Synergy Credit Union
Synergy Credit Union is a member-owned Saskatchewan cooperative serving 27,000+ members across 12 west-central Saskatchewan communities with personal banking, business/agricultural, lending, and wealth products, amalgamating into Conexus Credit Union effective January 1, 2026.
- Company typePrivate
- Founded1943
- HeadquartersLloydminster, Canada
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Synergy Credit Union does
Synergy Credit Union Ltd. is a member-owned financial cooperative headquartered in Lloydminster, Saskatchewan, established in 1943 and serving over 27,000 members across 12 communities in west-central Saskatchewan. As of the dataset reference date, it operates as the fifth-largest credit union in Saskatchewan with more than $2.8 billion in combined on- and off-balance sheet assets. The institution offers a comprehensive retail and small-business banking product suite spanning personal chequing accounts (PowerPack, SmartPack, LitePack), business and ag accounts (PowerPack Biz, SmartPack Biz, Community Pack), a full savings/deposit ladder including RRSP, TFSA, FHSA, RESP, RDSP, and term deposit vehicles, a six-product mortgage lineup (Simplicity, Simplicity Insured, Super, Variable Rate Convertible, Open, Construction), personal and business/ag loans and lines of credit, wealth management and estate planning through Aviso Wealth/Qtrade partnerships, and credit cards issued through Collabria Financial Services.
The credit union distributes products and services through traditional branches, a locally operated Member Contact Centre (Mon–Fri 8am–8pm, weekends 9am–5pm, statutory holidays 9am–3pm MT), the nationwide ding-free AccuLink ATM network, online banking, and native iOS and Android mobile apps with live chat. Customer segments include individual members (primary), business and agricultural operations (vertical), and post-secondary students (free SmartPack accounts plus education loans up to $80,000). Pricing follows a cooperative, member-value model with promotional periods (e.g., SmartPack free during post-secondary enrollment plus 12 months; a 2-year Simplicity Insured Mortgage at 3.69%; 1-year non-redeemable term deposit at 3.00%; up to $1,750 mortgage switch incentive).
The revenue model is built on three pillars: net interest spread from member deposits and lending (mortgages, personal loans, lines of credit, vehicle, education, equipment financing); transaction and account fees; and partnership-driven streams including wealth commissions and trailing fees from Aviso/Qtrade, credit card revenue sharing from Collabria, and licensing/royalty-style revenue from CUMIS/Co-operators credit protection insurance. Member deposits are guaranteed by the Credit Union Deposit Guarantee Corporation under The Credit Union Act, 1998. Effectively January 1, 2026, Synergy Credit Union Ltd. amalgamated with Conexus Credit Union 2006 and Cornerstone Credit Union Financial Group Limited to form Conexus Credit Union, absorbing Synergy's branding and operations into the combined entity.
Synergy Credit Union firmographics
Firmographics- Name
- Synergy Credit Union
- Legal name
- Synergy Credit Union Ltd.
- Website
- https://synergycu.ca
- Company type
- Private
- Founded year
- 1943
- Operating status
- Acquired
- Headcount range
- 101–250 employees
- Short description
- Synergy Credit Union is a member-owned Saskatchewan cooperative serving 27,000+ members across 12 west-central Saskatchewan communities with personal banking, business/agricultural, lending, and wealth products, amalgamating into Conexus Credit Union effective January 1, 2026.
- Ownership category
- akta.pro rank
Synergy Credit Union industry classification
Industry- Product category
- Retail Banking
- NAICS
- Credit Unions (52213), Credit Unions (522130)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industry
- Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)
Keywords
Where Synergy Credit Union is headquartered
LocationHeadquarters
- HQ city
- Lloydminster
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Synergy Credit Union business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- Interest Income from Lending: Traditional credit union revenue from interest earned on mortgage loans (personal and business/ag), personal loans, lines of credit, vehicle loans, education loans, and equipment financing.
- Interest Income from Deposits: Interest spread revenue from accepting member deposits including savings accounts, term deposits, and registered accounts (RRSP, TFSA, RESP, FHSA, RDSP).
- Transaction and Account Fees: Fee revenue from various account services including transaction fees, monthly account maintenance (though many personal accounts have no monthly fee with conditions), overdraft fees, and wire transfer fees.
- Wealth Management and Investment Products: Revenue from partnership with Aviso Wealth providing mutual funds, Qtrade Direct Investing online brokerage, and Qtrade Guided Portfolios. Commissions, trailing commissions, management fees and expenses are associated with these investments.
