Synergy Credit Union - Unlock Your Share of Success with Synergy's ProfitShares Program

As a Synergy Credit Union member, you’re not just a customer; you’re an owner with distinct privileges. Our ProfitShares program rewards you with rate bonuses on deposits, rate rebates on loans, and dividends on your ProfitShares account. Since its inception in 1983, over $94 million has been allocated back to our members.

ProfitShares allocations are credited to your ProfitShares account in June. Any cash payouts from your ProfitShares account, based on thresholds reached by personal and business members, will be directly deposited into your primary chequing or savings account in October.

This year, we proudly distributed over $2.7 million to eligible members through ProfitShares allocations. But that’s not all! We’ve reduced the threshold limits on ProfitShares accounts, and we’re thrilled to announce that more than $14 million is flowing back to our valued members through ProfitShares account paydowns.

Check your October statement for your “PROFITSHARES PAYDOWN” amount and see how much you’ve earned*!

*See criteria for eligibility below.

How does the ProfitShares program work?
How do my ProfitShares get allocated?

Every year, members can earn ProfitShares rewards, which are added to your ProfitShares account. Here’s a simple breakdown:

Automatic Enrollment:

Members are automatically enrolled to receive ProfitShares on eligible products unless they opt out.

Annual Allocation:

Your Board of Directors decides each year how much ProfitShares will be added to your account. This is like a bonus or discount for your financial activity with Synergy.

Cash Payout:

When your ProfitShares account balance reaches a certain threshold amount, you’ll get a cash payout. This payout is the amount over that balance and will be deposited into your account later in the year.

How Rewards Are Calculated:

Interest on Loans: The interest you pay on qualifying loans.
Interest on Savings: The interest we pay you on non-registered savings and term deposits.
Dividends: The dividends you earn on your ProfitShares balance.

Eligibility:

Most products qualify for ProfitShares, but some do not. Excluded products include Simplicity mortgages, registered accounts, certain trust accounts, specific chequing packages, some loans, and accounts with special pricing. These excluded products often have attractive upfront rates.
You must be a member in good standing*.

Thresholds:

Personal members: $2,500
Business/Organization members: $10,000

*To be "in good standing", the applicable Member and/or Member account may not be in default of any terms or conditions of the membership, account, lending or card holder agreements, and accounts in question must not have been cancelled, closed, or otherwise have had any membership privileges suspended.

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 $2,500 and for business/organization members, over $10,000, 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 webmail@synergycu.ca, 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: $2,500, Business/Organization members: $10,000.

ProfitShares Program

Unlock Your Share of Success with Synergy's ProfitShares Program

ProfitShares FAQ

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