing, but rather occurs ... more...
Credit unions reflect the expectations and needs of the members and communities they serve. As a result, each credit union is unique in their product and service offerings, and in the methods they choose to deliver their services.
So what does Synergy do to benefit their members? Most importa... more...
Good point. So much so, that several years ago, we created a seniors payout plan for exactly the reasons you have stated. You should have access to your ProfitShares while you have the ability to enjoy the funds first hand.
Seniors, ages 69 and over, can apply to receive a payout over 5 years... more...
Credit unions are member-owned. As shareholders, our members are in the driver s seat determining the direction of their credit union. And we do listen and act accordingly, with decisions that are made locally, not from a distant head office. An added member benefit is the ability to share in the c... more...
Financial institutions generate their income based on the difference in the rates charged for loans and the interest paid out on funds on deposit. Not only are borrowers critical to our business, but you can see the importance of the borrower/depositor relationship as the borrowers fees are use... more...
The best way to answer this is to share the Saskatchewan credit union system s Vision, Mission and Values statements. Everything we do as credit unions must be consistent with our core principles. Hope this explains why Saskatchewan people understand that credit unions have a demonstrated commitmen... more...
Deciding where to do your banking is like choosing other professionals in your life. You look for someone you trust, someone who is knowledgeable, someone who is looking out for your best interests and someone who shares the same values as you.
At Synergy we work hard to earn the right to be... more...
The fundamental difference is ownership, commitment and service. Credit unions are owned entirely by its members and all members are equal because they can have only one share and one vote. When you do your banking with us, you can vote at annual meetings for the board of directors, and have a s... more...
ProfitShares is Synergy Credit Union s member equity program. Our members are our shareholders and at each year end a portion of Synergy s surplus earnings are allocated to our members ProfitShares accounts. Allocations are based on interest members have paid on their loans and interest they have ... more...
Saskatchewan Credit Unions provide members with an UNLIMITED GUARANTEE on their savings and deposits. Our complete Deposit Protection Service is supported by a unique three-level system.
Local credit union reserves provide a cushion against potential financial losses. This is the first leve... more...
One reason is that credit unions often have more flexible terms and repayments.
Another is the nature of a credit union. Credit unions are owned by their customers (their members) and are focused on their interests rather than making a profit for shareholders. This difference sets us apart from ... more...
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