Winter Promo: 3% on Savings Accounts Feb 3 to May 30, 2020 (extended to June 30, 2020) on new money | Page 5 | DUCA Credit Union | Discussion forum

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Winter Promo: 3% on Savings Accounts Feb 3 to May 30, 2020 (extended to June 30, 2020) on new money
June 22, 2020
3:44 pm
Londonguy
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Loonie said
If liquidity is your issue, you might look at some of the Escalator rates. they normally are a bit lower than regular non-redeemables, especially in the first year or two, but can be cashed on any anniversary date without penalty.

I'm not sure which FIs are marketing them at the moment or how low they have fallen.  

Your idea sounded intriguing so I had a quick look

To set the lowball benchmark, a BigBank 3-year cashable escalator (CIBC) is currently 0.75+0.90+1.00

So I had a quick look at Meridian for comparison -- their cashable 3-year is 1.30+1.80+2.30, but that's only for registered money

So I think I'm better off hopping around amongst the remaining 2.00% HISAs and crossing my fingers that at least one of them holds the line for a while

June 22, 2020
4:02 pm
cruzinalong
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I prefer developing liquidity with HISA. I am happy collecting 1.75%. It is better than 1.2% that a friend will get at Tangerine for 6 month term deposit tomorrow. .55% more is not going to affect me.

June 23, 2020
4:49 am
Loonie
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Londonguy, Meridian still has the "Raise the Roof" GIC, which has a 3 yr rate at 1.8 or a five year at 2.0, with the proviso that you can ask for a rate upgrade if one should appear in the regular Meridian rates. Not sure how often you can do it, maybe only once.

It's easy to forget this rate exists, as they don't promote it any more, but worth keeping on the back burner.

Certainly not great rates, but better than 1.3 etc.
https://www.meridiancu.ca/Personal/Investing/Products-and-Account-Types/Raise-the-Rate-GIC.aspx

June 23, 2020
4:51 am
mustang
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Sounds like my situation pretty much a mirror image of londonguy
I became aware-- pretty much by accident in a conversation with agent-- that Duca was offering a 12 month 2.75% term deposit, that the 3.00% HISA could be moved into. I did take some advantage of that, and was intending to move more-- but, quick as a bunny, it was gone.
Also, was made aware of the 12 month 2.5% HISA, but-- at that moment-- was only for "new" money--i.e., not the 3.00% account
I never even became aware of the option to move it to the 2.5% account, until after the offer closed-- sounds like it was in play for about 24 hours
So, now in the process of moving the money over to the Manulife promo, which will do me until October
After that--????
Can hope for some promo-- but I certainly do not expect it

June 29, 2020
10:59 am
GreatWhiteNorth
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Anything new going on here as this offer expires?

June 29, 2020
12:21 pm
Londonguy
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GreatWhiteNorth said
Anything new going on here as this offer expires?  

Just this -- https://www.highinterestsavings.ca/forum/duca-credit-union/duca-2-5-hisa-promo-2020-04-02/#p53319

June 30, 2020
12:33 pm
GreatWhiteNorth
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Londonguy said

Just this -- https://www.highinterestsavings.ca/forum/duca-credit-union/duca-2-5-hisa-promo-2020-04-02/#p53319  

? - looks like it's an expired offer for 2.5%?

July 1, 2020
9:30 am
Londonguy
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GreatWhiteNorth said

? - looks like it's an expired offer for 2.5%?  

Well, that's effectively what it is now... an inactive sub-account I can't access.

Since I wasn't the one who opened that sub-account, I asked what it was way back at the time while I was calling in about something else. IIRC the rep said anybody with a winter promo account had one of those sub-accounts automatically opened up as well, but they had no other details.

