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3% p.a. at Meridian for 90 days. New members only. Hurry!
March 1, 2017
5:04 am
Loonie
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https://www.meridiancu.ca/personal-banking/Offers/OOP/90gicoffer.aspx?gclid=CJLkq7qttdICFcK3wAodud0Gaw

I think it's available to any Canadian but not positive.

Available in registered or non-registered accounts.

Minimum 5K; max 100K.

Limited time offer, unspecified.

March 1, 2017
2:35 pm
AlainJF
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This offer seems to have been removed already.sf-confused

It fails when you try to proceed with the button "open now".

March 1, 2017
2:46 pm
Top It Up
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I just gave it a shot and it worked fine for me. I got through to the applicant info page no probs . give it another shot . maybe clear out your history/cookies before giving it another whirl.

March 1, 2017
3:03 pm
Loonie
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Their system may be overwhelmed at times. Try again, or phone.

March 1, 2017
3:18 pm
AlainJF
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Yes, it works fine now ! sf-laugh

March 1, 2017
4:50 pm
AlainJF
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I am new here and my experience is only with Tangerine. I have never had any problem or fee moving in and out money from Tangerine.

Is there anything I should know about Meridian before moving money there ? How does is compare to Tangerine ? Hidden fees ? easiness to move money in and out ?

All info will be appreciated !

March 1, 2017
8:05 pm
Loonie
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Meridian is the largest credit union in Ontario and is in a process of expansion. They are fairly new to online banking. They have applied to create a bank, which may start next year.

Tangerine is, in my view, the gold standard of ease of use, despite their crappy rates. However, others are workable. For 3 months, you can put up with any weaknesses that may emerge. And then you can decide if you wantto continue doing business with them.

March 2, 2017
7:31 pm
Saver-Mom
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They told me there is a $10,000 per day maximum for online transfers in or out, but that you can call to ask them to transfer larger amounts, no maximum was specified. They will accept a maximum of $100,000 for the 3% rate which can be all in one or divided between tfsa, rrsp and nonregistered gics. They accept more but it will not be given this preferential rate. Their daily interest account is paying 1.5% at this time

March 16, 2017
5:01 am
dentgal
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So they are offering 3% of 90 days and then they cut back to 1.5%. What will you do then?? Keep the money at 1.5%?
Will they charge for withdrawing the money? What if you shut down the account (or keep $1 in it)--any charge for that??

March 16, 2017
7:01 pm
Saver-Mom
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Not sure. I've gotten used to waiting to see what pops up. I'm not averse to staying in a daily interest of 1.5% until something better comes along. Meridian's website says: "Access your money anytime through online, mobile and telephone banking and use any of the over 3,300 ABMs across Canada via THE EXCHANGE® Network. Surcharge-free."

And it looks like a new offer has popped up: receive $100 if you open a HISA with $1000 deposit!

March 16, 2017
10:11 pm
Loonie
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I suggest that people print out or take a screen shot of any offer. This applies to any FI, but Meridian has had several of these kinds of offers of bonus amounts lately. It doesn't hurt to retain the evidence. Sometimes it's hard to find them the next day.

We managed to get 3% for 6 months plus over $100 each in bonus money from M., but it was in-branch local deal and I don't see how you could do that now. At the time, there was nothing to prevent us repeating the 3 month offer. But they have closed that loophole now, from what I can see.

I don't think there is any fee for closing account after 90 days or thereabouts. Registered accounts would, however, incur transfer fees.

March 17, 2017
3:57 am
AlainJF
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Saver-Mom said
...
And it looks like a new offer has popped up: receive $100 if you open a HISA with $1000 deposit!  

I opened an account on March 3rd 2017 to get the GIC90@3% offer.
When exactly did the $100 offer become effective ?

March 17, 2017
4:07 am
Saver-Mom
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Only available if you are a new customer opening account after March 7th. It looks like this offer is replacing the 3% for 90 days GIC as I do not see it on their website now.

https://www.meridiancu.ca

March 18, 2017
11:11 am
MarkFog
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I took advantage of the 3% offer at the new Queen Street East branch in Downtown Toronto last summer. It was for 3 months. It was a good return, but after the initial 3 months, I went to talk to them and they could not offer me better than their 1.5% savings. Only option was to go to mutual funds, which I was not prepare to do. Even though their rate is higher than brick and mortar banks, 1.5% was too low for me to leave $100+K into.

If you have never banked with them, go for it. It was easy for me to open an account. Remember to sign up for their free chequing account. If it is still available. They sent me free cheques. You can use the cheques to make a full withdrawal of funds without imposed incremental withdrawals.

March 19, 2017
5:15 am
liste
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I just signed up for the 3% for 3 months yesterday using the link in the original post, so it still works. In the welcome email they sent, it says that the 3% is only guaranteed for 30 days. I'm not sure if that means that I have to transfer my funds within 30 days to be guaranteed the 3% or if they could technically change the rate after 30 days despite being a GIC.

Thanks for sharing about the free checks, too. I'll definitely want that to transfer out later.

I'm just a little concerned since it is not covered by CIDC and I can't find if the Ontario insurance covers Quebec residents. Does anyone know ?

March 19, 2017
7:39 am
Koogie
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liste said
I'm just a little concerned since it is not covered by CIDC and I can't find if the Ontario insurance covers Quebec residents. Does anyone know ?  

I would say that you are. DICO insures eligible amounts accepted for deposit at member institutions. If the C.U. accepts you as a client and your deposit, you are covered.

Per the DICO website: "Do I have to be a member of a credit union or caisse populaire to be covered? Yes. You must be a member of the credit union or caisse populaire and own the minimum number of membership shares required by the institution."

So, you might just want to clarify with Meridian that you are a member of their CU now and are in turn automatically insured by DICO.

March 19, 2017
9:20 am
Norman1
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MarkFog said
…. Remember to sign up for their free chequing account. If it is still available. They sent me free cheques. You can use the cheques to make a full withdrawal of funds without imposed incremental withdrawals.  

It doesn't look like the free chequing account is available anymore.

I just see three conditionally-free ones in the Meridian Accounts and Services document:

  1. Pay-As-You-Go: Free with a $1,000 minimum monthly balance.
  2. Senior: Free for members aged 60 years and higher.
  3. Limitless: Free for members aged 18 to 29 years.
March 19, 2017
10:18 pm
Loonie
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My recollection is that the chequing account was only ever free for the age groups specified in Norman's post. However, if MarkFog belongs to a different age group, then my recollection must be wrong. Mark?

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