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Email this10:47 pm
August 9, 2014
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Loonie, I think there is a change hand in the management team of this credit union recently and they seems to become a lot more aggressive than they use to be while they don't seems to care about customer as much as they use to be. SO BE CAREFUL!
3:03 pm
January 30, 2009
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For my friends here who have decided to take advantage of this promotional offer, I have a word of advice. Log in to your account and check the interest rate posted on your account. If it does not say 3.25%, you are not earning the bonus. Regardless of whether you signed up through the promotional link, or talked to a representative, the funds must be in a special bonus account to receive the promotional offer. If you don't see that, contact DUCA.
4:19 pm
October 21, 2013
Online
Yes. The distinction seems to be between the "Earn More Savings Promotional Account", which is the 3.25% deal, and the "Earn More Savings Account", which is their regular higher-interest account.
If you apply online, the only option that you have is the latter. If you want the former, you have to go out of your way to contact them further, and then keep a watchful eye.
I expect a lot of people will have been misled in this way. I hope they can get their money retroactively.
Really poor planning, DUCA, especially since you put so much money into advertising this promo.
12:21 am
November 4, 2014
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I don't understand why they are paying 3.00% for 7 year rates but 3.25% for promotional savings account rates.
This makes no sense. The longer the term of any deposit locked in should give a higher rate. It seems to be a confusing situation.
6:01 pm
January 30, 2009
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Hi everyone,
Just a reminder that this is the last day of DUCA's promotional rates. So, as of tomorrow, you are earning 1.45%, rather than 3.25%. Have a read of the rules around account closure and moving funds (earlier in this thread).
11:02 pm
November 4, 2014
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James, another short term 3.00%+ savings account promotion is over. I remember when Duca Credit Union was paying back in 2007, 4.70% for 1 year GIC's up to 5.10% for 7 GIC's years for all plan types as well, RESP's, RRSP's, RRIF's, LIRA's, LRIF's but TFSA's still were not in existence yet.
Interest rates should go up but in the meantime, I know a few people that since September-2014, put their RESP money in Duca 3.00%, 7 year RESP GIC's because they have a difficult time finding RESP GIC's and if they do, they are usually paying 2.50% or less for 5 years.
Oaken Financial's 5 year GIC rates at 3.05% would be a good alternative for RESP money but they have no RESP GIC's available at their financial institution for clients.
A short term alternative is Meridian Credit Union's RESP savings account at 2.05% but that is not fixed like RESP GIC's.
Most other higher interest savings account rates usually from Manitoba credit unions except for a few TFSA savings accounts, 3.00% Peoples Trust and 3.00% CFF Bank are paying 2.00% to maybe a little higher at best.
They make annual contributions to their RESP's so if rates rise next year in 2015, they can get higher RESP GIC's than 3.00% at Duca Credit Union or maybe elsewhere on their new money invested only.
Take care and shop around as it pays to compare rates and terms.
5:01 pm
November 4, 2014
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Regarding RESP GIC's and how it is difficult to find them, Buduchnist Credit Union has RESP GIC's available. They are 16 months 2.00%, 30 months 2.40%, 41 months 2.50%, 55 months 2.60%, http://www.buduchnist.com/rates.
They are shorter terms with a little higher rates but are low compared to other higher paying GIC's in RRSP's, RRIF's, TFSA's, GIC's etc. like compared to Oaken Financial's 1 year 2.40%, 18 month 2.50%, 2.60% 2 year, 3 year 2.65%, 4 year 2.85%, 5 year 3.05%.
There are many paying higher or as good as these Oaken GIC rates but are still not RESP GIC eligible.
I know I got off topic but since Duca Credit Union's 3.25% rate promo coming to end came up yesterday, I just wanted to give an idea about how RESP's are not that eligible for higher interest savings accounts and highest paying GIC's.
Take care and hopefully this RESP dilemma will improve in 2015.
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