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Member Bonus

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At SCU, we believe that success is better when it's shared

Being an SCU member is about more than just trusting us with your finances — it’s about being a part of our success. This year, we’re showing that it pays to be a member by sharing a $10 million cash bonus.

What is a member bonus?

As a cooperative organization, we are owned, organized, and controlled by our members. As a part-owner, you get to share in our profits in the form of a cash back bonus.

When is the bonus paid out?

We will deposit your member bonus through direct deposit to qualifying accounts by Friday, March 18, 2022. It will be listed on your member statements as “Member bonus.” You can also log in to digital banking to view your member statement.

How is the bonus calculated?

The bonus will be shared with members who hold both deposit and lending accounts. The breakdown of this allocation will be 60% to deposit holders and 40% to credit holders. This breakdown recognizes that members with deposits have been impacted by lower interest rates over the last year.  In contrast, borrowers have benefited from lower interest rates. That equates to an additional 6.20% on deposit interest already received and 2.08% on loan interest already paid.

Member Bonus

Member A
ScenarioBonus received
Mortgage interest paid: $4,688.45 
$97.52
Personal loan interest paid: $510.92 
$10.63
Savings interest received: $2,000.00 
$124.00
Total$232.15

For illustrative purposes only.

Member B
ScenarioBonus received
Mortgage interest paid: $0.00 
$0.00
Savings interest received: $1,250
$77.50
TFSA interest received: $810.00 
$50.22
Total$127.72

For illustrative purposes only.

Eligible products include: Consumer, Commercial, Agriculture, and Charity and Community accounts, with the exceptions being RESP, RDSP, AgriInvest, lawyer and realtor trust accounts, unauthorized overdrafts, and temporary overdrafts.

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