- Insurance Products: Credit protection insurance through CUMIS/Co-operators Life Insurance Company, and creditor's group insurance coverage offered with loan products.
- Credit Card Services: Revenue sharing from Synergy Credit Union Collabria credit cards (Mastercard and Visa) issued in partnership with Collabria Financial Services Inc.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | 2-Year Simplicity Insured Mortgage at 3.69% |
| Subscription | Annual | 1-Year Non-Redeemable Term Deposit at 3.00% |
| Other | Pay-as-you-go | Mortgage Switch Incentive - up to $1,750 cash back |
| Freemium | Monthly | SmartPack Account - Free for post-secondary students |
| Subscription | Pay-as-you-go | Education Loan - up to $10,000 per year |
| Other | Pay-as-you-go | Qtrade Promotion - $100 cash back |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels8 records
Synergy Credit Union product offering
Product offeringCore offering
Synergy Credit Union is a member-owned financial cooperative providing retail banking, lending, savings, wealth management, and payment services to individual members, businesses, and agricultural operations across 12 communities in west-central Saskatchewan. The institution offers personal and business chequing/savings accounts, mortgages, personal and commercial loans, registered and non-registered investment plans, wealth management, estate planning, credit cards, and digital banking through its mobile and online platforms.
Product overview
Synergy Credit Union offers a comprehensive, multi-product financial services portfolio organized across personal banking, business/agricultural banking, lending, savings, and wealth management. The core banking platform includes traditional branch services complemented by full-featured digital banking through online and mobile channels. Personal banking centers on multiple chequing account tiers (PowerPack, SmartPack, LitePack) and savings vehicles including registered (RRSP, TFSA, FHSA, RESP, RDSP) and non-registered accounts. Lending products span mortgages (Simplicity, Simplicity Insured, Super, Variable Rate Convertible, Open, Construction), personal loans (Term, Quick, Line of Credit, Education, Vehicle), and business/agricultural credit facilities. Wealth services include professional management, estate planning, and group retirement plans. Payment services include Member Card debit, Collabria credit cards, INTERAC e-Transfer, and mobile payments. The institution also provides financial education through the 'It's a Money Thing' platform. Note: Effective January 1, 2026, Synergy Credit Union amalgamated with Conexus Credit Union and Cornerstone Credit Union Financial Group to form Conexus Credit Union.
Differentiator
Problem solved
Functional benefit
Products and services
- PowerPack Account Premium personal chequing account with unlimited transactions and additional features for everyday banking.
- SmartPack Account Fee-free personal account for post-secondary students with unlimited transactions during studies and 12 months after graduation.
- LitePack Account Basic personal banking account with lower monthly fees for those who need essential banking services.
- PowerPack Biz Account Comprehensive business chequing account designed for businesses and agricultural operations with robust transaction limits.
- SmartPack Biz Account Business banking account with essential features and services for small businesses and agricultural operations.
- Community Pack Account Business account designed for community organizations and non-profits with tailored features.
- Member Card Debit Card Debit card for everyday purchases, ATM withdrawals, and point-of-sale transactions at merchants worldwide.
- Synergy Credit Union Collabria Credit Cards Credit card products offered through Collabria Financial Services, available in personal and business variants with rewards programs.
- INTERAC e-Transfer Electronic funds transfer service for sending and receiving money instantly to other Canadian bank accounts.
- Mobile Payments Digital wallet integration allowing payments via mobile devices including Apple Pay and Google Pay.
- SaveDailyPack Account High-interest savings account with daily interest calculation and easy access to funds.
- iSave Account Interest-earning savings account for accumulating funds with competitive interest rates.
- Wealth Accumulator Account Non-registered savings account designed to build wealth outside of registered accounts.
- DepositWISE Account Term deposit account with competitive fixed rates for medium-term savings goals.
- High 5 Term Deposit Account 5-year term deposit with premium interest rates for long-term savings.
- Registered Retirement Savings Account (RRSP) Tax-advantaged retirement savings account with tax-deductible contributions and tax-deferred growth.
- Tax-Free Savings Account (TFSA) Tax-free savings account allowing tax-free growth and withdrawals for any purpose.
- Retirement Income Funds (RIF) Registered investment accounts that convert retirement savings into regular income payments.
- First Home Savings Account (FHSA) Tax-advantaged savings account for first-time home buyers to save for a down payment.
- Registered Education Savings Plan (RESP) Education savings plan with government grants to save for children's post-secondary education.
- Registered Disability Savings Plan (RDSP) Long-term savings plan for individuals with disabilities, with matching government contributions.
