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DUCA 2% Promo (now 2.50% until December 31, 2022)
February 10, 2022
7:40 am
COIN
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"Good news for those currently in our Earn More Savings Promotion account and good news for those who would like to be. To help you earn even more in 2022, the deposit rate for this account is now increased to 2.00%! That rate is effective today, February 10, 2022, and is good through our recently extended offer date of July 31, 2022."

February 10, 2022
8:00 am
savemoresaveoften
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Thanks for the heads up ! My account still reads 1.5% rate. Will call in to confirm it will be updated or if they have to "Create a new account" for it.
Its so cumbersome that every new promo results in a "new account number" in my mind.

February 10, 2022
8:04 am
hwyc
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For those who would like to join now ... https://www.duca.com/earnmore

February 10, 2022
5:08 pm
anita555
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It is not clear to me what constitutes new money for this promotion. What is the effective date.
I had gic's maturing in Dec 2021, which I withdrew from Duca. Would the amount of these gic's that I withdrew from Duca disqualify me for this promotion

February 10, 2022
5:21 pm
Nehpets
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anita555 said
It is not clear to me what constitutes new money for this promotion. .......Would the amount of these gic's that I withdrew from Duca disqualify me for this promotion  

I believe it's probably pretty loose especially if funds were moved out of DUCA. If you have reservations, transfer the funds in divided amounts on separate days.

Stephen

February 10, 2022
5:43 pm
Norman1
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The fine print suggests one cannot transfer funds into the special account oneself to get the 2% rate:

… The Promotion account is not accessible at an ATM and cannot be used for bill payments, telephone banking, remote cheque deposits, or any type of e-transfer. At the end of the campaign, all funds in the Promotion account will automatically transfer into a regular (non-promotional) Earn More Savings Account.

For current DUCA Members: Only eligible deposits made in-branch or through Member Connect qualify for the Promotional Rate. Online transfers and transfers through the DUCA phone app are not possible as the Promotion account is only accessible to DUCA staff.

It looks like one would have to (1) bring cash or a non-DUCA cheque to a branch teller for deposit into the special account or (2) call DUCA Member Connect to do a special Me-to-Me transfer from an external account into the special account.

February 10, 2022
5:50 pm
Loonie
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anita555 said
It is not clear to me what constitutes new money for this promotion. What is the effective date.
I had gic's maturing in Dec 2021, which I withdrew from Duca. Would the amount of these gic's that I withdrew from Duca disqualify me for this promotion  

I think you are probably out of luck.
This promotion actually started last August, initially was to expire Jan 31 but has been extended to July 31, so the start date is probably last summer sometime.

https://www.highinterestsavings.ca/forum/duca-credit-union/duca-1-50-promo/

February 10, 2022
6:00 pm
Loonie
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Norman1 said
The fine print suggests one cannot transfer funds into the special account oneself to get the 2% rate:

… The Promotion account is not accessible at an ATM and cannot be used for bill payments, telephone banking, remote cheque deposits, or any type of e-transfer. At the end of the campaign, all funds in the Promotion account will automatically transfer into a regular (non-promotional) Earn More Savings Account.

For current DUCA Members: Only eligible deposits made in-branch or through Member Connect qualify for the Promotional Rate. Online transfers and transfers through the DUCA phone app are not possible as the Promotion account is only accessible to DUCA staff.

It looks like one would have to (1) bring cash or a non-DUCA cheque to a branch teller for deposit into the special account or (2) call DUCA Member Connect to do a special Me-to-Me transfer from an external account into the special account.  

The way it works is, you deposit the money into DUCA through any account other than Park account, either at branch or online. Then you must telephone Member Connect and they will manually transfer it to Park account. There is no escaping this second step.

You can transfer money out of Park account, but you must first transfer it to another DUCA account which is linked to external. I use the Earn More Savings (non-Park) account for this. You can do this online by yourself. Member Connect staff CANNOT transfer it out for you to another FI.

The multiplicity of accounts needed at DUCA is a pain, but the rate is good.

February 10, 2022
6:09 pm
Norman1
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DUCA may not do a net-new-money calculation.

One could ask them. If one had a $10,000 term deposit mature in December and withdrew the $10,000 plus interest back then, would a payroll direct deposit today for $1,000 into the chequing account qualify?

February 10, 2022
6:09 pm
for interest sake
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From the email I received today ...

It just keeps getting better!
Deposit rate increase: Earn even more even longer!

Good news for those currently in our Earn More Savings Promotion account and good news for those who would like to be. To help you earn even more in 2022, the deposit rate for this account is now increased to 2.00%! That rate is effective today, February 10, 2022, and is good through our recently extended offer date of July 31, 2022.
If you already have funds in this account...

You will have earned the original promotional rate of 1.50% from your date of deposit and, as of February 10, you will earn 2.00% until you either withdraw the funds or through July 31, 2022 -- whichever is earlier. No need to do anything else but sit back and enjoy the rate increase!*

You are always welcome to add more funds to your promotional account. Just contact us according to the instructions below and we'll be happy to assist.

