Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this7:23 am
December 20, 2019
Offline
It's no secret that I've had a soft spot for SAVEN the last few years.
My experience with them for myself and family has been quite good and the top tier savings rate has been so consistent that I have most of my families RRSP's, TSFA's, and Savings accounts there.
Used to be with Hubert you could set it and forget it but SAVEN truly is. I can lock it in or free float it and always get among the highest rates.
BUT...
Having a fair bit of money there I always wonder about how effectively it can be moved, especially because SAVEN does not allow a pull.
What I've found is that a push basically happens the next business day unless you make it on a Friday, then it pushes on Monday.
What is surprising is that most pushes have to sit for a few days at the receiving institution before it becomes available. For me pushing to Wealth Simple has the funds immediately available.
In retrospect I also like that one cannot pull from SAVEN so it is another safety mechanism when you have multiple accounts and family members there.
From everything I have now, SAVEN is my favorite savings institution while Wealth Simple shines for their services, accounts and Infinite 2% back visa card.
For the first time in as long as I can remember I am almost completely devoid of the big 5. Sure I keep minor accounts open in case I need them but in my every day banking the shift away from the big 5 is virtually complete.
8:55 am
January 12, 2019
Offline
KamWest said
. . . especially because SAVEN does not allow a pull . . .
- Interesting ⬆️
I've never heard of an FI not allowing an EFT Pull from another FI.
Why would Saven not allow it ?
- Dean
" Live Long, Healthy ... And Prosper! "
9:04 am
April 6, 2013
Offline
Oaken doesn't either from their savings account.
It is up to the financial institution whether or not an account can receive direct deposits or pre-authorized debits.
9:09 am
April 27, 2017
Offline
Saven allows PADs from saving accounts. https://savenfinancial.ca/en/on-online-policies. Which means yoi can do an EFT pull.
9:10 am
December 20, 2019
Offline
Dean said
KamWest said
. . . especially because SAVEN does not allow a pull . . .
Interesting ⬆️
I've never heard of an FI not allowing an EFT Pull from another FI.
Why would Saven not allow it ?
Dean
One has to understand SAVEN is a savings vehicle not an everyday banking site.
Because they do not offer a chequing account and they encourage larger deposits they probably limited the pulls for safety reasons.
They will not give out transit number and such but I did read a post a while back where a member initiated a successful pull when he got that information but I cannot verify that. I was expressly told by support that they do not allow pulls.
Again that said, the push is remarkably effective with no limits or caps of any sorts.
9:14 am
April 27, 2017
Offline
This forum (helpfully) provided the transit number for Saven
https://www.highinterestsavings.ca/forum/saven-financial/saven-financial-direct-deposit-information/
5:06 pm
September 11, 2013
Offline
Also Saven and Wealth Simple deposits are insured differently.
5:33 pm
December 20, 2019
Offline
Bill said
Also Saven and Wealth Simple deposits are insured differently.
250k saven
1 million wealth simple
6:52 pm
September 11, 2013
Offline
Wealth Simple deposit insurance by cdic, Saven by credit union system.
2:30 pm
September 7, 2018
Offline
KamWest said
One has to understand SAVEN is a savings vehicle not an everyday banking site.
Because they do not offer a chequing account and they encourage larger deposits they probably limited the pulls for safety reasons.
They will not give out transit number and such but I did read a post a while back where a member initiated a successful pull when he got that information but I cannot verify that. I was expressly told by support that they do not allow pulls.
Again that said, the push is remarkably effective with no limits or caps of any sorts.
That is correct - it is a while back now - the Saven agent told me one could not do a push/pull from an external FI to Saven - but I was actually able to do it - I think it was using the digital linking tool Flinks or equivalent and it worked - I searched First Ontario as the name of the FI (it is the parent of Saven) - I did a test transaction for I think $10 just to be sure and have been able to do pushing and pulling since from my external acct. For whatever reason Saven does not want us to do this so don't "push it".
4:45 am
September 7, 2018
Offline
a google search came up with..........
Routing Number - 082865022 - Financial Institution Information
Institution Name Central 1 Credit Union
Financial Institution Code 828
Institution Type Credit Union
Credit Unions / Caisses Populaires
Branch Name SAVEN FINANCIAL
Branch Number / Transit 65022
Routing Number 082865022
Routing number electronic payment format
Transit Number (MICR) 65022-828
Routing number MICR-encoded paper payment format
Canadian Clearing Code (CC) //CC082865022
Also known as Canadian sort code
Swift Code CUCXCATTXXX
Address A DIVISI OF, FIRSTTARIO CREDIT UNI, 970 South Service Rd
City Stoney Creek
State Ontario (ON)
Postal Code L8E 6A2
Money Transfer Save on international money transfer fees by using Wise, which is up to 8x cheaper than transfers with your bank.
Please write your comments in the forum.