- Simplicity Mortgage Standard fixed-rate mortgage with competitive rates and flexible term options for home purchases.
- Simplicity Insured Mortgage Insured mortgage product for purchases with less than 20% down payment, featuring CMHC insurance integration.
- Super Mortgage Premium mortgage product with enhanced features and potentially better rates for qualified borrowers.
- Variable Rate Convertible Mortgage Adjustable-rate mortgage with the flexibility to convert to a fixed rate at any time without penalty.
- Open Mortgage Flexible mortgage allowing unlimited additional payments and full repayment before maturity without penalties.
- Construction Mortgage Specialized mortgage financing for home construction with staged disbursements as building progresses.
- Personal Term Loan Fixed-term personal loan with set repayment schedule for major purchases or debt consolidation.
- Personal Quick Loan Fast-approval personal loan for urgent financial needs with streamlined application process.
- Personal Line of Credit Revolving credit line providing flexible access to funds up to an approved limit with interest-only payments.
- Education Loan Specialized loan for post-secondary education expenses with interest-only payments until graduation, offering up to $10,000 per year (up to $80,000 total).
- Vehicle Loan Dealer-financed vehicle loan for purchasing new or used automobiles with competitive rates.
- Business and Ag Term Loan Fixed-term financing for business capital needs, equipment purchases, or operational expansion.
- Business and Ag Quick Loan Rapid-access business credit for urgent operational or agricultural needs with quick approval.
- Business and Ag Line of Credit Flexible revolving credit for businesses and agricultural operations to manage cash flow fluctuations.
- Equipment Financing Specialized financing for purchasing business equipment, machinery, or technology with the equipment as collateral.
- Wealth Management Professional investment management and financial planning services for personal wealth accumulation.
- Estate Planning Comprehensive estate planning services to help members structure wealth transfer to beneficiaries.
- Your Way To Wealth Personalized wealth-building program with financial planning guidance tailored to individual goals.
- Cash Management Business treasury and cash flow management services to optimize operational liquidity.
- Business Succession Planning Planning services to help business owners prepare for business ownership transitions.
- Group Retirement Savings Plans Employer-sponsored group RRSP plans with administrative support for businesses offering employee retirement benefits.
- Digital Banking Online and mobile banking platform allowing members to manage accounts, pay bills, transfer funds, and access financial services 24/7.
- Synergy CU Mobile App Native mobile application for iOS and Android providing full-service banking on smartphones and tablets.
- It's a Money Thing Interactive financial literacy platform providing educational content, courses, and resources on money management topics for members of all ages.
Quantifiable outcome
- First place in Customer Service Excellence at Ipsos Financial Service Excellence Awards for 14 consecutive years
Companies that use Synergy Credit Union
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Synergy Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature5 records
Synergy Credit Union partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, minor and flagship.
- Aviso WealthcoreAviso Wealth provides access to a comprehensive line of investments including mutual funds, managed portfolios, and wealth management services. Synergy acts in partnership with Aviso Wealth and its related companies to provide members with investment products, planning tools, and expert advice.
- Qtrade Direct InvestingcoreOnline brokerage services offered through Qtrade Direct Investing, a division of Aviso Financial Inc. Qtrade Guided Portfolios also available as a managed investment solution. Members can access $100 cash back promotion when investing $1,000.
- Collabria Financial Services Inc.coreIssues Synergy Credit Union Collabria Mastercard and Visa credit cards. Provides personal and business credit cards with Flex Rewards including cash back, travel benefits, free stuff, and gift cards. CardWise login for easy account management.
- CUMIS Insurance Society / Co-operators Life Insurance CompanycoreCreditor's group insurance coverage is optional, underwritten by Co-operators Life Insurance Company. Supporting services including enrollment intake, medical underwriting, and claims administration provided by CUMIS Services Incorporated. Coverage includes life, critical illness, and disability protection.
- Credit Union Deposit Guarantee Corporation (CUDGC)coreProvincial deposit guarantor and regulator for Saskatchewan credit unions. Guarantees the safety of deposits against credit union failure. Established in 1953 as the first deposit guarantor in Canada. Operates under The Credit Union Act, 1998.
- Concentra BankcoreParent financial institution providing banking services and infrastructure to credit unions. Information is shared within the Concentra Bank group of companies to offer a full range of financial products and services.
- Co-operative Trust Company of CanadaminorAffiliated organization within the Concentra Bank group providing additional financial products and services.
