As we head towards the first part of June, we have now been working with Servus for almost six months. In those six months, a LOT has changed.
For instance, we bought a new house.
But also, our spending habits have changed. Our partnership with Servus gave us the opportunity to sit down and evaluate where we are with our finances, the path that we’re on and where we’re heading.
As I mentioned in one of my last posts, with the help of Brock our Servus Advisor, we were able to put an additional $250 per pay period into savings. That amounted to an extra $500 a month! So with this additional savings, how much Profit Share® Rewards cash would we earn at Servus if we were able to keep this up?
Wait, what is profit sharing?
Good question!
Profit-sharing is one of the biggest differences between a bank and a credit union. With a bank, they are owned by shareholders. With a credit union, they’re owned by the members of the credit union. So with banks, they pay their profits to shareholders. Credit unions, like Servus, share their profits with members.
Servus’s Profit Share Program is made up of three parts depending on the banking you do:
- Patronage (based on the average balances you hold in loans and deposits)
- Common share dividends (based on how many common shares you own)
- Investment share dividends (based on the investments you hold)
As a Servus member, you earn profit share on nearly every banking product and their Profit Share Calculator can show you just how much you could earn.
So for us, if we saved $500 a month for an entire year we would earn an additional $13 in Profit Share Rewards cash. Now of course the more you bank, the more you could earn. So if we had our mortgage, savings AND investments with Servus we would be eligible for an additional $964 a year in Rewards cash.
That’s pretty awesome!
So even if you entered The Servus Big Share™ Contest and you DON’T end up winning (because yours truly won 😉 ) then you’re still a winner because you’ve increased your savings and Servus is helping it grow!
Start an account now with Servus and let’s get you saving!
Learn more about Servus and our financial journey
- The difference between a bank and a credit union
- Teaching Kids About Money
- Breaking down GICs – what are they and are they right for you?
- Tips for choosing a financial advisor
- TFSA vs RRSP – which is better?
- Establishing financial goals and how we’re working towards freedom
- Diving into the Dashing Families Finances
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