(Re-)Introducing Concentra Bank | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
(Re-)Introducing Concentra Bank
January 28, 2020
5:47 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3113
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Concentra Bank, which is roughly 83% majority-owned by the Credit Union Central of Saskatchewan ("SaskCentral"), with the next largest shareholders being Atlantic Central (~5%) and the Credit Union Central of Alberta (unknown, but believed to be between ~2-5%), has launched its direct-to-consumer website but on a different domain name, concentrabank.ca. I had mentioned in this earlier thread back in April 2019 that they were accepting direct-to-consumer clients but you had to call them to request they mail you out a printed application form.

They soft launched concentrabank.ca, their online direct-to-consumer platform, back in December 2019, roughly in tandem with their Q3 2019 earnings presentation (which you can view at concentra.ca under "Investors"). For new-to-bank client onboarding and Know Your Customer (KYC) verification, they are using the Cumulus platform (same as Peoples Bank of Canada and Peoples Trust Company, Omnia Direct, Niverville Credit Union, Access Credit Union, Steinbach Credit Union, and others), so if you're familiar with that process, you will be familiar with this process. Online banking platform is MemberDirect (same as Alterna Bank, Motive Financial, and others), but likely will eventually migrate to Forge (but who knows!), which is in use, currently, by First West Credit Union (Envision Financial, Valley First, and Island Savings).

They're not offering HISAs, but their GIC rates are really competitive. Their 1-year rate was 2.5% initially, before dipping to 2.4%. It's now 2.62% and they have an 18-month for 2.64%.

Most of their deposits are held in the broker channel, but the cool thing is, you can set up Concentra Bank or Concentra Trust GICs through the same online banking profile—like the Big 5, Oaken Financial, and HSBC—so no need to set up separate profiles like LBC Digital/B2B Bank and Peoples Trust Company/Peoples Bank.

Given that they're available nationally, with an entirely digital application process, with hyper-competitive GIC rates, I recommend immediately adding them to:
- the GIC Rates comparison chart; and,
- the Profiles page.

And to:
- Giving them a forum and doing a quick search to move Concentra Bank and Concentra Trust related posts there. sf-cool

They offer non-registered, RRSP, RRIF, and TFSA GICs.

Folks, when added, they will rank as second-highest on the 1-year and special GIC rates, and 3rd highest on the 2-year. On the 5-year, they will be roughly tied four third place (a multi-way tie).

Cheers,
Doug

January 28, 2020
7:42 pm
JenE
Member
Members
Forum Posts: 246
Member Since:
May 24, 2016
sp_UserOfflineSmall Offline

On Concentra's website tonight:

Consumer Deposit Rates Effective Date: January 29, 2020

1 year 3.010%
18 Month. 3.020%
2 year 2.660%
3 year. 2.540%
4 year. 2.590%
5 year. 2.680%

January 28, 2020
8:30 pm
Nehpets
Ontario
Member
Members
Forum Posts: 609
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

It isn't clear which of their website URL's is the one for clients like ourselves to navigate.

https://concentrabank.ca/ contains the online application process, however, the other website https://www.concentra.ca/pages/content.aspx?gp=Individual&sub=Deposit%20Solutions contains information about GIC's and investing, and more importantly contains a link to their "DIRECT" rates: https://www.concentra.ca/Documents/direct_rates.pdf

The concentrabank.ca page does not link to the "DIRECT" rates and currently shows rates lower than the "DIRECT" rates.

I suppose in time, we'll figure out how to navigate their website, but on initial glance, it is not clear to me.

Stephen

January 28, 2020
11:53 pm
LeBronBMT
Member
Members
Forum Posts: 36
Member Since:
March 4, 2019
sp_UserOfflineSmall Offline

Nehpets said

The concentrabank.ca page does not link to the "DIRECT" rates and currently shows rates lower than the "DIRECT" rates.

