How member bonus is calculated
As a cooperative organization, we believe in sharing our profits in the form of a cash back bonus. Thank you for your loyalty and support in 2020.
The member bonus will be divided equally between deposit and lending account holders, and will be shared proportionately based on your portfolio with SCU.
The member bonus is calculated on interest received and paid on qualifying products for the most recent calendar year, and equates to an additional 4.92% on interest already received and 2.64% on interest already paid.
As an example, if you paid $3,000 in interest on your mortgage in 2020, you can expect an approximate bonus of $79. Similarly, if you received $1,000 in interest on your savings accounts in 2020, you would enjoy a member bonus of approximately $49.
Eligible products include: Consumer, Commercial, Agriculture, and Charity and Community accounts, with the exceptions being RESP, AgriInvest, lawyer and realtor trust accounts, unauthorized overdrafts, and temporary overdrafts.
Payment of member bonus
Your member bonus will be deposited via direct deposit to qualifying accounts by Friday, March 19, 2021, and can be viewed on member statements under the name of “member bonus”. Login to online banking to view your statement.