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AcceleRate PAD/recurring EFT deposits
December 24, 2010
2:26 pm

I sent in the paperwork and VOID cheque a few weeks ago to set up a recurring weekly transfer of money from my day-to-day HSBC Advance savings account into my AcceleRate Financial savings account (which currently has a nice interest rate of 2.2%).

I just logged in via online banking and see the first deposit appeared in my account as scheduled on December 15th.

The online banking view of AcceleRate is very primitive and I wish I could set up my own EFTs or linked accounts using test deposits the way Ally and PayPal work, instead of having to waste paper filling out forms. It's also unfortunate not having the ability to just do a one-time electronic transfer from within AcceleRate's online banking.

As a result, I use Ally as my hub account where I set up a link to AcceleRate so I can push/pull money into and out of AcceleRate electronically whenever I feel like it.

I just wish the ability to electronically push/pull money at will at AcceleRate didn't rely on having an account at another technologically superior competitor bank. If anyone from AcceleRate is listening: please upgrade your online banking to a more sophisticated package that allows linking of external accounts. I'm sure you will attract more clients that way. Perhaps you could set up the system to limit it to 1 electronic debit a month, combined with unlimited inbound transfers, to help encourage savings and deposits.

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