Steinbach Credit Union tabs $15M for annual cash-back bonus

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This article was published 13/03/2025 (243 days ago), so information in it may no longer be current.

After reaching $10 billion in assets, Steinbach Credit Union is touting its biggest cash bonus for its members.

The $15 million tabbed for distribution among SCU membership is the largest bonus of its kind in Manitoba credit union history, according to SCU.

“It feels awesome,” said chief executive Curtis Wennberg.

A cash-back bonus happens annually at the financial co-operative. In 2024, SCU circulated $12 million to its members. Money is deposited directly into customers’ accounts.

Last year was fiscally strong, per SCU’s announcement: the credit union added 7,756 members and grew its assets 7.5 per cent, hitting the $10 billion mark in December.

It was the first time a Manitoba credit union reached $10 billion in assets without mergers or acquisitions, SCU advertised.

Credit Union Central of Manitoba declined to comment on the subject.

SCU now hovers around 113,000 members. As tariff threats and a “Shop Canadian” movement persist, Wennberg plans to emphasize the credit union’s local roots to sign new patrons.

“The message I’d like to give is … ‘Bring your money back home,’” he said. “Everything we do is in Manitoba.”

Historically, Manitoba credit unions have grown membership during recessions, Wennberg said. (He helmed Credit Union Central of Manitoba before recently taking the lead at SCU.)

All deposits at SCU are guaranteed through the Deposit Guarantee Corp. of Manitoba. It’s a draw for people nervous about their finances during “tough times,” Wennberg said.

The credit union hasn’t changed anything specifically as a result of the ongoing trade war between Canada and the United States, Wennberg said.

However, staff are “quite attuned” and watching for implications, he added.

For now, employees are calculating members’ bonuses and slotting money into credit and deposit accounts. Bonuses should be distributed by today.

Customers receive money based on their account’s interest over the past year. Depositors will receive roughly 0.1 per cent on their interest; for lenders, the rate is closer to 0.07 per cent, Wennberg said.

“We tried to be very egalitarian and equal around how the $15 million gets allocated,” he added.

Deposit holders will account for 60 per cent of the bonus share, while credit holders will take the latter 40 per cent.

SCU’s deposit and loan growth increased by 6.3 per cent and 6.9 per cent, respectively, in 2024.

Wennberg said while mergers and acquisitions “might” be something SCU is open to in the future, he had nothing to share Thursday.

“The acquisitions we want to make is one member at a time.”

SCU is headquartered in Steinbach and has two Winnipeg branches. It counts some 550 employees, a 19 per cent increase over the past five years.

gabrielle.piche@winnipegfreepress.com