Credit unions often stand out not only for their member-centric and friendly approach but also for their innovative referral programs. And when you consider Canada is often in the advance when it comes to digital marketing and referral, it’s interesting to see that, given how successful referral can be for credit unions, how relatively few of Canada’s top CUs currently have an active Refer a Friend program. While that may be true, there are certainly quite a few brands that already use referral programs to leverage the net positive sentiment of existing customers. Let’s explore some of the most effective referral programs from leading Canadian credit unions:
Envision Financial
A division of First West Credit Union, Envision Financial offers a referral program where both the referrer and the referee receive $100 deposited into their accounts. The new member needs to open a Simply Free Account and complete a pre-authorized transaction within 60 days. This program reflects Envision Financial’s dedication to expanding its member base by encouraging current members to introduce their network to the credit union’s services.
Meridian
Meridian’s Trust Perks program allows members to earn rewards redeemable for gift cards or merchandise by using a referral code to refer new members. There is no limit to the number of rewards a member can earn.
Affinity Federal Credit Union
Affinity Federal Credit Union’s “Refer a Friend” program enables members to earn up to $1,000 by referring new members. Both the referrer and the referred friend receive $100 each. The program specifies eligibility criteria for participants.
Steinbach Credit Union (SCU)
SCU’s referral program includes a draw for one of six $500 savings accounts for every successful referral. Referrers have the chance to win either a 12-month GIC or the equivalent in cash added to an SCU savings account.
Assiniboine Credit Union
Assiniboine Credit Union offers a monthly draw for a $500 cash prize for members who refer new members. Each successful referral increases the member’s chance to win. New members must present a referral card in branch for the referral to be valid.
Prospera Credit Union
Prospera Credit Union’s referral program offers a variety of incentives: a $25 bonus for opening a new personal checking account with a debit card and eStatements, requiring a $25 deposit and at least 10 monthly transactions; similar bonuses for new loans over $7,500 on autos, boats, or recreational vehicles, excluding certain loan types; a $25 bonus for new personal credit card holders who make at least two purchases within 60 days of approval; and offers on first mortgages of at least $50,000, excluding investment or commercial properties.
Honorable mentions
In addition to the active referral programs we’ve listed above, here are a few examples where it appears that the credit unions mentioned below did have a live program at sometime in the past.
Vancity Credit Union
Vancity Credit Union offered $100-$200 to new members who opened an account and joined via referral.
Coast Capital Saving Federal Credit Union
Members were given the option to refer individuals or businesses to Coast Capital by providing a code for online membership applications. For each successful referral, the member received a $100 bonus, up to $400 for four referrals.
Servus Credit Union
Servus Credit Union once ran a referral program allowing members to double their Profit Share by referring a friend, though the available specific information is limited.
Connexus
Connexus once ran a referral program. They offered $50 to both the referrer and the referred-in friend when the referred-in friend opened a checking account.
The referral programs current or past at Canadian credit unions demonstrate the potential of both traditional and digital financial entities to flourish through fostering a culture of belonging and shared benefits. At Buyapowa, we recognize the significant role well-crafted referral programs play in driving organizational growth and enhancing member satisfaction. Leading with examples from the Canadian financial sector, we’re eager to help you share in this success by developing a referral program that truly resonates with your community’s values and growth ambitions. Get in touch today.