Shifting from Patronage for Even Better Best In-Market Pricing
Lakeland Credit Union offers the best value for choice of banking in the Lakeland!
When it comes to dollars and cents, this means:
· Mortgage and loan rates lower than the banks, where it is not uncommon for Lakeland Credit Union members to save upwards of $10,000 over a 5-year mortgage term!
· Investment rates that consistently rank near the top for every investment term when compared to the banks!
· Service charges unchanged since 2017, where many banks have raised service charges twice in this period!
Choosing Lakeland Credit Union not only provides the lowest cost in banking, but you are BUYING LOCAL and conduct your banking with a financial institution that typically gives back more to the local community than all the banks combined! Our 2026 Community Donation Budget is $100,000!
Even Better up-front pricing in place of patronage.
Our member value proposition is getting even better! We have enhanced our pricing model to embed our annual year end patronage into current interest rates and fees. This provides the certainty and benefit of the best price in the market right up front. The Lakeland Credit Union advantage will be easier to understand when comparing our rates and fees to the competition. When we say, “Your choices matter, choose Lakeland Credit Union”, it will now be easier than ever to do so!
Patronage will no longer be issued however, members are receiving value through best-in-market mortgage rates, well beyond what was earned in patronage. Members with existing unregistered term investments will be receiving a one-time bonus interest payment at maturity to offset the removal of patronage.
And let’s not forget about our annual dividends on common shares. This year over $850,000 is being shared with our members. These will continue and we are pleased to announce that the dividend this year to be distributed this month (December) is a market leading 4.25%.
While patronage was never guaranteed, we appreciate that members have become accustomed to it and so this can be an unexpected change for some. If your budget requires, we invite you to connect with your Financial Advisor to discuss a mortgage payment deferral. Between now and January 31st, we will waive the fee for a qualifying deferral of one mortgage payment.
John Peters
President & CEO