I only found out recently from DUCA that the 2.50% sub-account may appear in your profile, but it needed to be activated by swapping funds out of your 3% promo in favour of the longer term deal at the lower rate. As it happened, DUCA quickly put a lid on the offer once it filled up (supposedly for only $2 million). So that extension offer was long gone before I even knew about it, and it's no longer accessible even though the 2.50% sub-account still populates when I log in.

Or so I've been informed by DUCA over the phone. If anyone knows differently, please pipe up.

July 1, 2020
1:33 pm
smayer97
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Londonguy said

Well, that's effectively what it is now... an inactive sub-account I can't access.

Since I wasn't the one who opened that sub-account, I asked what it was way back at the time while I was calling in about something else. IIRC the rep said anybody with a winter promo account had one of those sub-accounts automatically opened up as well, but they had no other details.

I only found out recently from DUCA that the 2.50% sub-account may appear in your profile, but it needed to be activated by swapping funds out of your 3% promo in favour of the longer term deal at the lower rate. As it happened, DUCA quickly put a lid on the offer once it filled up (supposedly for only $2 million). So that extension offer was long gone before I even knew about it, and it's no longer accessible even though the 2.50% sub-account still populates when I log in.

Or so I've been informed by DUCA over the phone. If anyone knows differently, please pipe up.  

You have it pretty much correct. There were actually 2 possibilities with this 2.5% promo acct. At first, the promo was only for new money while they also had a promo for a 1 yr 2.75% GIC available only to those with a 3% Winter promo acct.

After feedback from customers who really wanted liquidity, the GIC offer was then quickly replaced with expanding the 2.5% promo acct for 1 year to allow 3% Winter Promo acct holders to transfer into. But that only lasted for about 2-3 days, after which that promo was quickly closed (I transferred just in time in that narrow window).

So now, DUCA has no available promos, and like all their promos I have dealt with so far, once they close a promo, no more $ can be added even if you have the promo acct in your profile, with or without $ already in it.

July 2, 2020
7:12 am
savemoresaveoften
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I logged in this morning and they already closed and removed the winter promo account completely. Funds are now in the Earn more savings account.
The only problem is I cant tell how much interest they actually paid me since it is just a lump sum that shows up July 1 on the savings account.

July 2, 2020
1:38 pm
Nehpets
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savemoresaveoften said
I logged in this morning and they already closed and removed the winter promo account completely. Funds are now in the Earn more savings account.
......  

Checked my acct on reading your post and the funds that were formerly in the Winter Promo are held in a Promo Park Account that shows the interest rate as 2.5%.

Stephen

July 2, 2020
2:58 pm
savemoresaveoften
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Nehpets said

Checked my acct on reading your post and the funds that were formerly in the Winter Promo are held in a Promo Park Account that shows the interest rate as 2.5%.

Stephen  

did u requested it or they just did it for u ?

July 2, 2020
3:10 pm
Londonguy
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Nehpets said

Checked my acct on reading your post and the funds that were formerly in the Winter Promo are held in a Promo Park Account that shows the interest rate as 2.5%.

Stephen  

I believe you, Stephen, but I'd like to know how. My own account profile status today is exactly the same as described by savemoresaveoften, including not being able to see my Park Account history showing the June interest credit (although I can easily calculate what it was based on my current balances).

Were you one of the people who switched your Winter Promo funds into one of the follow-up programs, so now your Park Account is just continuing on under the 2.50% program until it expires? Or have you been getting 3.00% all this time until 6/30, and now somehow you're getting 2.50% going forward?

July 2, 2020
5:59 pm
Nehpets
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Londonguy said .............Were you one of the people who switched your Winter Promo funds into one of the follow-up programs, so now your Park Account is just continuing on under the 2.50% program until it expires? ......  

savemoresaveoften said did u requested it or they just did it for u ? 

I converted the 3% promo that would have ended June 30 to the very short retention offer that guaranteed the 2.5% rate until 31 Mar 2021.

DUCA created the Park account and moved the funds into that account, which, as you know, cannot receive any additional funds.

Stephen

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