National Bank 2.75% on new deposits between Oct 1 and Dec 30, 2019 | General comparisons | Discussion forum

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National Bank 2.75% on new deposits between Oct 1 and Dec 30, 2019
October 2, 2019
7:03 am
hwyc
GTA
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Looks like the promotional rate is offered again on *new money* between Oct 1 and Dec 30, 2019 ... https://www.nbc.ca/personal/savings-investments/accounts/high-interest.html

7. The 2.75% promotional rate is offered until December 30, 2019. This rate is offered to anyone who has or opens a National Bank High Interest Savings Account during the promotion period and makes deposits. The promotional rate applies up to a maximum of $999,999.00 in deposits. The funds deposited cannot originate from a National Bank savings, investment or registered account. The 2.75% promotional rate is the variable annual rate (currently 1%) plus an additional 1.75%. After December 30, 2019, the rate will be the variable annual rate in effect. Interest is calculated at the end of each day on net deposits and credited to the account monthly. Net deposits are the difference between the total deposits and total withdrawals. For clients who already have a National Bank High Interest Savings Account at the start of the promotion, the promotional rate will only apply to amounts deposited after October 1, 2019. Amounts deposited to the account before the start of the promotion period will continue to earn interest at the variable annual rate. Interest is calculated at the end of each day on net deposits. The applicable rate depends on the date that the deposits were made. For example, the account balance was $5,000 when the promotion period started. The client then deposited $5,000 and withdrew $2,000. The first $5,000 would earn interest at 1% and the remaining $3,000 would earn interest at 2.75%. After December 30, 2019, the interest rate on the whole account balance will be the variable annual rate in effect. National Bank reserves the right to end this promotion at any time and rates may change without notice. Clients can benefit from this promotion on only one National Bank High Interest Savings Account.

Previous promo expired September 5.

October 3, 2019
4:57 am
Good
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No good because of fees You are allowed one then 5.00. Keep it.

Free transfers

1 withdrawal/month

Transactions2
Online, mobile and telephone banking transactions

Transfers between your National Bank accounts2 free of charge
Transfers to other National Bank clients2: $5/transfer
Interac e-Transfers®: $5/transfer plus a transfer fee of $1/transfer
Bill payments2: $5/payment
Account inquiries: balances, transaction history, etc.
eStatements
In stores and at the ABM

Debit card purchases3: $5/transaction
Withdrawals and withdrawals for bill payment3: $5/transaction
List of transactions3:
$0.75/request
$1/month

October 22, 2019
9:56 am
pebbles
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Anyone has any experience with them? Online application for a new account looks easy.

October 22, 2019
5:03 pm
gicjunkie
Ontario
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I do not understand why anyone would be interested in going through the effort of applying for one of these accounts and transferring funds over, for only a 2 month period, only to have the rate revert back to a 1% rate, well below the offerings of numerous other institutions.

October 22, 2019
6:29 pm
Bud
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gicjunkie said
I do not understand why anyone would be interested in going through the effort of applying for one of these accounts and transferring funds over, for only a 2 month period, only to have the rate revert back to a 1% rate, well below the offerings of numerous other institutions.  

Larger investors after they've diversified looking for a secure decent rate till they find a better return for their funds.

October 22, 2019
7:57 pm
gicjunkie
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Bud said

Larger investors after they've diversified looking for a secure decent rate till they find a better return for their funds.  

Sorry, but the after tax benefit on a very large investment for only 2 months doesn't seem worth the effort of opening a new account to me. You may not ultimately find a better secure rate in these declining market conditions after the 2 months and just end up moving the deposit again anyway to one of the institutions mentioned in the HISA Chart listings. And then you either close the new account or add it to your growing collection of dormant ones.

October 22, 2019
10:10 pm
Loonie
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. . . and then there are early closing fees (less than 91 days usually), dormancy fees for not using the account, and loss of interest while money is being moved around, as further considerations.

I wouldn't bother with it either.
My analysis of my transactions for last year showed that I would have been better off in most cases to have moved money less frequently, even if getting a somewhat lower rate. This was not the result I expected, but it has made me think twice going forward.

It's also less work to stay put and decreases stress. I call it the ROTI factor. No, it's not a spicy wrapsf-wink; it's "Return on Time Invested".
If I were an economist, I would have quantified this and squeezed it into a value equation. But I'm not. So I'll just leave it as a subjective caution to throw into the decision-making stew.

October 23, 2019
8:23 am
Bud
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Loon.,
Typically Gic matures pic up draft from bank reinvest in another same day no time loss,or, the extra yield on a new term usually makes up for loss of interest while in transit

October 23, 2019
10:06 am
Selkirk
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gicjunkie said

I do not understand why anyone would be interested in going through the effort of applying for one of these accounts and transferring funds over, for only a 2 month period, only to have the rate revert back to a 1% rate, well below the offerings of numerous other institutions.  

Ditto ⬆

Some people go Absolutely Nuts about this stuff (short term 'bate' offerings).

Go Figure sf-confused

October 24, 2019
7:38 am
Loonie
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Bud said
Loon.,
Typically Gic matures pic up draft from bank reinvest in another same day no time loss,or, the extra yield on a new term usually makes up for loss of interest while in transit  

It doesn't always work out this way for various reasons.
Who wants to run around chasing down bank drafts all over the country and running them over to another FI every couple of months? Not me.

Best is to have everything, or as much as possible, linked through a hub with generous number of links allowed. But it's still a nuisance if you have to do it too often, and you will lose interest on pulls. And every time you open another bank account, you have to set it up all over again.
I find I have enough to do without chasing deals of such limited duration. But if that's what you want to do, by all means...

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