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ProfitShares Program

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ProfitShares Program

Synergy CU custom illustrations of dollar signs, happy faces, flowers for Synergy's Summer of Smiles member cash giveaway

Summer of Smiles

Unlock Your Share of Success with Synergy's ProfitShares Program

At Synergy Credit Union, we're more than your average financial institution. Our unwavering commitment is to ensure our members' success, supporting your financial well-being and sharing in your prosperity. Last year, over $6.5 million flowed back to our members through ProfitShares allocations and account paydowns*.

Discover member benefits at Synergy, where you're not just a customer but an owner with distinct privileges. Your $5 MemberShare represents your ownership in Synergy, and when we profit, you get your share. The ProfitShares program offers rewards from rate bonuses on deposits, rate rebates on loans (on most products), and dividends on your ProfitShares account. The more business you do with Synergy, the larger your share grows.

*Allocations in June go to your ProfitShares account, and any October cash paydowns based on thresholds reached by personal and business members are deposited directly into your account pack.

ProfitShares FAQ

Each year, members have the opportunity to earn ProfitShares rewards, also known as profit sharing. These rewards are deposited into your ProfitShares account. Here's how it works:

Basis of ProfitShares Rewards: ProfitShares rewards are calculated based on several factors, including:

  • The interest paid on your qualifying loans.
  • The interest we've paid you on your non-registered savings and term deposits.
  • The dividends you earn on your ProfitShares balance.

Eligibility: While most products qualify for ProfitShares, some, mainly due to government regulations, do not. However, these non-qualifying products often offer attractive upfront rates to compensate.

Automatic Allocation: Members are automatically enrolled to receive ProfitShares on eligible products, unless they choose to opt out.

Annual Allocation by Your Board of Directors: Your democratically-elected Board of Directors makes the annual decision on how much ProfitShares will be allocated into your ProfitShares account. This allocation essentially represents a rate bonus or discount for your financial activity with Synergy.

ProfitShares Cash Payout: When your ProfitShares account balance reaches a specified amount each year, you'll be eligible for a ProfitShares cash payout. This payout is equivalent to the amount exceeding that balance and will be directly deposited into your account later in the year.

Thresholds: Personal members: $10,000, Business/Organization members: $30,000

Allocation of Profits: Every year, up to 20% of Synergy’s pre-tax profits are allocated to our members’ ProfitShares accounts. This is our way of sharing the success with you.

Benefits for Borrowers: For example, if a member has a $325,000 residential Super Mortgage at 3.25%, they would have paid $10,562 in interest per year. With a 2% allocation rate, they would receive a payment of $211 ($10,562 x 0.02) into their ProfitShares account.

Benefits for Savers: Similarly, if a member has a $100,000 term deposit at 1.00%, they would earn $1,000 in interest per year. With a 7% allocation rate, they would receive a payment of $70 ($1,000 x 0.07) into their ProfitShares account.

Share Dividend: Members who have $4,000 in their ProfitShares account on December 31st would receive a 1% dividend of $40 ($4,000 x 0.01) paid into their ProfitShares account.

At Synergy Credit Union, unlike other financial institutions, our shareholders are you, our member-owners. This means when we profit, so do you through ProfitShares. Here's how it benefits you:

Ownership Advantage: When you join Synergy, you become both a member and an owner. The advantage? When our profits increase, so does your share. ProfitShares is our way of showing appreciation for trusting us with your financial needs.

Earning ProfitShares: Your ProfitShares are determined by the interest you pay on your qualifying loans and mortgages and the interest we pay you on your non-registered savings and term deposits. Plus, you'll earn a competitive dividend on your ProfitShares investment – the current balance in your ProfitShares account.

Transparency in Allocation: Each year, your democratically-elected Synergy Board of Directors decides how much to allocate and distribute for ProfitShares. These allocations are then added to your ProfitShares account.

Thresholds and Accelerated Growth: For personal members, anything over $10,000 and for business/organization members, over $30,000, will be deposited into your account. If you're not at these limits yet, you can reach them faster by exploring additional qualifying products and services.

We're here to help you understand your ProfitShares and explore how to earn even more. Contact our Member Contact Centre via phone at 1-866-825-3301, email, or through Live Chat.

