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ProfitShares Program

MEMBER PERKS ProfitShares

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ProfitShares Program - When we profit, so do you

This year, more than $3.1 million is going back to our members through their ProfitShares accounts - based on deposits, loans and dividends - and Member Rewards.


When you join Synergy Credit Union, you become a member and an owner with unique benefits. Your $5 MemberShare represents your ownership with Synergy and when we profit, so do you. Through our ProfitShares program, you can share in our profits through rate bonuses on deposits, rate rebates on loans (on most products) and dividends on your ProfitShares account. What’s even better is that the more business you do with Synergy, the bigger your share.

On your June statement, you may notice that money has been allocated into your ProfitShares account, an account that builds over time. Once it reaches a balance of $10,000 for personal and $30,000 for businesses/organizations, the amount over the limit is paid out in cash to your account pack. This cash payout occurs in the latter part of the year.



ProfitShares 2021

ProfitShares FAQ

Earn ProfitShares rewards (profit sharing) each year; the rewards are paid into your ProfitShares account.
  • ProfitShares rewards are based on:
    • Interest you have on qualifying loans.
    • Interest we have paid you on non-registered savings and term deposits.
    • The dividends you earn on your ProfitShares balance.
  • Few products do not qualify for ProfitShares – mostly due to government regulations, such as registered products (RRSPs). Those products that do not qualify offer favorable upfront rates.
  • Members automatically receive ProfitShares on qualifying products unless they opt out.
  • Each year, your democratically-elected Board of Directors will determine your annual ProfitShares allocated into your ProfitShares account. Your ProfitShares allocation is equivalent to a rate bonus or discount.
  • Once your ProfitShares account balance* reaches a certain amount each year, you get a ProfitShares cash payout (of the amount over that balance) that goes directly into your account later in the year.
*$10,000 for personal and $30,000 for businesses/ organizations.

Every year, up to 20% of Synergy’s pre-tax profits are allocated to our members’ ProfitShares accounts. Once you reach a certain balance in your ProfitShares accounts, you receive a cash payout to your personal accounts. This is just for doing your day-to-day business with Synergy. For example:

  • 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).

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.

Unlike traditional retail financial institutions, you’re not a customer at Synergy. You are a member and an owner. This is beneficial to you because when we make a profit, so do you. ProfitShares reward you for trusting us with your financial business, and the more business you do with us, the bigger your share of our profits.

The calculation of your ProfitShares is based on the interest you have paid us on your qualifying loans and mortgages, plus interest we have paid you on your non-registered savings and term deposits. Plus, you earn a competitive dividend on your ProfitShares investment (the current balance in your ProfitShares account).

The decision as to how much is allocated and paid out for ProfitShares is made annually by your democratically-elected Synergy Board of Directors. ProfitShares allocations are added to your ProfitShares account.

Once you reach a certain balance in your ProfitShares account* you will receive the exceeding that balance in your personal account pack annually. If you’re not quite there yet, not to worry. You can speed the path to increased ProfitShares by engaging with us on qualifying products as you’re ready. The more business you do with us, the bigger your share of profits you’ll receive. It’s part of our credit union difference and pays to be a member.

*Any amount over $10,000 for personal members and $30,000 for business/organization members will be deposited directly into the member’s account pack. If you aren’t at the limits yet, you can get there sooner with additional qualifying products and services.

Each year, our Profit Sharing program shares in profits with our members through annual allocations.

With allocations each year, your ProfitShares balance builds up based on the amount of qualifying business you have with Synergy. Once your ProfitShares account reaches a certain balance*, you will receive a cash payment in your account pack (chequing account) in the latter part of the year.

If you qualify for ProfitShares, you can view your balance on your monthly or annual statement or by contacting us for details. Additionally, if you are eligible for a ProfitShares cash pay-down, you will also see this transaction on your annual statement.

We can also help you determine if you will be receiving ProfitShares deposited into your account pack and give you advice on how you can earn more. If you have further questions, contact our Member Contact Centre by phone (1-866-825-3301), email (webmail@synergycu.ca) or by Live Chat. We’re here to help.

*$10,000 for personal members and $30,000 for business/organization members.

OUR MEMBERS SAY IT BEST


"I love Synergy Credit Union, like I love my grandchildren.

- Larry Reiniger

Member Rewards Shop Local Challenge is now closed

Over the last two years, Synergy Credit Union paid almost half a million dollars per year to our members and encouraged them to spend that money locally. Shop local is back!

