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 stays relevant and has the growth needed to stay financially strong. Extra revenues are then returned to our 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 2020, a record of over $4.2 million in patronage was deposited into the accounts of members who borrowed and saved with CoVantage Credit Union. In the last five years, $17 million has been returned to members specifically through patronage.
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 5% bonus on dividends earned on eligible savings, term share certificates and variable rate accounts. Borrowers received a rebate of 5% of their total 2020 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card, and commercial loans. For instance, if $5,000 of interest had been paid on a home loan, the member would receive $250 in patronage for just that loan.
It is because of the success of the credit union that, in September 2020, CoVantage was ranked 2nd out of 5,200 credit unions nationally for providing great rates, low fees, and outstanding every day value! In fact, we've received this prestigious honor each year since 2006!
See how we are making a difference.
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