- Conexus Credit Union (Merger Partner)flagshipEffective January 1, 2026, Conexus Credit Union 2006, Cornerstone Credit Union Financial Group Limited, and Synergy Credit Union Ltd. amalgamated as Conexus Credit Union. The combined entity continues operations under the Conexus Credit Union brand, with Synergy branding integrated into the merged organization.
Scale indicators5 records
Recent moves7 records
Expansion highlights6 records
Synergy Credit Union competitors and assessment
Company assessmentDirect peers
- Conexus Credit Union: Saskatchewan credit union and amalgamation partner effective January 1, 2026. Conexus operated a similar full-service retail and business banking franchise across Saskatchewan with overlapping product breadth, member-owned cooperative structure, and comparable digital channels prior to the merger.
- Affinity Credit Union: Saskatchewan-based member-owned credit union serving individual and business members across the province with deposit, lending, wealth, and insurance products. Directly comparable in cooperative structure, geographic scope, and product portfolio to Synergy.
- Innovation Federal Credit Union: Saskatchewan-based federal credit union serving members across the province with personal, business, and agricultural banking. Operates the same member-owned model with overlapping ag lending and retail banking capabilities in the same provincial market.
- TCU Financial Group: Saskatchewan credit union offering full-service personal, business, and ag banking to member-owners. Comparable in scale, cooperative structure, and west-central provincial footprint to Synergy.
Regional players
- Servus Credit Union: Alberta's largest credit union with member-owned cooperative structure and comprehensive personal/business banking, wealth, and insurance offerings. Comparable product breadth and cooperative model, but serves a different provincial market.
- Vancity: British Columbia's largest credit union, member-owned cooperative offering retail, business, and wealth services. Comparable cooperative structure and product breadth, but operates in a different western Canadian region at significantly larger scale.
- Meridian Credit Union: Ontario's largest credit union offering full-service personal, business, and wealth banking through a cooperative structure. Comparable member-owned model and product breadth, but serves a different regional market at materially larger scale.
- Coast Capital Savings: Western Canadian (BC) member-owned credit union offering personal, business, and wealth banking. Comparable cooperative structure and product set, but serves a different regional market.
- First West Credit Union: Western Canadian member-owned credit union formed through consolidation of BC credit unions, offering retail, business, and wealth services. Comparable cooperative structure with a similar multi-community regional model, though operating in BC rather than Saskatchewan.
Broad incumbents
- Desjardins Group: Canada's largest cooperative financial group operating across all provinces with full-service banking, wealth, insurance, and asset management. Shares the cooperative ownership model but operates as a broad incumbent at vastly greater scale and geographic reach than Synergy.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Synergy Credit Union social profiles
Digital presenceSynergy Credit Union compliance and trust
Trust signalCompliance3 records
Synergy Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Synergy Credit Union leadership team
Management profileNumber of profiles
Synergy Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Synergy Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Synergy Credit Union
What does Synergy Credit Union do?
Synergy Credit Union is a member-owned financial cooperative providing retail banking, lending, savings, wealth management, and payment services to individual members, businesses, and agricultural operations across 12 communities in west-central Saskatchewan. The institution offers personal and business chequing/savings accounts, mortgages, personal and commercial loans, registered and non-registered investment plans, wealth management, estate planning, credit cards, and digital banking through its mobile and online platforms.
Is Synergy Credit Union a public or private company?
Synergy Credit Union is a private company. It is classified as nonprofit foundation owned and is currently acquired.
When was Synergy Credit Union founded?
Synergy Credit Union was founded in 1943. It employs 101 to 250 people.
Where is Synergy Credit Union based?
Synergy Credit Union is headquartered in Lloydminster, Canada, in the North America region.
How does Synergy Credit Union make money?
Six revenue lines are on record. Interest Income from Lending is the primary driver. The others are interest Income from Deposits, transaction and Account Fees, wealth Management and Investment Products, insurance Products and credit Card Services.
Who are Synergy Credit Union's main competitors?
Direct peers on record are Conexus Credit Union, Affinity Credit Union, Innovation Federal Credit Union and TCU Financial Group. Regional players are Servus Credit Union, Vancity, Meridian Credit Union, Coast Capital Savings and First West Credit Union. Desjardins Group is listed as a broad incumbent.
Does Synergy Credit Union have an API?
No public API is recorded for Synergy Credit Union.
What industry is Synergy Credit Union in?
Synergy Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAEAF, Cooperative Banks (Member-Owned Commercial/Retail). Its NAICS code is 52213 and its SIC code is 6035.