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DUCA 1.50% Promo
August 20, 2021
6:53 am
COIN
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Just heard that DUCA came out with a 1.50% HISA promo, good until January unless terminated earlier.

August 20, 2021
8:49 am
canadian.100
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COIN said
Just heard that DUCA came out with a 1.50% HISA promo, good until January unless terminated earlier.  

Is it advertised or targetted? Don't see it on their site.

August 20, 2021
9:42 am
COIN
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canadian.100 said

Is it advertised or targetted? Don't see it on their site.  

Now that you ask, it could be targeted. I got a personal phone call from one of their staff.

August 20, 2021
10:17 am
GR
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Apparently, the promo of 1.50% for the Earn More PARK Account is for existing and new members. The promo rate only applies to new money deposited. The promo rate ends January 31, 2022. Duca GICs maturing would not be considered as new money. If you log in to your existing Earn More PARK account, you should see the new rate already automatically showing (no begging and no targetting!). For some reason, this promo has not yet been fully communicated, nor is it on their website yet, but it is now in effect.
Thanks to COIN for the alert.

August 20, 2021
10:50 am
smayer97
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Thanks. I see the new rate in my existing account. Where did you get the info about the end date?

August 20, 2021
10:55 am
COIN
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Members should be ware of the usual caveat: "promo rate could be terminated early". They did that with the 2.50% rate in the past year or so.

August 20, 2021
11:49 am
smayer97
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It is kind of interesting how this one is being applied. Normally, in the past you had to open a new Earn More account and move money into the new account to qualify. This time, they seem to have simply applied it to an existing account, which is unusual for them.

August 20, 2021
11:53 am
smayer97
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COIN said
Just heard that DUCA came out with a 1.50% HISA promo, good until January unless terminated earlier.  

How did you discover it?

GR said
Apparently, the promo of 1.50% for the Earn More PARK Account is for existing and new members. The promo rate only applies to new money deposited. The promo rate ends January 31, 2022. Duca GICs maturing would not be considered as new money. If you log in to your existing Earn More PARK account, you should see the new rate already automatically showing (no begging and no targetting!). For some reason, this promo has not yet been fully communicated, nor is it on their website yet, but it is now in effect.
Thanks to COIN for the alert.  

How do you know the details?

Any info on limits?

August 20, 2021
12:31 pm
savemoresaveoften
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I can see 1.5% rate in my previous "earn more park" account. But that is the account that I can not do transfer into. Think need a rep to do it, so not a online self serve option to earn the 1.5%.

Also I cant remember if it was always 1.5% before, so it may be a stale rate that happens to be the same as the current promo. Never rec email or phone call re this promo either.

August 20, 2021
12:52 pm
Loonie
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DUCA made substantial updates to their computer system last summer, so this may account for a different sort of roll-out for this offer in terms of which account it gets deposited into and how it gets there. I don't think they've had a new promo for quite a while.

Last week, I actually phoned them and asked them to close all the superfluous accounts that they had created as it was very confusing. So, I no longer have an Earn More PARK Account, just an Earn More Savings Account. When I log in, there is no info about this offer, and I have not received an email or phone call.

Does anyone know if there is a deadline when the money has to be deposited or if it has to stay put for the duration of the offer? I could put in some now, more in September, and maybe more in November, for example, but would want to be able to withdraw some or all. Would that work?

Anyone who has their 3 year GIC promo from a while ago will want to be careful not to exceed deposit insurance limits, if you care about that.

August 20, 2021
1:54 pm
COIN
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smayer97 said

How did you discover it?
Someone from DUCA called me.

GR said
Apparently, the promo of 1.50% for the Earn More PARK Account is for existing and new members. The promo rate only applies to new money deposited. The promo rate ends January 31, 2022. Duca GICs maturing would not be considered as new money. If you log in to your existing Earn More PARK account, you should see the new rate already automatically showing (no begging and no targetting!). For some reason, this promo has not yet been fully communicated, nor is it on their website yet, but it is now in effect.
Thanks to COIN for the alert.  

How do you know the details?
The DUCA caller gave me the details.

Any info on limits?  

No minimum and no maximum.

August 20, 2021
1:56 pm
COIN
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"Does anyone know if there is a deadline when the money has to be deposited or if it has to stay put for the duration of the offer? I could put in some now, more in September, and maybe more in November, for example, but would want to be able to withdraw some or all. Would that work?"

The deadline is from now until January unless terminated earlier.

Very flexible. Deposit money when you have, withdraw money when you need.

August 20, 2021
2:47 pm
Loonie
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Thanks.

I don't think the offer will be withdrawn. They did that the last time (but not the time before), but it was clearly in response to falling rates. I don't foresee falling rates between now and end of January.
However, if I remember correctly, they didn't notify us when they lowered the rate, so we need to keep an eye on it.

