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1Q Bank by Korea Exchange Bank
January 29, 2015
9:18 pm
Jon
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Seems like KEB is about to make a splash on the market with their virtual banking branch, which according to my understanding, can also use the service in their branch. Their saving rate is not very attractive (1.3%) and their chequeing account are only standard (free unlimited transaction, no maintenance fee, relatively cheap cheque order of $8.99 per 100 cheques, link to maximum 2 account and minimum 1 account, appears to have no minimum balance requirement along with mobile banking apps that allow cheque deposit by taking picture). However, they seems to offer Installment Savings Deposit with relatively good rate (here) and you can get a bonus of 0.1% if you reach your goal on saving amount or deposit counts.

In addition, they also offer mortgages and LOC along with a fee free re-loadable prepay card call "1Q INSTA" that allow unlimited bill payment, unlimited withdraw (The exchange), unlimited debit, unlimited reload from linked bank account or another card user and it seems to be able to "transfer money to any account" (someone need to clarify and ask them what it exactly means here). Perfect for parents/employer if they want to tracking their child/employee spending.

Currently, they are now running referral promotion for prepay card (here) and sign up bonus (10 bucks as long as you get the card, or the first 100 customer for every week in the promotion period) for the prepay card and installment deposit.

link here

January 29, 2015
11:08 pm
Loonie
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Thanks, Jon.

It's interesting how they have chosen a colour which is almost the same as tangerine, with a white background, and a slogan ("Save the money...") which is reminiscent of ING's "save your money". I wonder who they are trying to compete with?sf-wink

Note that interest on the 1Q Dream FID account, which appears to be a kind of goal-defined savings account, is paid at the end date, up to 3 years, which is not ideal for taxable accounts. This is a very strange kind of account, and hard to get a handle on.

I find some of their language very confusing, and, honestly, I don't really know what the product is that they are promoting. It appears that you MUST use a smartphone, but I am not sure.

January 30, 2015
9:01 am
Jon
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Loonie said

Note that interest on the 1Q Dream FID account, which appears to be a kind of goal-defined savings account, is paid at the end date, up to 3 years, which is not ideal for taxable accounts. This is a very strange kind of account, and hard to get a handle on.

I find some of their language very confusing, and, honestly, I don't really know what the product is that they are promoting. It appears that you MUST use a smartphone, but I am not sure.

I think the FID account interest ate taxed just like other account, aka, taxed annually, not at maturity. I will be interested at this consider is interest is much higher than normal GIC with the same term. However, I agree this is not for everyone as it imply you need to have decent cash flow in the future.

They have online banking, with PC and web browser, the smartphone part are only mandatory for the prepay card while I find their wording improve greatly compare with what their mother company have on their website.

Good call BTW, it seems they are mimicking Tan, but I found the color scheme is very incoherent as they use bluish theme for the rest of the website, but tan like logo for the description of products.

January 30, 2015
3:14 pm
Loonie
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Yes, I agree, you would have to declare the income annually, but you would't get paid to the end. From what I have read, this is generally not recommended as a personal finance strategy because you have to pay tax out of money you have not yet received. If rates were higher principal larger, this could pose quite a burden, but minimal in this circumstance.

I agree, it's better than their other website, which is just about unintelligible!

It would be good to hear from someone who actually tries to utilize the offer, and hear what their experience is.

January 30, 2015
4:00 pm
james1900
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I guess a person with Korea background might understand their language easily.

February 10, 2015
11:08 am
NessieVan
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I personally think the products offered at 1Q are reasonable. I had a chance to download the app through my iPhone, and it's actually far appealing than the other banking apps out there. On top, the functionality is straight-forward and easy. My only complaint might be it takes a bit more time to load than other banking apps...maybe it has got to do with networking or something else...All their accounts are free of charge - just like Tangerine or PCF - and transferring of funds is on the par with Tangerine...meaning it is FAST. Seemed pretty obvious to me that they are competing against the only orange bank out there "Tangerine".

They have a product called 1Q INSTA card (which I applied for) and it is money transfer card plus all the functionality of the chequing. I sent a couple dollars to my friend (to see how fast the transfer is) by inputting his mobile number (that is the only requirement which is pretty cool), and the transfer was within seconds. I am not going to lie, I was pretty impressed with the speed because its much faster than the eTransfer.

