On the path to financial wellness, knowing and understanding financial products and what they can do for you can make all the difference in the world.Your world.
"The credit union has helped with every aspect of our lives that have ever needed funding. Student loans, lines of credit, business help, mortgages. They are always there to help us.”
When we profit, so do you. It's part of what makes us different. This year, more than $1.9 million is going back to our members.
Each year, up to 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.
Examples of ProfitShares allocation:
2% to Borrowers A $325,000 residential super mortgage at 3.25% would have paid interest of $10,562 per year. At the 2021 allocation rate of 2% (2% X $10,562 = $211), this would equate to Profit Sharing of $211 (which is like receiving an interest rebate of 0.07%). Your adjusted interest rate paid would be 3.18%.
7% to Savers A $100,000 term deposit at 1.00% would earn $1,000 interest per year. At the 2021 allocation rate of 7%, (7% X $1,000 = $70) this would equate to Profit Sharing of $70 (which is like receiving a bonus interest rate of 0.07%). Your adjusted interest rate received would be 1.07%.
1% Share Dividend If a member had $4,000 in their ProfitShares account on December 31st, they will receive a 1% dividend of $40 ($4,000 X 1% = $40).
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