Each year, our Board of Directors decides how much to set aside to cover regular deposit account dividends, operating costs, and other needs- including investments in technology and new products and services so that CoVantage Credit Union stays relevant and has the growth needed to stay financially strong. Extra revenues are then returned to our Wisconsin and Michigan member-owners in the form of Member Patronage Payments, which we've been making since 1980. These are additional dividends paid to savings account holders and rebates on loan interest payments. In 2021, a record $5 million in patronage was deposited into the accounts of members who borrowed and saved with CoVantage Credit Union. This is the largest patronage payment in the history of CoVantage Credit Union, and an $800,000 increase over what was provided to borrowers and savers the year before.
The more you borrow and save at CoVantage, the more successful your cooperative is – and in return, the more patronage you’re likely to receive. CoVantage depositors received a 6.1% bonus on dividends earned on eligible savings accounts, term share certificate accounts and variable rate accounts. Borrowers received a rebate of 6.1% of their total 2021 interest paid on qualifying auto loans, home equity loans and lines of credit, in-house mortgage loans, Visa® Rewards credit card, and business loans. For instance, if $5,000 of interest had been paid on a home loan, the member would receive $305 in patronage for just that loan.
In addition to patronage, CoVantage also provided nearly $120,000 to members through the CoVantage match for those enrolled in Change it Up, a debit card savings program. CoVantage members used their debit card more than ever, and collectively saved over $2.3 million through Change it Up.
It is because of the success of the credit union that CoVantage is ranked 1st out of 5,000 credit unions nationally for providing competitive rates, low fees, and outstanding every day value!
See how we are making a difference, in addition to the CoVantage Cares Foundation!
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