Stephen  

Check again Stephen. Here is a screenshot of concentrabank.ca for me after I scroll down a bit:
concentrabank2.jpg

The 3.01 and 3.02% rates are advertised on both concentrabank.ca and concentra.ca--the latter links you to this pdf:
https://www.concentra.ca/Documents/direct_rates.pdf

January 29, 2020
5:00 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3113
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

LeBronBMT said

Check again Stephen. Here is a screenshot of concentrabank.ca for me after I scroll down a bit:
concentrabank2.jpg

The 3.01 and 3.02% rates are advertised on both concentrabank.ca and concentra.ca--the latter links you to this pdf:
https://www.concentra.ca/Documents/direct_rates.pdf  

Wow, their rates jumped since I posted this. They are now the leader.

LeBronBMT is absolutely correct, Stephen (Nehpets), that concentrabank.ca does have the consumer deposit rates, and they're the same as the "rates sheet" on concentra.ca, which are also the same as the brokerage rates. I actually like concentrabank.ca, as it's easy to navigate and the rates are clearly posted. I suspect, eventually, they'll add a link to online banking login, but for now, you can login to online banking (once signed up) at concentra.ca.

It's not that confusing, really. I like this set up, personally, versus the separate set ups for LBC Digital/B2B Bank, Manulife Bank/Manulife Trust, and Peoples Trust Company/Peoples Bank of Canada

Cheers,
Doug

January 29, 2020
5:54 am
Nehpets
Ontario
Member
Members
Forum Posts: 609
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

OK, I see the concentrabank.ca portal has been updated to reflect the rates as of Jan 29.

I find it unusual that the two URL portals are not crosslinked ie: concentra.ca and concentrabank.ca which would be the logical way to direct the web audience from the information site (concentra.ca) to the portal site (concentrabank.ca)...that's if they really need two URL addresses for their business.

Nevertheless, despite their idiosyncrasy, they are offering an attractive option in the current climate!

Stephen

January 29, 2020
6:30 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3113
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Nehpets said
OK, I see the concentrabank.ca portal has been updated to reflect the rates as of Jan 29.

I find it unusual that the two URL portals are not crosslinked ie: concentra.ca and concentrabank.ca which would be the logical way to direct the web audience from the information site (concentra.ca) to the portal site (concentrabank.ca)...that's if they really need two URL addresses for their business.

Nevertheless, despite their idiosyncrasy, they are offering an attractive option in the current climate!

Stephen  

Yes, it's a strange navigational issue, but I suspect they'll link their online website to their main website in time. They also indicated that this is only the beginning, and that they do intend to launch more products (I suspect a direct-to-consumer HISA and mortgage platform would be the near-term priorities, with a possible foray into self-directed discount brokerage).

In terms of size, as at Q3 2019, ended September 30, 2019, Concentra Bank (inclusive of Concentra Trust) had ~$4.5 billion in deposits and ~$9.1 billion in assets. If they were still a credit union, they would be the sixth largest credit union in Canada, excluding Desjardins Group and after, in turn, Vancity, Coast Capital Savings, Meridian, Servus, and First West. Next behind them would be Conexus Credit Union, which effectively owns ~25% of Concentra Bank through its controlling ownership stake in SaskCentral, Steinbach Credit Union, and Affinity Credit Union (which is the next largest indirect holder of Concentra through its controlling stake in SaskCentral).

Investor Fact Sheet (Q3 2019): https://www.concentra.ca/reference materials/302-530-q3-2019.pdf

DBRS Report (year-end 2018): https://www.concentra.ca/Documents/DBRS Rating Report 2018.pdf

Moreover, crucially perhaps, @Loonie's dad used to deal with them way back in the day. sf-cool sf-wink

Cheers,
Doug

January 29, 2020
7:21 am
Nehpets
Ontario
Member
Members
Forum Posts: 609
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

I've learned that when a GIC is purchased at Concentra, a HISA is also opened so that matured funds can be deposited into the HISA. This option is listed on the online application. The HISA currently pays 0% and is used solely as a deposit point for matured GIC's..for now.

The funding process, as opposed to mailing a paper check, to electronically transfer funds to Concentra apparently uses the platform where a number of FI's are displayed and you choose the one you need and log in to effect the EFT to Concentra.

Does anyone have more info on that platform and which FI's subscribe to it?

