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Newbie questions on transfer fees and introductory rate offers
November 4, 2020
8:55 am
topgun
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dentgal said
I would never (almost never) close down an account, thinking that perhaps one day the rate will entice me back and it's too much of a hassle to re-open an account. As long as there are no fees to keep the account open, I just keep $1 or less in the account.  

I would rarely close an account after spending the time opening. This year I saw a deal with a major Canadian bank. I took them up on the offer. I have not dealt with them in 3 years.

Have a Great Day

November 9, 2020
8:43 pm
ronjoh
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Just wondering. I've noted that some Credit Unions in Manitoba offer better Gic rates than most HIS banks on this website. Is there a reason why these Credit Unions are excluded from this website? Although they all have (bricks and mortar) branch offices they all offer online services. One thing I notice is that they don't publish their fees on the websites.
I was wondering if I'm missing something here?

November 9, 2020
8:51 pm
AltaRed
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There are a number of CUs on the GIC chart page. This site doesn't typically include those with provincial resident restrictions, or walk-in only services because this website is designed to appeal to most Canadians. It would be too frustrating for members to have to stick handle through all the restrictions.

Example: Interior Savings in the interior of BC is of no use to Albertans or Ontarians.

November 9, 2020
9:24 pm
Norman1
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Also, online banking being offered doesn't mean the financial institution offers online onboarding that does not require one to visit a branch.

AltaRed's example of Interior Savings CU shows that. Their membership page offers online signup.

Looks good initially. Get two pieces of ID and SIN. Complete online form. Wait for e-mail with link to documents to sign. Electronically sign the documents. But then, the final step: sf-frown

Stop by a Branch
Once you have electronically signed your new account documents, you can stop into any of our branches at your convenience to complete activation of your account.

While at the branch you will be asked to show two pieces of ID, deposit $5 into your shares account, and pick up your MemberCard.

November 10, 2020
1:49 pm
ronjoh
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AltaRed said
There are a number of CUs on the GIC chart page. This site doesn't typically include those with provincial resident restrictions, or walk-in only services  

Norman1 said

While at the branch you will be asked to show two pieces of ID, deposit $5 into your shares account, and pick up your MemberCard.

  

I haven't checked all the CUs in Manitoba of course, but the one I did check (Steinbach CU) does not have these restrictions. I do appreciate the heads up though and I'm still learning.

Best rate I've found is Bridgewater and with an AMA membership the HIS is 1.6%. They don't have online banking though and you need to call for information on account balances, etc. What do others feel about non online access to account information. The HIS rate is very tempting.

November 11, 2020
2:29 am
Loonie
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Steinbach has tiered rates. In other words, your HISA rate depends on how much money you have in your account. The comparison chart on this site can't accommodate that, so it's not there. You can, if you wish, join Steinbach remotely.

Other problems with Steinbach are that the interest is only paid annually at end of December, so there is no monthly compounding; there is no email notification of changes of rates; and they don't report how much interest you are earning each month or cumulatively, and, if you ask them, they seem surprised at the question and can't provide a reliable answer.

November 11, 2020
2:38 pm
Rick
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ronjoh said
Best rate I've found is Bridgewater and with an AMA membership the HIS is 1.6%. They don't have online banking though and you need to call for information on account balances, etc. What do others feel about non online access to account information. The HIS rate is very tempting.  

Searched their web site and I didn't see anything about a bonus. 05% bonus rate for AMA members. Where did you see that? Wonder if it's only for Alberta clients, or do BCAA members get the same offer?
They still don't seem to have an online presence that I could find. No place to log in?
That would be a deal breaker for me. Are you supposed to phone them every time you need to do a transaction or check your balance? Not too crazy about 1 withdrawal per month then $5 fee for each additional either. Don't think it's worth the extra 5 bux a year bonus interest on every 10K deposited. 2 withdrawals in one month would wipe that out.
Seems like a place to just park your savings and forget about them as opposed to a full service bank. Not a good choice for a rate chaser.
If rates are your main concern, I'd go with the current leader on the chart right now.... Canadian Tire. Of course, that may change in a heartbeat at any time.

November 11, 2020
6:52 pm
Loonie
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It may be listed as a bonus from the AMA side rather than Bridgewater side.
I doubt it would work for BC residents. Bridgewater is owned by AMA, not BCAA, so it might be a member-owner thing, sort of like CUs.
But I could be wrong!

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