They have a high interest savings account, and a Term deposit (which for some reason they call it Free Installment Deposit), and the interest rate is upto 3.1% for 3 years - again no penalty.
With these new banks, credit unions, or any other companies for that matter, they do mad promotions to simply attract customers. They have some serious promotions going on with chances of winning some grand prizes...it doesn't hurt to apply for free products PLUS (fingers crossed) win something. Overall impression, simple and very functional! >_~

February 11, 2015
10:11 am
james1900
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NessieVan said

They have a product called 1Q INSTA card (which I applied for) and it is money transfer card plus all the functionality of the chequing. I sent a couple dollars to my friend (to see how fast the transfer is) by inputting his mobile number (that is the only requirement which is pretty cool), and the transfer was within seconds. I am not going to lie, I was pretty impressed with the speed because its much faster than the eTransfer.

Interesting! Your friend had to receive the transfer to his 1Q card, OR, any bank account, such as CIBC? Thank you! If right, I may ask you for the reference code so we get the promotion bonus.

February 18, 2015
1:11 pm
NessieVan
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james1900 said

NessieVan said

They have a product called 1Q INSTA card (which I applied for) and it is money transfer card plus all the functionality of the chequing. I sent a couple dollars to my friend (to see how fast the transfer is) by inputting his mobile number (that is the only requirement which is pretty cool), and the transfer was within seconds. I am not going to lie, I was pretty impressed with the speed because its much faster than the eTransfer.

Interesting! Your friend had to receive the transfer to his 1Q card, OR, any bank account, such as CIBC? Thank you! If right, I may ask you for the reference code so we get the promotion bonus.

The 1Q INSTA Card is real-time money transfer, so it is much faster than the interac e-transfer we know as of yet. Transfer of funds to other external accounts, including your CIBC sf-wink should work without problem. Here is my reference code in case you interested (R00018720). Cheers~! >_~

October 20, 2017
2:53 pm
Shawguy
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Anyone else have recent experience with the 1Q Insta card...looks interesting

October 31, 2019
6:18 am
hwyc
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OTR - 1Q Dream FID (Free Installment Deposit) is also 3% for 36 months as of Oct 7, 2019 ... as I understand it.

Capture-1Q-Dream-FID.PNG

...CDIC coverage under KEB Hana Bank Canada

October 31, 2019
9:47 am
Doug
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@hwyc, yes, that's correct. It's somewhat complicated in that you have to set a savings "goal" before you open/add to the term deposit as the payment of bonus interest is predicated on your achieving your savings "goal" on or before the completion of the term.

But yes, as an alternative to B2B Bank's 3.3% HISA, which can be lowered at any time, it's arguably the best GIC on the market. And, to boot, they include a companion no-fee chequing account (with in-branch access in Toronto and Vancouver) at KEB Hana Bank of Canada that includes free and unlimited e-mail money transfers (unclear if they are proprietary, like Tangerine, or Interac e-Transfers).

I will add 1Q to the free chequing chart after this semester is over.

Also, if Peter decides to add it to the GIC chart (maybe not, due to the bonus interest, though it could go on the "Promos" page certainly and to a promo page/forum, if there were enough demand for a separate forum—more than just one thread any way), note that "banking" is not part of the name. It is part of the logo that describes the virtual banking service. The common name, as I see it, is just a very short and simple 1Q, with "banking simple & trusted" the tagline. sf-cool

Cheers,
Doug

October 31, 2019
10:20 am
hwyc
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. . . I think I like this better than Scotia MomentumPlus - you also earn added interest if goal attained.

[added later the same day] Unfortunately, 1Q banking does not offer TFSA Account.

October 31, 2019
10:31 am
Doug
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hwyc said
. . . I think I like this better than Scotia MomentumPlus - also with added interest if goal attained.  

@hwyc, yes, I'd completely agree with that. It seems much less convoluted than Scotia's Momentum PLUS.

Cheers,
Doug

October 31, 2019
12:22 pm
Bud
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Im lost how does one get 3% for 36mths with 1q?

GIC King

October 31, 2019
12:37 pm
hwyc
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Bud said
Im lost how does one get 3% for 36mths with 1q?  

An external link to an explanation from someone who claim to had it.

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