We Like to Share Our Profits!

ProfitShares: From our pocket to yours

What are ProfitShares? Expand/Collapse

ProfitShares is the name of Synergy’s Profit Sharing program, a benefit that distinguishes Synergy Credit Union from other financial institutions. As a member-owner, when we profit, so do you!

Learn more through our ProfitShares in-a-Nutshell (a brief summary of how it can help you).

How does profit sharing work? Expand/Collapse

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 of your credit union's profits. People always come first at Synergy Credit Union and our profits stay in the local communities we serve.

The calculation for your ProfitShares is based on the amount of business you do with us on qualifying products.

The decision as to how much is allocated for ProfitShares is made by your democratically-elected Board of Directors. ProfitShares allocations will be added to your ProfitShares account. You can check your share on your paper statement or e-Statement or by calling the Member Contact Centre at 1-866-825-3301. You will also receive your ProfitShares balance on your annual statement if you qualify for a ProfitShares payout.

In 2017, Synergy allocated more than $2.14 million into members’ ProfitShares accounts. Members who have reached a certain amount in their ProfitShares accounts* can expect a cash payout above that amount in the fall.

It pays to do business with Synergy Credit Union.

*$10,000 for individuals and $30,000 for businesses and organizations.

How are you making ProfitShares more accessible? Expand/Collapse

Changes were made to the ProfitShares program in 2013 and 2015, making them even more accessible. More accessible ProfitShares means more money in your pocket and could mean you are one step closer to reaching your goals – such as going on a much-needed vacation, investing in your child's future, paying down debt or saving for retirement.

Your ProfitShares balance represents your relationship with us, and we would like to take this time to thank you for your much appreciated business.

With allocations each year Synergy has surplus earnings, your ProfitShares balance builds up. Once your ProfitShares account reaches a certain balance* for personal and business/organization accounts, you can expect to receive a cash payment in your account later in the year for the amount over that balance.

In 2016, a ProfitShares cash payout of more than $4.0 million was directly deposited to our members' accounts – just for doing their day-to-day business with us. Since 2013, when ProfitShares became more accessible, Synergy has paid out more than $18 million cash in ProfitShares back to our members.

Your ProfitShares balance represents your current and previous relationship with us, and we would like to take this time to thank you for your much appreciated business.

*$10,000 for individuals and $30,000 for businesses and organizations.

How are ProfitShares calculated? Expand/Collapse

(ProfitShares Allocations [based on December 31, 2015 financial results])

Since 1983, our ProfitShares program has shared more than $78.7 million in allocations to our member-owners. This year’s share is $2.14 million. The program offers three ways to reward you for doing your financial business with us. See the following examples:

    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).

      Your ProfitShares allocations are paid into your ProfitShares accounts. Once your ProfitShares account balance reaches a certain level ($10,000 for individuals and $30,000 for business/organizations), any amount over that will be paid out in cash to your account pack (chequing account).

      Who can receive ProfitShares? Expand/Collapse

      All individuals, business and agriculture members can receive ProfitShares. There are very few Synergy products that do not qualify for ProfitShares. For example, due to government regulations, RRSP and RRIF investments are excluded from the program. However, the few products that do not qualify receive very favourable upfront rates to compensate for their ineligibility in the ProfitShares program.

      How much do you have in your ProfitShares account? Expand/Collapse

      To find out more about your ProfitShares account, check your monthly paper statement or e-Statement or call us at 1-866-825-3301. You will also receive your ProfitShares balance on your annual statement if you qualify for a ProfitShares payout.

       

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