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SEARCH
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3.000 % |
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iSave |
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$0 to $4,999 |
0.050% |
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$5,000 to $24,999 |
0.950% |
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$25,000 to $99,999 |
0.950% |
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$100,000 to $249,999 |
0.950% |
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$250,000 to $499,999 |
1.100% |
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$500,000 to $999,999 |
1.200% |
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$1,000,000 and over |
1.250% |
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| ProfitShares Program |
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ProfitShares
Profit sharing is a benefit that distinguishes Synergy Credit Union from other financial institutions. As a member-owner, when we profit, so do you!
How does profit sharing work?
At Synergy Credit Union, unlike other financial institutions, our shareholders are you, our member-owners. This means when we profit, so do you...we call it ProfitShares.
ProfitShares rewards you for doing your financial business with us. It does pay to be a member-owner and the more business you do with us, the bigger your share.
The calculation for your ProfitShares is based on the interest you've paid us on your loans, and interest we've paid you on your non-registered savings and term deposits. Plus, you could earn a competitive return on your ProfitShares investment (the current balance in your ProfitShares portfolio earns dividends too!). Cash payouts are determined on a year to year basis. The decision as to how much is allocated and paid out for ProfitShares is made by your democratically-elected Board of Directors. People always come first at Synergy Credit Union and our profits stay in the communities we serve.
Who can receive ProfitShares?
All individuals, business and agriculture members can receive ProfitShares. There are a very few Synergy products that do not qualify for ProfitShares, such as registered products* due to government legislation and some mortgage options. These few products that do not qualify for ProfitShares receive very favourable rates to compensate for their ineligibility in the ProfitShares program.
How do Synergy's ProfitShares reward you?
Since 1983, our ProfitShares program has shared over $64 million dollars to our member-owners. This year's share is $4.4 million. The program offers four ways to reward you for doing your financial business with us.
ProfitShares Allocations* (based on December 31, 2010 financial results)
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10% to Borrowers (Paid to the your ProfitShares Equity Account)
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Example: A $200,000 residential mortgage at 4.7% would have interest of $9,400 per year. At the 2010 allocation rate of 10%, this would equate to a profit sharing of $940 (which is like receiving an interest rebate of .47%). The total shared with borrowing members is $2.7 million.
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2
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10% to Savers (Paid to the your ProfitShares Equity Account)
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Example: A $100,000 term deposit at 3% would earn $3,000 interest per year. At the 2010 allocation rate of 10%, this would equate to profit sharing of $300 (which is like receiving bonus interest rate of .30%). The total shared with savers is $.7 million.
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3
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3% Share Dividend (Paid to the your ProfitShares Equity Account)
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Example: If a member had $4,000 in their ProfitShares account on December 31st, they will receive $120. The total dividends paid to ProfitShares accounts are $1.1 million.
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4
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3% Cash Payout (Paid out from your ProfitShares Equity Account to your chequing account)
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Example: The same member, as in example #3, with $4,000 in their ProfitShares account on December 31st will receive a pay out of $120. Total cash payouts are $.9 million.
Note: There is a difference between this and the dividend because the 3% dividend is based on all balances, while the payout only occurs if the ProfitShares balance is at least $2,000.
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* Due to government regulations, RRSP and RRIF interest is excluded from the program; however Synergy Credit Union's policy is to pay slightly higher interest rates on these investments to compensate for non-inclusion in the ProfitShares program.
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Additional Information
‘Together, we will.' This is not just our slogan, it's our commitment to you.
If you are already a member of Synergy Credit Union, we thank you. And if not, we invite you to stop in, call or click, and see if Synergy is the bank for you. We're here, working for what matters to you.
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