La Capitale 3% Savings Account until January 31, 2020 | General comparisons | Discussion forum

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La Capitale 3% Savings Account until January 31, 2020
October 23, 2019
9:04 pm
LeBronBMT
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The 3.00% promotional interest rate applies to all new net deposits, up to a maximum of $100,000, made in an eligible La Capitale High-Interest Savings Account between October 17, 2019 and January 31, 2020 or in an eligible La Capitale High-Interest TFSA between October 17, 2019 and February 28, 2020. Interest rates are subject to change without notice. Other conditions apply. Get more info on the promotion and the other conditions

La Capitale Civil Service Insurer Inc. is registered with the Autorité des marchés financiers under the Deposit Insurance Act.

https://www.lacapitale.com/en/individuals/savings-retirement/high-interest-savings-account#

October 24, 2019
5:19 am
Good
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This account is available to individuals residing in Quebec only.

October 24, 2019
8:07 am
Doug
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Good said
This account is available to individuals residing in Quebec only.  

I don't see any indication of this. I didn't go past the initial non-customer create an account screen, but I distinctly recall other forum users on this forum from outside Quebec creating an account with Le Capitale, so don't think that's the case. The only concern I have vis-à-vis this 3% HISA promo is condition #2 that says "participating employers only," which, presumably, means that the payroll direct deposit condition that must be satisfied to fulfill the offer's requirements are limited to a pre-screened list and may be Quebec-based employers.

In short, I recall out of Quebec residents being able to open accounts with Le Capitale, just as non-Quebec residents can open Desjardins accounts if they select the "Quebec" region or Coast Capital Savings will accept non-B.C. residents if they select the "B.C." region of their website, but to qualify for this 3% promo offer, Quebec employment if not residency may be required.

Also, we need to consider the fact that in some further other cases, despite public T&C that say membership is limited to certain provincial residency requirements, financial institutions have notionally ignored their own stipulations and permitted non-province residency. Case in point is Omnia Direct, which welcomes GIC customers from outside of Ontario despite stating membership is limited to Ontario residents. In short, one often just needs to "go for it" and submit an application if it's a digital application, as @Shawguy did with Coast Capital Savings. I have a strong suspicion I could open many CU accounts with notionally Ontario-limited credit unions, despite their sayings to the contrary, if they have all-digital membership account opening systems.

Cheers,
Doug

P.S. As an aside, did anyone else notice Le Capitale's address is Jacques Parizeau St. in Quebec City? 😉

October 24, 2019
8:52 am
Bud
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Le Cap has offered Gic thru deposit broker. Because its an insurer theres no probate or something but its like a regular gic. insurer industry deposit insurance i believe. Their credit rating is good

GIC King

October 24, 2019
8:56 am
Loonie
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I have a vague recollection that some FIs are allowed to accept a small proportion of business from outside stated parameters, at their discretion. Perhaps someone can confirm or deny or remember more details.

But if it's pegged to employment, then it is less likely you can get around it. It's also possible that, if you need to speak to them on the phone, that you may have trouble getting a CSR who speaks fluent English, should you require one, assuming base in Quebec City. Clear communication is really important in banking, and often difficult even when you speak the same language!

Clearly though, such FIs are not going to want people from elsewhere who are only interested in the promo and plan to leave afterit ends. They may have a way of excluding them.

October 24, 2019
9:34 am
hwyc
GTA
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Good said
This account is available to individuals residing in Quebec only.  

. . . Good's right. Scroll down to Limitations at this La Capitale link

October 24, 2019
10:54 am
Bud
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Le cap has distributed outside Que before.
More FIs are accepting non-employees for gic ask, loans maybe not. If u have a distant connection sometimes they let it slide. Its not so much an official question

GIC King

November 3, 2019
4:27 pm
abclink
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They are not flexible on opening "bank" accounts for non Quebec residents. It may be that people outside Quebec have purchased GIC's via La Capitale's broker network, but that's altogether different from deposit accounts offered by the financial institution directly.

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