Stephen

January 29, 2020
7:39 pm
Bud
Member
Members
Forum Posts: 849
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Is the hisa opened automatically or option? confirmation is mailed

GIC King

January 30, 2020
9:09 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3113
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Nehpets said
I've learned that when a GIC is purchased at Concentra, a HISA is also opened so that matured funds can be deposited into the HISA. This option is listed on the online application. The HISA currently pays 0% and is used solely as a deposit point for matured GIC's..for now.

The funding process, as opposed to mailing a paper check, to electronically transfer funds to Concentra apparently uses the platform where a number of FI's are displayed and you choose the one you need and log in to effect the EFT to Concentra.

Does anyone have more info on that platform and which FI's subscribe to it?

Stephen  

Yes, the HISA currently pays 0%, and I saw that as well, Stephen. sf-cool

Concentra Bank uses MemberDirect for the consumer-facing online banking platform. It is the exact same as Peoples Trust Company, Peoples Bank of Canada, Motive Financial/Canadian Western Bank, and most credit unions. Alterna Bank, I believe, has migrated to its replacement/successor, Forge, but previously used MemberDirect.

Here's the online banking login:
https://www6.memberdirect.net/brand/celero_saskcentralCF/OnlineBanking/Accounts/

In terms of core banking systems, I assume they are using the Temenos banking system (from Celero Systems) used by most of the above and also used by Laurentian Bank/B2B Bank. This is the back-end system, and the system that the bank's staff use.

Hope that helps,
Doug

January 30, 2020
9:29 am
Nehpets
Ontario
Member
Members
Forum Posts: 609
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Doug said
Yes, the HISA currently pays 0%, and I saw that as well, Stephen. 

I'll know from first hand experience later this week how the funding options for a new GIC are presented in the online application.

Apparently in the latter part of the application, several funding options are presented, including mailing a check, E-Transfer, and Transfer Funds Electronically...according to the CSR I spoke with today.

The E-Transfer option connects to a platform that lists several FI's that subscribe to that service to enable EFT. I've seen that interface before, but don't recall which FI's are listed.

The CSR recommended using the Transfer Funds Electronically option, which allows electronic fund transfer from any FI, presumably.

I'll try to save some screenshots if possible, and if not, will have more detailed info after completing a Concentra application.

Stephen

January 30, 2020
11:22 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3113
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Nehpets said

Doug said
Yes, the HISA currently pays 0%, and I saw that as well, Stephen. 

I'll know from first hand experience later this week how the funding options for a new GIC are presented in the online application.

Apparently in the latter part of the application, several funding options are presented, including mailing a check, E-Transfer, and Transfer Funds Electronically...according to the CSR I spoke with today.

The E-Transfer option connects to a platform that lists several FI's that subscribe to that service to enable EFT. I've seen that interface before, but don't recall which FI's are listed.

The CSR recommended using the Transfer Funds Electronically option, which allows electronic fund transfer from any FI, presumably.

I'll try to save some screenshots if possible, and if not, will have more detailed info after completing a Concentra application.

Stephen  

I've already done the EFT funding option. You login with your existing FI login credentials, to which it verifies the balance and perhaps even the name on the account, and then you select which account to draw it from. It should debit from my Tangerine chequing account today or tomorrow as I did it yesterday.

Interestingly, I had to transfer the $31,706.50 from Hubert Financial first, so since I got the transfer in before 7:30 am Pacific time, it debited my Hubert account and credited my Tangerine account same-day, via EFT, by 5:38 pm Pacific time. That's very fast for an EFT transaction.

My second choice would've been Interac e-Transfer, also fast, but the daily transaction limits come in to play.

Cheers,
Doug

January 30, 2020
12:47 pm
Nehpets
Ontario
Member
Members
Forum Posts: 609
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Ultimately all worked out well for me and Concentra! Had a slight delay in processing my GIC application, which I scrambled to submit when I learned of their sudden GIC rate decrease... The delayed application was expedited thanks to speedy and efficient action by CSR's at Concentra.

For your information, below is a screenshot of the list of FI's from which an immediate electronic fund transfer can be completed to fund a Concentra GIC:

Concentra-List.JPG

Stephen

Please write your comments in the forum.