ANTIGO, Wis. – CoVantage CU paid its members a $1.5 million patronage dividend, with the payout divided between loan rebates and additional savings dividends.
There are two components to the payment: a savings bonus, which provides an additional dividend on earnings paid on select deposit accounts; and a loan interest rebate, which returns a portion of the interest members paid on their CoVantage loans.
The loan interest rebate returns a portion of the interest paid on qualifying loans during 2010, and is provided automatically to members with real estate loans, commercial loans, auto loans, credit card loans and nearly every type of in-house loan CoVantage offers.
The savings patronage provides a bonus of up to 4% of interest earned during 2010. The bonus has been paid on personal and commercial savings accounts, variable rate accounts and term share certificates (non-IRA certificates).
This is the 29th year of the loan interest rebate.
