ProfitShares

Another advantage to becoming a member at Synergy Credit Union? ProfitShares.

Each year, 20% of Synergy’s pre-tax profits are allocated to our members’ ProfitShares accounts. Once members reach a certain balance in their ProfitShares accounts, they receive a cash payout to their personal accounts. Just for doing their day-to-day business with the credit union.

Last year, it broke down as follows:

3% to Borrowers
A $325,000 residential super mortgage at 3.29% would have paid interest of $10,693 per year. At the 2016 allocation rate of 3% (3% X $10,693 = $321), this would equate to Profit Sharing of $321 (which is like receiving an interest rebate of 0.10%). Your adjusted interest rate paid would be 3.19%.
 
14% to Savers
A $100,000 term deposit at 1.80% would earn $1,800 interest per year. At the 2016 allocation rate of 14%, (14% X $1,800 = $252) this would equate to Profit Sharing of $252 (which is like receiving a bonus interest rate of 0.25%). Your adjusted interest rate received would be 2.05%.
 
2% Share Dividend
If a member had $4,000 in their ProfitShares account on December 31st, they will receive a 2% dividend of $80 ($4,000 X 2% = $80).