Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this11:00 am
April 19, 2019
Offline
In general, do you close HISA bank accounts after promo is done?
Once you transfer money from one bank account to another to take advantage of promo interest rates, do you close bank accounts totally or just the HISA and TFSA accounts once the interest promo rates are done or do you keep them open?
One or the either might be more advantageous given some banks offer promo rates on new account opening and some offer on existing accounts. Which of these trends do you see more often with banks?
3:20 pm
October 21, 2013
Offline
I have no general rule. Depends on the situation, the FI's history on promos and GIC rates, whether I liked their service, nuisance problems with dormancy etc.
Some won't allow "new account" promos if you had an account earlier - e.g. Tangerine.
Meridian sometimes offers promos only for those who closed their Online Advantage Account earlier or never had one.
EQ reportedly won't allow someone to open an account if they previously closed their accounts.
I tend to keep them open if I think I might do business with them again later but you have to keep their quirks in mind.
3:21 pm
January 9, 2011
Offline
I always leave all accounts open with a nominal balance, like $ 0.01. Why not, they might become advantageous again.
If in my opinion/guess a bank might have a competitive rate future (promo or not), I also activate those accounts (HISA only!) with in and out entries every 9 months or so. Banks may close inactive accounts or try to charge a fee for inactivity, although I've found that's not consistent amongst the non-big 5 banks. It doesn't make sense for them to try when a customer is coming back to them, obviously.
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
4:45 pm
April 2, 2018
Offline
Leave it open until you receive notice of potential charge due to dormancy.
Then either transfer few $ and after few days withdraw or close, depending on your circumstances.
Opening account could be a pain sometimes so if you have it already, let it lie.
6:56 pm
October 27, 2013
Offline
For those of us who are approaching our best before dates, it is a kind consideration to your POA and/or Executor to tidy up one's mess before they need to do so.
8:03 pm
October 21, 2013
Offline
Executors/POAs may appreciate the extra tens of thousands of dollars you leave them because you kept those accounts open and used them judiciously. I am not joking; I was really startled when I did the math on this question.
I recently made an extra $6,000 by exercising an option to update the rate on 3 five-year GICs on any anniversary date (and this was the highest rate available when I bought it originally). Such deals are worth the wait and the clutter.
Considering what a PITA it can be to sign up with a new FI (and likely to get more onerous), I am increasingly reluctant to let go of old accounts and risk having to start all over again.
10:02 am
January 12, 2019
Offline
pooreva said
Leave it open until you receive notice of potential charge due to dormancy.
Then either transfer few $ and after few days withdraw or close, depending on your circumstances.
Opening account could be a pain sometimes so if you have it already, let it lie.
Not all FIs give such notices ⬆
FWIW ... Once a year (usually in January) I initiate a small transaction for each unused SA, to keep their status active. At present I only have 3 unused SAs, so it's not a big deal.
To each, their own.
- Dean
" Live Long, Healthy ... And Prosper! "
10:21 am
February 7, 2019
Offline
I have an annually recurring entry on my Google calendar reminding me to generate activity on all our HISA's.
I send $10 from my checking account to each FI, move that $10 through our individual and joint accounts at each of those FI's then send it back to my checking account
| CGO |
11:14 am
March 30, 2017
Offline
General rule of thumb:
Accounts u have no intention of using it again, close it.
Others you can keep it open, but they should all be setup with alerts so that any activities of any kind you will be notified.
11:24 am
April 19, 2019
Offline
savemoresaveoften said
General rule of thumb:Accounts u have no intention of using it again, close it.
Others you can keep it open, but they should all be setup with alerts so that any activities of any kind you will be notified.
Hard to know what you need to use or not these days with various promos etc so this method would be the one extreme side of the decision.
Please write your comments in the forum.