Canadian High Interest Savings Bank Accounts

Saw this in the new version of brightnotes..

As a member of Sunova, you’re part of a vibrant,
innovative and friendly financial institution unlike any other.
Each encounter with our organization is a memorable
experience showcasing our distinct and unique service
offering. As a result of that brand strategy, we are happy
to offer an exclusive member share program designed
to reward our members for their investment in our
organization.
In addition to being part of a pretty cool organization, by
investing Sunova’s Member Share Program, you are eligible
to receive dividends in the form of surplus shares based on
the amount of common shares you held on December 31
of the previous year. Historically, our dividend payment has
been 2% higher than the average Sunova 7-year GIC rate.
This year, our Board of Directors has approved a dividend
payment of 5.50% for both common shares and surplus
shares. This is the first year in which the same rate has been
paid for common and surplus shares. Previously, the surplus
share rate was significantly lower than that of our common
shares, however, going forward our goal is that the same
rate will be paid for both. It doesn’t get much better than
that!
Just in case you were wondering, following is a brief history
of our common share dividend payments. Dividends are
declared and paid at the discretion of Sunova’s Board of
Directors, based on financial performance for the year.
Remember! Unlike your deposits, investments in both
common and surplus shares do not qualify for deposit
insurance under the Deposit Guarantee Corporation of
Manitoba. As a result, it is our goal to pay higher than
market rates on common shares as financial results
permit. Also keep in mind that the payment of dividends
is dependent on the financial success of the organization,
therefore, returns in our Member Share Program are not
guaranteed.
The deadline is approaching! The 2012 dividend payout will
be based on your minimum annual balance for the period
starting on December 31, 2011.

Will Hubert members get the same payout?

Hubert appears to be the only virtual offer by a credit union that I can see sell these shares. I spoke to my institution, Achieva Financial who do not promote these and then called Hubert, as no information can be fouind on their Web site. It is important for anyone buying these shares to understand they have to be purchased directly from Sunova, the shares are not liquid deposit and they are NOT protected by the Deposit Guarantee.

Yatti420 said:

Hi Doug/Cmore..

These shares as Cmore points out aren't covered by any deposit guarantee. While Hubert lets you purchase additional surplus shares, Sunova members are enrolled in what seems like a lengthy share purchase agreement where every month you acquire more etc.. As I only hold the single share for Hubert I wonder what the actual return will be on the shares as it doesn't appear that partial shares are allowed.. Doug, have you received any extra shares yet? I'm assuming if you have purchased additional common/surplus shares manual you might now get some extra surplus ones.. I wonder if it will be difficult to redeem these..

Here is your redemption answer.

https://www.sunovacu.ca/home/business/banking/member_share_program/

I have a friend that was a CU manager in BC. He said a long time ago, here, there was a life insurance policy that paid double upon death for shares. Would that be at Sunova?

They publish annual reports including audited financial statements and management's discussion & analysis in accordance with either IFRS or GAAP accounting principles, just like the Big Five banks. As for how many shares they have outstanding, you can always send an e-mail to them and find out what they have in terms of share capital issued.

Cheers,
Doug