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August 16, 2019
2:26 pm
canadian.100
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I note B2B Bank offers a 3.3% HISA - got a pop up.
Not sure but one may need an advisor to deal with B2B Bank.
Has anyone dealt with B2B Bank?

August 16, 2019
2:32 pm
Loonie
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I had RSPs with them years ago, in GICs. It was arranged through a deposit broker. I don't know if they are accessible directly to the public. I don't think deposit brokers deal with HISAs.
Is there a pdf Terms and Conditions or other link you can show us?

August 16, 2019
2:49 pm
Jon
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It looks like their checking and saving account can be opened directly online.

I checked their fee and it looks like they offer free paper statement and don't charge fees when using debit card in US from their checking account sf-laugh.

However, be aware their NSF fee is high ($50)....

Look's like we all have a new place to store our money sf-wink.

August 16, 2019
3:13 pm
Bud
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B2b welcome aboard new to the game no Gics yet? U guys think the 3.3 will hold steady for a while?

August 16, 2019
3:54 pm
Canadianbull
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Guys any feed back on this?
SmartSelect_20190816-165106_Chrome.jpg

August 16, 2019
4:24 pm
canadian.100
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dealjunkie said
B2b welcome aboard new to the game no Gics yet? U guys think the 3.3 will hold steady for a while?  

GIC rates will be available next week. This is a brand new initiative started this week - public can deal directly with B2B - no advisor or agent needed - application is online for their products.
The 3.3% was effective Aug 12. Of course, no guarantee that it stays at that level and the terms state as such as do other institutions that rates can vary which is normal.

August 16, 2019
5:01 pm
Loonie
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https://b2bbank.com/en/rates/banking-rates

Footnote 3 says:
"B2B Bank HISA rates as of August 12, 2019. All rates are subject to change at any time without prior notice. The applicable rate is paid on every dollar in the account. Interest rates are per annum. Interest is calculated daily on the closing balance and paid monthly on the last day of the month into the account."

Their usual base rate seems to be somewhere between 1.45 and 1.70 through the broker channel, so it may revert to something like that when they have raised enough money and have enough new accounts.

In terms of the duration of the rate, I look for some indication of intention to let it run for X months, notwithstanding that rate could change. I also look for some kind of minimum guarantee such as a combo of base and premium rates. If none of the above (which seems to be the case here), I am not too interested. I have enough FIs with good rates and don't want to add a new one just for 3 months or whatever suits their pleasure.

Thanks for bringing it to our attention.

August 16, 2019
5:24 pm
Jon
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Loonie, you have to select "client" in the top of the website to see the option aiming directly at us, and not the agent.

August 16, 2019
5:27 pm
Canadianbull
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Yes, thanks for sharing.
Does anyone know how many days b2b takes before they give you access to the account after submitting application?

CB

August 16, 2019
5:36 pm
Loonie
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Jon said
Loonie, you have to select "client" in the top of the website to see the option aiming directly at us, and not the agent.  

Thanks, Jon. I did find it eventually and edited accordingly, probably while you were posting!

August 16, 2019
7:00 pm
Bud
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A bit of a trend FIs slower to come to market online with promo rates

I believe Laurentian b2b parent does more than average subprime

August 16, 2019
9:41 pm
Canadianbull
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referral code for online application?

SmartSelect_20190816-223424_Chrome.jpg

August 16, 2019
10:25 pm
Loonie
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Let's assume this rate will last 3 months. I have difficulty imagining any longer, perhaps less, because it's not sustainable.
Let's also assume your alternative is one of the deals currently at 3% - DUCA, ManuLife, perhaps even Meridian, etc., where your funds currently reside. Perhaps Motive 2.8, not guaranteed, but neither is this one.
And let's say you wish to deposit 100K, to meet CDIC limits.

If you move your 100K to B2B and leave it there 3 months at 3.3%, you will earn roughly $75 more than if you'd left it elsewhere at 3%. To me, that's a "free toaster" offer.

If you're at 2.8% (Motive), you'd get about $125. Deluxe toaster.

And if you are currently at 2.3%, you'd get about $250. Toaster oven.

All of that is before tax, so deduct another 20-40% or so, depending on your marginal rate. Toasters on sale.

They might drop the rate sooner as ManuLife did. Short circuit detected in all toaster models; keep your old toaster, burn the toast.

They might extend it a bit further. Convection toaster oven with rotisserie.

You don't have 100K to deposit? You will get either a toy toaster or some fire logs and a long fork; your choice.

These figures are approximately in line with other "toaster" type offers, which is partly why I think they might be approximately correct, but the marketing is more attractive when you say 3.3%, even if you promise nothing in terms of duration. Clever!

Everyone will have to evaluate this promo according to their own criteria, current rate, expectations about when the rate will move, and inconvenience factor.

I'm out. I have 3% now. My old toaster works fine and the warranty is a bit better.sf-smile

August 16, 2019
10:33 pm
Canadianbull
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Thanks Loonie for detailed explanation. I was double minded but now I have decided I am out. I am happy with Manulife @ 3.10% and my old toaster works fine as well. sf-winksf-laugh

August 16, 2019
10:34 pm
Loonie
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Canadianbull said
referral code for online application?

SmartSelect_20190816-223424_Chrome.jpg  

That question is not asterisked. As per instructions at beginning of application, an answer should not be required.

August 17, 2019
5:56 am
Briguy
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I agree with Loonie, not worth switching over for a higher rate that is not guaranteed for a specified period. Plus B2B has a bad reputation in the mortgage business for customer service, check out Google reviews online, so another reason for me to pass.

August 17, 2019
6:14 am
Bill
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B2B is a wholly-owned subsidiary of Laurentian Bank.

August 17, 2019
9:55 am
Jon
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Canadianbull said
Yes, thanks for sharing.
Does anyone know how many days b2b takes before they give you access to the account after submitting application?

CB  

No one have try it yet, so we don't know, However, I quite like its chequeing account as it allow free ATM withdrawal in US. So I am going to bite on this promotion and keep Canadianbull et al. posted. However, this is contingent on the fact that I can still keep my promotion with DUCA as I want to make sure I can fall back to 3% when B2B pull the plug on this promotion.

August 17, 2019
2:55 pm
Londonguy
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I just opened a HISA online -- very easy, only took about 10 minutes. It's the usual routine, i.e. you enter your personal data and navigate past their Equifax credit file quiz page, then agree to their terms and the account is effectively open.

When I exited the online application the site prompted me to sign in for the first time, and then it immediately directed me to the external link setup page (handy), which I completed. Once the micro-deposit pings come through to my intended source account in a day or two, I'll be good to go. Online account openings don't get much faster than that.

I realize I've been 100% interfacing with a bot but they get 10 out of 10 from me so far

August 18, 2019
1:27 pm
Canadianbull
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Good luck Londonguy with B2B. sf-wink
I decided to stay with Manulife @ 3.10% until Jan 21 2020. sf-cool

CB

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