August 20, 2021
6:46 pm
COIN
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Unlike Simplii and Tangerine, DUCA doesn't play silly little games. Same with Manulife Bank and other classy institutions.

August 20, 2021
7:14 pm
savemoresaveoften
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anyone able to move money into the "earn more park" account online themselves ? Last time I remembered I have to call in for a rep to do it for you.

August 21, 2021
4:49 am
canadian.100
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savemoresaveoften said
anyone able to move money into the "earn more park" account online themselves ? Last time I remembered I have to call in for a rep to do it for you.  

Correct! You need to phone the rep and they move your funds into the Earn More Park once it arrives in another of your (no interest/low interest) DUCA accts. Seems inefficient and waste of a rep's time but this is probably a "manual control" so they can limit the amount of money going into the Earn More Park @1.5%. Also, there is a time lag whereby DUCA is not paying you much interest until the funds ultimately get into the Earn Park from the low interest/no interest acct.
When you transfer the funds out, the same thing, the funds probably need to go via the no interest/low interest acct so you are not earning much if anything while the funds are in the DUCA low interest/no interest acct en route to your external account.

August 21, 2021
5:25 am
Loonie
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canadian.100 said

Correct! You need to phone the rep and they move your funds into the Earn More Park once it arrives in another of your (no interest/low interest) DUCA accts. Seems inefficient and waste of a rep's time but this is probably a "manual control" so they can limit the amount of money going into the Earn More Park @1.5%. Also, there is a time lag whereby DUCA is not paying you much interest until the funds ultimately get into the Earn Park from the low interest/no interest acct.
When you transfer the funds out, the same thing, the funds probably need to go via the no interest/low interest acct so you are not earning much if anything while the funds are in the DUCA low interest/no interest acct en route to your external account.  

DUCA has not, to my knowledge, limited the deposit in this or previous similar promotions, although I suppose they might if you went to deposit many hundreds of thousands of dollars - but why would you? What they will do, though, if necessary, is cut off the promo or reduce the rate. Ultimately, they want to convert your deposit into a longer investment, so it would be unwise to alienate you early unless really necessary to meet their budget.

I can't remember which account the money transferred out of in the past but the current rate on the Earn More (not Park) Savings account is 0.45%. It can be confusing to figure this out as they have too many accounts; another one pays only .05%. In an earlier promo they closed the Park account at the end of the promo and the money went into an accessible account automatically, but they didn't do it that way exactly the last time. I had hoped these cumbersome processes would have been eliminated with the new computer system. We may not know exactly how it works until someone transfers in some new money.

There is no time lag if you call them as soon as your deposit arrives at DUCA. The transfer to Park account is done immediately when you call, assuming you get through to them same day.

This, at least, is how it has worked in the past. I would expect it to be the same now.

August 21, 2021
6:50 am
canadian.100
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Loonie said

There is no time lag if you call them as soon as your deposit arrives at DUCA. The transfer to Park account is done immediately when you call, assuming you get through to them same day.

"as soon as your deposit arrives at DUCA" . That is fine if you sign in a few times every day or two or three to check if the funds have shown up in the .45 interest account or 0 interest chequing and then you make the phone call and you are lucky enough to get a rep without too much wait. It is definitely cumbersome and since DUCA just upgraded their systems, you would think this clunky procedure would have been upgraded. You are correct in that it is working exactly as in the past, no change.

August 21, 2021
7:57 am
Nehpets
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canadian.100 said

"as soon as your deposit arrives at DUCA" . That is fine if you sign in a few times every day or two or three to check if the funds have shown up in the .45 interest account or 0 interest chequing and then you make the phone call and you are lucky enough to get a rep without too much wait.  

In fact, funds are credited immediately on an incoming EFT pull, so there is no circumstance where one needs to check a few times a day.

Yes, there can be wait times of a few minutes during COVID to speak to a CSR, but transfers to PARK accounts are immediate and seamless with generally very pleasant and efficient service.

DUCA does have a $100,000. daily 24 hour incoming maximum for pull EFT's.

I give high marks to DUCA for integrity when offering a promo to hold the promo rate to term. They may cut the promo offering short once they receive the amount of money they require, but they cannot be faulted for that.

Stephen

August 21, 2021
8:34 am
canadian.100
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Nehpets said
In fact, funds are credited immediately on an incoming EFT pull, so there is no circumstance where one needs to check a few times a day.

Yes, there can be wait times of a few minutes during COVID to speak to a CSR, but transfers to PARK accounts are immediate and seamless with generally very pleasant and efficient service. Stephen

  
So you are saying that the minute after you do your pull transfer to say DUCA chequing, the rep will transfer to the Park acct - there is no waiting until the external transfer actually arrives in the DUCA chequing, or any hold, before DUCA will transfer into the Park 1.5% acct.

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