On November 15, members will receive $20.23 in their accounts. Spend it locally and tag Synergy on social media. Your favorite local business could win a $10,000 prize package and one lucky non-profit will win $5,000 in cash!




Okay members let's show some local love!

Snap a photo of you spending that $20.23 at a local business* or donating to a local non-profit, tag Synergy on social media with the photo (or submit through the form below) and you will be eligible to win a grand prize of $500 or one of four secondary prizes of $250.

If you tag the non-profit charity or organization, they will be eligible for a $5,000 cash prize!

The local business you tag will be eligible for a $10,000 consultation with Red Bicycle Communications to create or build on their current marketing plan, including website tips, social media advice, brand refreshes or any other area they may want a boost in! Who couldn’t use some marketing pointers from the experts at Red Bicycle?

We are going to ask for your help in deciding which business and non-profit wins. There will be 3 businesses and 3 non-profits randomly drawn for the semifinal. These businesses and organizations will be invited to share why they feel they should win, and how this prize will be used. Then in December, the public will vote for the winner!

*Read to the official contest rules for full details.


Stay tuned to see who won the grand and secondary prizes and for your chance to vote for your local charity and business!


Member Rewards Contest Form

How it works:

  • If a Synergy Credit Union member takes a selfie or photo of spending their rewards locally (in front of the local business or non-profit/photo of the local business or non-profit building/making an online purchase or donation) AND tag Synergy Credit Union with the photo and description on one of Synergy’s social media channels* OR send Synergy the photo and message through synergycu.ca (which will then be shared on Synergy social media channels), they will be entered for a chance to win 1 grand prize of $500 or one of 4 secondary prizes of $250. Winners must visit their local branch to pick up their prize.
    • If a Synergy Credit Union member tags a local business** in the above, the individual could be entered in the above draw PLUS that local business will be entered into a draw to win a prize package valued at $10,000 to help their business with marketing (such as build/refresh website, social media presence, brand refresh). We’ve partnered with Red Bicycle Communications who is contributing $5,000 of the $10,000 in services.
    • If a Synergy Credit Union member tags a local charity/non-profit organization in the above, the individual will be entered in the above draw PLUS the local charity/non-profit organization will be entered to win $5,000.
  • Winner(s) of the $500 grand prize or the four $250 secondary prizes must be a Synergy Credit Union member.
  • Local businesses eligible for the $10,000 consultation with Red Bicycle does not have to be a member of Synergy Credit Union. The business prize package must be used before December 31, 2023.
  • The non-profit eligible for the $5,000 prize does not have to be a member of Synergy Credit Union.
  • The winner cannot be or live in the same household as a Synergy Credit Union staff member or a member of the Board of Directors
  • If a local business or charity has won in the past, they are not eligible for the grand prize this year.

* if you have a private social media account, Synergy Credit Union may not be notified of your tag. Please submit your entry via the form.

**local business includes registered businesses located within 50km of a Synergy Credit Union branch which have a physical storefront, are virtual or are home-based. Franchises and "box stores" are not eligible for the draw.


When entering this contest, contestants agree to:

  • I agree to grant Synergy Credit Union use of any photos submitted without remuneration for Synergy’s website, digital banking application, social media accounts, print materials, advertising, in branch use or posters. By submitting my entry, I give my consent for my name, photograph, and photograph description to be publicly shared.
  • By tagging or sending Synergy Credit Union your photo, you declare that the photograph(s) submitted is (are) an original work of your own creation. If your photograph includes people, including minors, you confirm you have the permission

2021 Member Rewards Challenge Business and Non-profit Winners

Thank you to all who spent their $20.22 locally and to those who voted for their favourite business and charity finalists! We had an amazing response with 1,875 votes!

The business winner of the $10,000 marketing consultation with Red Bicycle Communications is Clementine’s Home Floral Gift!

The charity winner of the $5,000 is the Kindersley and District Food Bank!

Special thanks to Red Bicycle Communications for partnering with us for this amazing prize for the winning business!

Red Bicycle Logo

Congratulations to the 2021 member winners!

Grand Prize ($500): Rhya Payne

Secondary prizes ($250 each): Bev Toullelan, Michel Kennedy, Julie Tordecilla, and Hal Coulter


Thank you to everyone who submitted their photos showing their local $20.22 spending.

Submit your local #SynergySnapshots

Help us make your new digital house feel like home by sending us your local photos and you could be featured on our new website.
SynergySnapshot DON WHELER
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