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EMPA 2.75% No End Date
June 3, 2022
6:25 am
Nehpets
Ontario
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Email this morning:

Earn More Savings Promotion account just increased to 2.75%. To top it off, we've removed the end date (previously December 31, 2022) on this offer until further notice!

Stephen

June 3, 2022
6:36 am
mecassa
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Nehpets said
Email this morning:

Earn More Savings Promotion account just increased to 2.75%. To top it off, we've removed the end date (previously December 31, 2022) on this offer until further notice!

Stephen  

Nice to see...

thanks Stephen

June 3, 2022
8:48 am
julio
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Phone call to branch: starts next week; only on new money; my 2.50% - too bad. If anybody's branch has a different position, let us, please, know.

June 3, 2022
9:12 am
Loonie
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I think that the new rate will apply to whatever is in your Park account and whatever new money you add to it.

June 3, 2022
9:38 am
agit
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julio said
Phone call to branch: starts next week; only on new money; my 2.50% - too bad. If anybody's branch has a different position, let us, please, know.  

Quote from DUCA email

If you already have funds in this account …

No need to do anything but sit back and enjoy the rate increase!

• As of today, June 3, 2022 all deposits in the Earn More Promotional Account, as well as any new deposits made to the Promotional Account, earn 2.75%

June 3, 2022
9:53 am
swcrawl
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Yup. New rate starts today and applies to existing money.

I like that DUCA doesn’t play as many “games” as the other banks (Tangerine!).

June 3, 2022
10:03 am
JohnnyCash
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With the new 2.75% rate having no end date, does that mean DUCA gets added to the HISA Comparison chart? Unfortunately, it's of no benefit to me as I'm not a resident of Ontario. Never understood why DUCA doesn't accept residents from outside of Ontario when Meridian as another credit union does.

June 3, 2022
12:50 pm
COIN
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Does money from an existing DUCA GIC maturing to-day qualify as "NEW" money. I heard two answers: one was no, the other was yes. They can't both be right.

June 3, 2022
2:12 pm
savemoresaveoften
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COIN said
Does money from an existing DUCA GIC maturing to-day qualify as "NEW" money. I heard two answers: one was no, the other was yes. They can't both be right.  

Its a NO if you want to move it to EMPA immediately.
However if you move it out of DUCA, wait a bit and move it back in and call them to dump into EMPA, it works. Just dont abuse it and kill it for all 🙂

June 3, 2022
2:12 pm
julio
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Update to my post N.3: I visited the branch, the branch manager call higher up. As all of you already wrote, the new rate of 2.75% is being automatically applied to existing amounts, and the new interest begins accumulating as of today.

June 3, 2022
3:14 pm
rpotter28
Kingston, ON
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Nehpets said
Email this morning:

Earn More Savings Promotion account just increased to 2.75%. To top it off, we've removed the end date (previously December 31, 2022) on this offer until further notice!

Stephen  

From the fine print.. "Rate subject to change or end date reinstated without notice". We all know a HISA rate might change, but saying we have removed the end date, and then saying "hey we might reinstate it without notice" makes me feel like not wasting my time with them. My 2 cents

June 3, 2022
4:07 pm
JohnnyCash
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rpotter28 said

From the fine print.. "Rate subject to change or end date reinstated without notice". We all know a HISA rate might change, but saying we have removed the end date, and then saying "hey we might reinstate it without notice" makes me feel like not wasting my time with them. My 2 cents  

All non-promo HISA are subject to rate changes, worse many of them do not provide any notice. If you follow this forum you will likely know right away, or soon thereafter and may decide to move your funds elsewhere. Targeted promo's are nice as you're on a fixed rate of interest for the duration of the term, that's if you're targeted. Alternatively, there's always GIC's with locked-in terms.

June 3, 2022
5:17 pm
Loonie
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All our cash has been with DUCA since this promo began last Fall with the exception of the duration of the Tandia HISA at 3% which was simply too good to pass up when it came out in December. They have done a pretty good job of keeping up with rates. It would take at least an extra 50 bps with at least six months duration to get me to move elsewhere.
I am so pleased that I haven't had to go through the hassle of opening accounts at a new FI yet this year.

June 3, 2022
5:24 pm
savemoresaveoften
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Think some are over reading the meaning behind making it an open ended offer. In a rate rising requirement, the end date for a 2.8% rate is kind of redundant anyway. To me Duca is demonstrating they are not playing the same game Tangerine and Simplii are.