*The new rate of 2.00% is not retroactive to the original date of deposit.
__________________

And if you haven't taken advantage of this offer yet...

If the initial opportunity passed you by, now's your chance to earn an even higher deposit interest rate well into the summer!

This is a competitive rate in a world where other traditional savings rates are down so take advantage of this offer and reach out to us today! The sooner you're in, the more you'll earn.

Deposit funds must be new to DUCA and are not eligible for transfer from another DUCA account
No minimum balance or minimum deposit
Unlimited deposits & withdrawals
No withdrawal restrictions
No monthly fees
Daily interest paid monthly
Non-registered account
Interest earned is taxable
When the promotional period ends as of July 31, 2022, funds will automatically roll over into our standard Earn More Savings Account

To ensure your deposit goes in to the correct Earn More Savings Promotion account, visit a branch or call Member Connect at 1.866.900.3822.

February 10, 2022
6:12 pm
COIN
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Ok, I confess I'm confused.

It is my understanding that the existing funds in the 1.50% Park account start earning 2% on February 10th and any new funds added on and after February 10th also earn 2%.

February 10, 2022
6:54 pm
for interest sake
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Any new money qualifies. As long as money currently in DUCA leaves DUCA completely, even for just a day or two before being brought back in, it will be considered new money. If it is in a DUCA account other than an existing promotional 'Park' account, you would have to move that money out of DUCA, then move it back in, and then phone to have it moved into the promotional 'Park' account. (Customers are able to move money out of the Park account, but are unable to move it into the Park account.)

February 10, 2022
8:41 pm
allanp
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Interesting. It does say in the legals “Money already on deposit at DUCA in the form of a term deposit, savings/chequing account, or other investment is not an eligible deposit.” However, I just checked my DUCA login, and even though I already had funds with DUCA, my account details is showing a current interest rate of 2.00%. And I have not received any emails.

February 10, 2022
10:15 pm
Loonie
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for interest sake said
As long as money currently in DUCA leaves DUCA completely, even for just a day or two before being brought back in, it will be considered new money. If it is in a DUCA account other than an existing promotional 'Park' account, you would have to move that money out of DUCA, then move it back in, and then phone to have it moved into the promotional 'Park' account.   

I don't find anything in DUCA's communication or website that supports what you have said. However, there is no crystal clear definition of "new" either.
Can you tell us why you believe this manoeuvre is possible?

I have about $50 in Earn More Save not-Park from before the promo that I could experiment with. They definitely wouldn't let me put it directly into Park in the Fall.

February 10, 2022
10:45 pm
Norman1
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allanp said
Interesting. It does say in the legals “Money already on deposit at DUCA in the form of a term deposit, savings/chequing account, or other investment is not an eligible deposit.” However, I just checked my DUCA login, and even though I already had funds with DUCA, my account details is showing a current interest rate of 2.00%. And I have not received any emails.

Every member qualifies and can open a special promotional Earn More Savings Account that was paying 1½% and now 2%.

The question is what funds can one move into that promotional account to now earn the special 2% rate?

Loonie said


I have about $50 in Earn More Save not-Park from before the promo that I could experiment with. They definitely wouldn't let me put it directly into Park in the Fall.

It sounds like when DUCA is asked to move funds into a promotional account from another DUCA account, the agent looks to see if the funds are actually new. So, $50 sitting in another DUCA account for months now would not be considered "new" to DUCA. However, $50 in the same DUCA account that was Me-to-Me transferred in a few days ago may be considered "new" to DUCA.

February 10, 2022
11:32 pm
Loonie
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Right. The question remains about what "for interest sake" claims.

February 11, 2022
5:39 am
savemoresaveoften
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They dont have an official "screen print" of ur existing balance when they introduce a promo that is applicable for new money only. As long as the money is from "outside", it qualifies.
Since they are "generous" and not a miser like Tangerine / Simplii etc, lets not abuse it (as in transfer out and then back in immediately.)

February 11, 2022
7:23 am
Bobbyjet11
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This excerpt from my email sounds pretty straightforward to me:
"Good news for those currently in our Earn More Savings Promotion account and good news for those who would like to be. To help you earn even more in 2022, the deposit rate for this account is now increased to 2.00%! That rate is effective today, February 10, 2022, and is good through our recently extended offer date of July 31, 2022."

February 11, 2022
8:00 am
Iminterested
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I was enrolled in this promo last year. I withdrew most of my money from this account to another FI in December 2021. I just called today and was able to transfer money back into the now 2% park promo from an external account with no difficulties. Earning 2% until July 31, 2022.sf-laugh

February 11, 2022
8:42 am
Loonie
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Iminterested said
I was enrolled in this promo last year. I withdrew most of my money from this account to another FI in December 2021. I just called today and was able to transfer money back into the now 2% park promo from an external account with no difficulties. Earning 2% until July 31, 2022.sf-laugh  

This doesn't prove the point as you have described it.
We do understand that one can move money in and out as long as it was "new" money in the first place. I have done that myself.

The important question is, how much money did you have at DUCA before the promo began. Can you clarify?

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