DUCA 2% Promo (now 2.50% until December 31, 2022) | Page 2 | DUCA Credit Union | Discussion forum

Bobbyjet11 said
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."  

Not straightforward to me as it says nothing about getting money into that account.

Loonie said

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?  

If you already had money in the DUCA Park account, where it was receiving 1.5% interest, it qualifies for the new 2% promo. ANY amount of money which was already in a different DUCA account (other than Park) or a DUCA term deposit at the time of the current promo offering, doesn't. BUT, if you move that money out and back in, it will.

Thanks for all the comments about my initial question.
I went ahead and started process of transferring funds to duca, with success.

There are enuf data points (including myself) that confirm as long as the rep u talk to see the money is freshly transferred in, he/she will move it to the promo acct for you for 2% rate. Also confirmed the existing promo acct has the rate updated from 1.5 to 2% this mrng as well, and that’s where your new money will be moved into by the rep.

whynot said
The Hamilton Only Branch is extending the 2 % offer until Sept. 30th 2022. It is a new branch promotion.  

Hard to imagine one branch having authority to extend a promo on its own, wouldn't you agree?

Stephen

I just called the Burlington Duca location, and they have the 2% until the end of July, so yes, it is a new branch promotion.

Loonie said
July is a long way off and rates in general are still rising, so it wouldn't be a huge surprise if the rate went beyond July more generally at some point.
It's only an extra couple of months.  

If the mortgage business keeps up, then they can continue to pay the 2%. Actually I was surprised that Tandia did not even offer say 1.5% to retain the funds. Seems to me 3% was overkill. Anyways we are not familiar with Tandia’s strategy (assuming they do have one.)
I find that credit unions march to their own beat.

DUCA probably can't afford to offer premium GIC rates as well as the high HISA rate that they are currently offering. When that ends, I would look for better GIC rates.

Loonie said
DUCA probably can't afford to offer premium GIC rates as well as the high HISA rate that they are currently offering. When that ends, I would look for better GIC rates.  

As a member who uses DUCA as his main banking institution, this is probably the case. DUCA does have an aggressive expansion strategy with new branches and what not but we still have to remain profitable. I'm sure that once the BoC starts raising rates on the normal we'll see better GIC rates.