Boost your High-Interest Savings Account rate to 6.00% on qualifying deposits | Page 2 | Coast Capital Savings | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Boost your High-Interest Savings Account rate to 6.00% on qualifying deposits
March 16, 2024
8:24 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4217
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

AltaRed said
it is a federal credit union with CDIC insurance, so I would assume no.  

You'd think that, but you'd be wrong. Five or six years in, they still haven't rolled out their digital membership application to residents outside of B.C. I suppose one could visit a B.C. branch and sign up that way, as a non-B.C. resident, but there's no digital method to do so. Terrible execution on the part of the senior executive, who really need to be wholesale fired as it's affecting their membership and their front-line staff's morale, who are great. 🙁

Another downside of Coast Capital Savings is while they recently added a Flinks-based mechanism to add external bank accounts, they do not let you push money back out to your external linked bank account. It's like the Hotel California; you can come, but you can never leave (at least not easily; you can still pull money out from your external bank account, if your external bank account allows that).

I would recommend just going with DYN6004 at a discount brokerage (5.0% current yield) or, alternatively, a promotion from Tangerine, DUCA, etc.

Cheers,
Doug

March 16, 2024
12:48 pm
RetirEd
Member
Members
Forum Posts: 996
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

I have had a Coast Capital HISA for years, and had no trouble ascertaining by phone that I can transfer cash into it and automatically qualify for the bonus. They answer the phone pretty quickly. Their web site is confusing - I couldn't find any links from the promotion page to info about the promotion.

Some of the links posted by others do work, but I can't link from them to any other info. Does one have to be a logged-in online member?

And then there's this:

c) “Eligible Deposit” means the lower of the New HISA Deposits and the New Deposits, calculated daily starting from the close of business on March 12, 2024 during the Promotion Period. If the lower of the New HISA Deposits and New Deposits is negative, the daily Eligible Deposit will be zero.

How the heck can either of those New Deposits be negative? Does that mean the balance has decreased? Any other way to make sense of it?

I direct-debit and direct-deposit from another institution with ease. I'm linked for pull-in from CC but don't use it because in my case it means going to a branch. The nearest ones with parking are over 10K away! Having a CC telephone banking password enables using it for on-line banking, so I use external links or ATMs instead.

Vancouver City Savings Credit Union's 5.25% JumpStart bonus just ended, so as soon as the hold transferring through my hub account expires I'll send that cash over. I haven't used CC much since the last extension of what started as their 4% GIC ran out some years ago, but I've kept the accounts open with under $100 to preserve my grandfathered paper statements and no-fee account status. Since this is my FEM (Free Emergency Money), I don't care that VanCity and CC want some short-term cash rather than longer.

RetirEd

March 16, 2024
1:15 pm
Norman1
Member
Members
Forum Posts: 6732
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

RetirEd said

And then there's this:

c) “Eligible Deposit” means the lower of the New HISA Deposits and the New Deposits, calculated daily starting from the close of business on March 12, 2024 during the Promotion Period. If the lower of the New HISA Deposits and New Deposits is negative, the daily Eligible Deposit will be zero.

How the heck can either of those New Deposits be negative? Does that mean the balance has decreased? Any other way to make sense of it?

"New Deposits" can become negative if one has withdrawn more from other accounts. It will be zero if all the new HISA deposits are actually money directly or indirectly from other Coast Capital accounts:

1. “Total Deposits” means dollars of all your eligible chequing, savings, and term deposit accounts under the same membership number with Coast Capital during the Promotion Period. For the purpose of calculating the total value, foreign currency account balances will be held at par value.

2. “New Deposits” means the change in the daily closing Total Deposits Balance, calculated starting from the close of business on March 12, 2024, during the Promotion Period [March 13, 2024 to June 30, 2024].

In other words, the new HISA deposits also have to be new to Coast Capital and not just new to the HISA.

Can't have a $20,000 term deposit mature on March 14 to chequing account, pull $20,000 out to EQ Bank, push $20,000 into a Coast Capital HISA from another bank, and have the $20,000 HISA deposit qualify for the offer.

March 16, 2024
1:24 pm
RetirEd
Member
Members
Forum Posts: 996
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Doug and AltaRed: I think one can still phone in and then use Canada Post to set up a membership and account. It's slow.

RetirEd

March 16, 2024
1:27 pm
SaverJunior
Toronto
Member
Members
Forum Posts: 51
Member Since:
March 16, 2018
sp_UserOfflineSmall Offline

RetirEd said

How the heck can either of those New Deposits be negative? Does that mean the balance has decreased? Any other way to make sense of it?

Suppose you deposit $1000 new money, then withdraw $1100 later. i.e. overdraft. Negative balance receives no promo interest.

EDIT: Norman1 at post 23 has answered.

April 2, 2024
12:28 pm
c
Member
Members
Forum Posts: 12
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Has anyone received their bonus promotional interest for March?

April 2, 2024
2:47 pm
jorno319
Member
Members
Forum Posts: 16
Member Since:
June 20, 2023
sp_UserOfflineSmall Offline

c said
Has anyone received their bonus promotional interest for March?  

From the FAQs at https://www.coastcapitalsavings.com/campaigns/savings-accounts:

How and when will I be receiving the Bonus Interest and Regular Interest?

You will receive both Bonus Interest and Regular Interest in your HISA account at the end of each month. Bonus Interest may take 1-2 business days after the month ends to appear in your accounts due to processing time.

If you have multiple HISAs under your membership, you will earn Bonus Interest on New Deposits in each HISA and receive the interest payout in the account with the highest balance. For example, if you had a $2,000 HISA and a $1,000 HISA, both of which contained Eligible Deposits, Bonus Interest would be calculated on both accounts but the payout would be deposited, in its entirety, into the $2,000 HISA.

April 2, 2024
3:28 pm
c
Member
Members
Forum Posts: 12
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Thank you! The promo page just states that both regular and promo interest will be paid out at month's end.

No permission to create posts

Please write your comments in the forum.