June 3, 2022
5:55 pm
smayer97
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savemoresaveoften said

Its a NO if you want to move it to EMPA immediately.
However if you move it out of DUCA, wait a bit and move it back in and call them to dump into EMPA, it works. Just don't abuse it and kill it for all 🙂  

NO NEED to do this. The new rate applies to ALL money in the account, New AND old.

Duca does not play the same games as other FIs (so far).

June 3, 2022
8:31 pm
savemoresaveoften
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smayer97 said

NO NEED to do this. The new rate applies to ALL money in the account, New AND old.

Duca does not play the same games as other FIs (so far).  

Old refers to money already in the EMPA account only. Any existing GIC maturing are neither old nor new. If you call in and ask them to put the $ from a maturing GIC into EMPA, official response will be ‘sorry, only new funds from another FI qualifies” However it works if you transfer it out first, and then bring it back in. Since their promotion is not based on a snapshot on a specific date like Tang/Simplii, they will transfer your ‘newly deposited funds’ into EMPA for you. That is what COIN was asking and exactly what I did couple of months ago.

June 3, 2022
9:24 pm
smayer97
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savemoresaveoften said

Old refers to money already in the EMPA account only. Any existing GIC maturing are neither old nor new. If you call in and ask them to put the $ from a maturing GIC into EMPA, official response will be ‘sorry, only new funds from another FI qualifies” However it works if you transfer it out first, and then bring it back in. Since their promotion is not based on a snapshot on a specific date like Tang/Simplii, they will transfer your ‘newly deposited funds’ into EMPA for you. That is what COIN was asking and exactly what I did couple of months ago.  

Thanks for clarifying what the intention was...but could maybe it is because the GIC needs to be put into the regular account first? Then the $ can be transferred into the EMPA, no?

Your reply sort of implies this was already tried (after all, where else would the maturing GIC go), but it is not stated. Please confirm. And if this is the case, seems rather odd, since DUCA is not requiring $ already in the EMPA to be moved out and back in to qualify for the new rate. Something seems inconsistent.

June 3, 2022
11:32 pm
Loonie
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It's not inconsistent. The old promo is just continuing on with slightly different numbers - higher rate, no defined termination. The same thing happened the two previous times that they raised the rate in this promo. It's the same promo, so no need to move money that is in the promo already.

And, no, you can't just move maturing GIC to Savings and then to Park. It has to leave DUCA first because the promo is only for new money. SMSO is correct.

June 4, 2022
12:31 am
smayer97
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Loonie said
It's not inconsistent. The old promo is just continuing on with slightly different numbers - higher rate, no defined termination. The same thing happened the two previous times that they raised the rate in this promo. It's the same promo, so no need to move money that is in the promo already.

And, no, you can't just move maturing GIC to Savings and then to Park. It has to leave DUCA first because the promo is only for new money. SMSO is correct.  

You missed the point that I am making. First, the promo is NOT just for NEW money... it applies to EXISTING money, at least that which exists in the EMPA. That is the part that I am saying is inconsistent, since money in the EMPA qualifies but based on what you are saying, GIC money with DUCA does not.

June 4, 2022
1:21 am
Loonie
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You are making the assumption that this is a new promo. It's not. It's an old (existing) promo in new clothes. All the money that is in a promo (Park) account was "new" to DUCA starting from beginning of promo last Fall. That's how it's defined and that's the only money that you can get into that account.

"New" means it comes to DUCA from another FI, therefore a DUCA GIC cannot qualify unless it first goes to another FI. This is a workaround. Money coming into the Park account must come from another FI; that is very consistent.

The original T&C, when this promo started, said, "Eligible deposits must be new money. Money already on deposit at DUCA in the form of a term deposit, savings/chequing account, or other investment is not an eligible deposit." This is still true. A term deposit (GIC) is not eligible, but if it goes away from DUCA and sojourns in another FI, then a deposit of a similar amount may come back and will be perceived by DUCA as new money; it doesn't have to provide a flight path. Who's to say if it is exactly the same money? You may have used the GIC money for something and then brought in some other money instead from another source.

I do understand you but i think you are confused about the promo's definition of "new". I don't think I can explain it any more clearly.
You can consider it inconsistent if you want, but i think the main thing is to understand how it works.

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