— in expenses

Covantage has 171,890 members, and passes value back to the membership through higher deposit rates, lower loan rates, and minimal fees. As of december 31, 2024, covantage was paying an annual percentage rate of 2.78% on regular share accounts when many other financials continued to keep their rates lower in an uncertain interest rate environment. Covantage is one of a few financial institutions in the nation that do not charge NSF or overdraft fees on checking accounts which saves our members over 8 million dollars annually. Covantage rewarded members with an additional $6,976,426 in patronage payments in 2024.

— in expenses

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. Covantage welcomes all regardless of wealth and made almost 10,000 loans of $5,000 or less. These small dollar loans are not about profit, but about serving our communities. Covantage offers free credit score tracking to help our members build and monitor 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.

— in expenses

Covantage also strives to support financial literacy, including providing greenpath 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.