Maximize Your ProfitShares: Each year, our Profit Sharing program shares profits with our members through annual allocations. This allocation is typically done in June, and you can view your ProfitShares account balance on your June statement.

Cash Paydowns: In October, we also offer ProfitShares threshold paydowns. Any amount exceeding the threshold* will be deposited directly into your account pack (primary chequing or savings account). These October paydowns can be viewed on your October statement.

Easy Access to Your Balance: If you qualify for ProfitShares, you can easily monitor your balance on your monthly or annual statements. For detailed information, reach out to us for your balance. Plus, if you're eligible for a ProfitShares cash payout, this transaction will be clearly indicated on your annual statement.

Account Thresholds: Personal members: $10,000, Business/Organization members: $30,000.

We're here to help you understand your ProfitShares and explore how to earn even more. Contact our Member Contact Centre via phone at 1-866-825-3301, email, or through Live Chat.

Synergy's "Summer of Smiles” member cash giveaway winners!

To celebrate our 80th anniversary, we gave away 64 cash prizes between June 1st to September 21st.
That was a smile on 4 members' faces every 8 days! And, it was as simple as being a Synergy Credit Union member to win*.

*Refer to the OFFICIAL CONTEST RULES to read member requirements for the draws.

Summer of Smiles - Youth Winner

$800 cash prize

June 1: Sierra, Lloydminster
June 9: Brody, Paradise Hill
June 17: Tristan, Maidstone
June 25: Nathaniel, New Community Saskatoon
July 3: Rory, Lloydminster
July 11: Brooke, Lloydminster
July 19: Blake, Kindersley
July 27: Tirzah, Neilburg
Aug 4: Chance, Lloydminster
Aug 12: Alayna, Lloydminster
Aug 20: Brenna, Kindersley
Aug 28: Michah, Maidstone
Sep 5: Delaney, Kindersley
Sep 13: Tucker, Macklin
Sep 21: Kiptyn, Lloydminster
Bonus draw Sep 21: Declan, Lloydminster
Summer of Smiles - Senior Winners

$800 cash prize

June 1: Mearle, St. Walburg
June 9: Gerhart, Paradise Hill
June 17: Dorthy, Macklin
June 25: Glenn, Kindersley
July 3: Rudolph, Macklin
July 11: Arnold, Kindersley
July 19: Janet, Lloydminster
July 27: Gladys, Lloydminster
Aug 4: Lillian (Toots), Neilburg
Aug 12: Elizabeth, Lloydminster
Aug 20: Rita, St Walburg
Aug 28: Gary, Kindersley
Sep 5: James, Lloydminster
Sep 13: Maria, Paradise Hill
Sep 21: David, Maidstone
Bonus draw Sep 21: Solange, Lloydminster
Summer of Smiles - All Member Winners

$8,000 cash prize

June 1: Rylee, St. Walburg
June 9: Stephen, New Community Saskatoon
June 17: Serena, Lloydminster
June 25: Krysta, Kindersley
July 3: Randy, Marsden
July 11: Connie, Maidstone
July 19: Clinton, Lloydminster
July 27: Kyla, Maidstone
Aug 4: Jarret, Lloydminster
Aug 12: Stuart, St. Walburg
Aug 20: Janice, Macklin
Aug 28: Asher, Lloydminster
Margaret, Neilburg
Sep 13: Tessa, Lloydminster
Sep 21: Melody, Lloydminster
Bonus draw Sep 21: Zander, Lloydminster
Summer of Smiles - Community Winners

$8,000 cash prize

June 1: Manitou 4-H Club
June 9: Hillmond Minor Ball
June 17: Kindersley Royal Purple
June 25: Macklin Community of Christ Senlac Congregation
July 3: Lloydminster Minor Hockey Association
July 11: Waseca Recreation Board
July 19: Kindersley Ancient Free & Accepted Masons
July 27: Maidstone Eldon Recreation Board
Aug 4: Kindersley Composite School SRC
Aug 12: Paradise Hill United Church Women
Aug 20: St Walburg and District Fire and Rescue
Aug 28: St Walburg Fuel Up Program
Sep 5: Lashburn Minor Hockey
Sep 13: St Walburg Catholic Women's League
Sep 21: Macklin Fire Department
Bonus draw Sep 21: Macklin & District New Horizons Association

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