We truly value your membership and your business. While we strive to show it every day in all we do, we decided that at SASCU we wanted to go even further.
Patronage Rebate is SASCU’s way of sharing profits with our members. After all, we are a co-operative. You are more than our members. You are owners!
How Much Gets Returned?
Our rebate program is based on the credit union's financial performance. Annually, your Board of Directors decides whether it will be paid or not and at what rate. Since 1998, SASCU Credit Union has given $47.9 million back to members.
This year, based on 2016 financial performance, $1.55 Million is being shared with our members through Patronage Rebates and dividends. Check your April 2017 account statement for your share of the profit details. Any questions, visit us, email or give us a call.
How much will I get?
That depends on how much business you do with us. It is based on percentages from interest earned on deposits; interest paid on loans, lines of credit, and mortgages; and service charges. Your return this year is based on:
- 8% bonus interest on all deposit interest paid
- 8% interest rebate on all interest paid
- 8% rebate on standard month-end service charges
The more business you do with us, the bigger your rebate.
For example, a member who in 2016 had a $200,000 mortgage at 3%, a $50,000 line of credit, $40,000 in investments and a package chequing account will receive a Patronage Rebate of approximately $674.
When And How Is the Patronage Rebate Paid?The rebate is paid once a year in April. If you are eligible for a rebate, your rebate will be deposited directly into your Patronage account, except for portions earned within registered accounts like RSPs and TFSAs.
What is a Patronage account?
The Patronage account is an account created for each member. These funds are yours to save, transfer, or spend! It's up to you.
Become a member and share in the success – contact one of our branches or call us today at 250.832.8011.