Credit union set to share the wealth

Interior Savings Credit Union members will get a nice little surprise in their accounts Saturday.

That’s the day $2 million in member rewards will be automatically deposited.

“Our members are our owners and our success is shared,” said Interior Savings CEO Kathy Conway.

“That’s a big part of the credit union difference. Banks are motivated by share price and shareholder wealth, whereas a credit union’s success is driven by the success of its members and the strength and vibrancy of the communities it serves.”

The $2 million in member rewards represents 22 per cent of Interior Saving’s 2016 profits.

Interior Savings has 70,000 members at 21 branches in 14 communities in the Souther Interior.

The average reward for a so-called fullservice member is $80 based on that member having five accounts with the credit union covering chequing and savings accounts, line of credit, credit card, car loan, personal loan, mortgage and-or investments.

In addition, the credit union will be giving away another $500,000 in bursaries to members between the ages of 17 and 24 who are attending post-secondary school this fall.

The deadline for youth to apply for a $1,000 bursary is May 1.

Check out LocalMoneyForLocalGood.com for more details.