Alert: Concentra Rate Drop Jan 31 | Concentra Bank | Discussion forum

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Alert: Concentra Rate Drop Jan 31
January 30, 2020
10:10 am
Nehpets
Ontario
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The new Concentra promo that began January 29 ends on January 30, 2020.

Here is a screenshot of the rates effective January 31, 2020

concentra.JPG

Stephen

January 30, 2020
11:18 am
Doug
British Columbia, Canada
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Thanks, Stephen. If you have an existing application submitted, they will have to honour the existing rate. In short, if you haven't submitted it yet, get in today to qualify. 🙂

Nevertheless, these are just short-term gyrations in their promo GIC rates, likely because they've already exceeded their demand. They are mindful of the effect this has on their bottom line; their CEO is the former CEO of Coast Capital Savings who was, before that, the CFO of Coast Capital Savings.

Even with this rate drop, they are still the #2 and #3 on the GIC comparison chart, so they should be added to the chart forthwith. They've had 1-year GIC rates in line with or above the highest of the Manitoba CUs consistently since December 1st.

With Concentra, you are getting an A rated credit on your deposits; the Manitoba CUs can't even claim that rock-solid creditworthiness.

Cheers,
Doug

January 31, 2020
5:31 am
hwyc
GTA
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Thanks for the heads up, guys ... onboarded just in time

February 5, 2020
9:29 am
hwyc
GTA
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Looks like Concentra Bank GIC rates is not steady. Checked today and already not the same as last Friday.

1 year - 2.80%
18 months - 2.82%

Not sure I can keep up with their pace of change.
It also appears this website is meant for signing up *new* customer only.
So email/phone afterwards ... for subsequent new GICs? sf-confused

February 5, 2020
11:03 am
Doug
British Columbia, Canada
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hwyc said
Looks like Concentra Bank GIC rates is not steady. Checked today and already not the same as last Friday.

1 year - 2.80%
18 months - 2.82%

Not sure I can keep up with their pace of change.
It also appears this website is meant for signing up *new* customer only.
So email/phone afterwards? sf-confused  

If your application is submitted, they will honour the rate for you, but you can always phone and clarify.

Sidebar: For what it's worth, Concentra Bank has, unequivocally, the best customer service I've ever received from a virtual banking operation. Moreover, their online account onboarding and opening process was the slickest ever. Submitted application last Wednesday; processed within minutes; GIC opened the next day and funding request submitted; by Friday it was set up and funds were in the GIC. I received online banking access early Monday morning. No concerns whatsoever.

As the highest, or second-highest, GIC issuer, Peter, you need to speedily add them to the GIC chart, to the FI forums section (as Concentra Bank), and to the "profiles" page. Thanks! sf-cool

Cheers,
Doug

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