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ProfitShares Program


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.

In 2021, more than $1.9 million will go back to our members through their ProfitShares accounts - based on deposits, loans and dividends - and Member Rewards.

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 ( or by Live Chat. We’re here to help.

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

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