CoVantage Credit Union

Covantage has 166,692 members, and for those looking to save, Covantage strives to pay dividend rates that are above market rates, even in this rising rate environment. As of december 31, 2023, Covantage was paying an annual percentage rate of 2.28% on regular share accounts when many other financials continued to keep their rates lower in a rising rate environment. Our minimum balance of only $10 continued to be maintained, which helped many members in times of hardship. Members were not only able to receive the benefit of higher than average rates during a rising rate environment, but Covantage still rewarded members with an additional $6,177,811 in patronage payments in 2023.

Covantage also strives to support financial literacy, including providing accel Credit counseling as a free service to our members to assist with budgeting, understanding Credit reports, money management, and debt repayment. This free service saves members $25-$50 per month that is commonly charged by other Credit counseling agencies. In addition, Covantage offers community education events and promotes financial literacy to students through reality fairs.

Covantage continues to offer cost-friendly products to our members. We not only do this through our competitive rates, but also by going above and beyond to help those in need. We continue to offer cost-friendly options to payday lenders such as kwik cash overdraft protection loans with no service charge or transfer fee, courtesy pay checking account services also without hefty fees, in addition to reward Credit cards with very competitive interest rates. Other low-cost options include our own payday advance loans in addition to share-secured Credit cards and other Credit builder loans for those members that need to rebuild Credit. For those looking for home ownership, Covantage also offered its Covantage creates homes mortgage program to help those that might need assistance with a down payment or needed home repairs.