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90 day GIC promo at Tandia CU - 2%
May 21, 2021
7:29 am
Koogie
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"""Flash Sale – 90-Day GIC 2%

Better hurry, don’t miss out! This amazing rate for new deposits is TFSA/RRSP eligible and available for a limited time only. If you have $1,000 or more you can bring to Tandia, now’s your chance to earn a higher return.

Minimum $1,000, new deposits only, non-redeemable
Interest will be paid at maturity
Funds will auto-renew for another 90 days at the then regular posted rate
Eligible to renew into any of Tandia’s GIC products – contact us prior to maturity
This limited time offer is subject to end without notice."""

http://app.scsend.com/?q=email.....tu40YCRI5Q

May 21, 2021
3:31 pm
dougjp
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There have to be some ethics that apply to marketing and posting a "rate #", just saying.

OK, its only a dream, never happen, here's a perfect example. - Buyer beware, blend that rate, look at 180 days+. ETC.

May 21, 2021
3:42 pm
HermanH
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Koogie said
Funds will auto-renew for another 90 days at the then regular posted rate
http://app.scsend.com/?q=email.....YCRI5Q  

I am interpreting that the same way as dougjp

Does that mean you are obligated to remain for the initial 90-day promo period and then an additional 90-day period at whatever crappy rate it may be?

HSBC pulled a stunt like this on me. I've learned my lesson.

May 21, 2021
3:54 pm
dougjp
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HermanH said

I am interpreting that the same way as dougjp

Does that mean you are obligated to remain for the initial 90-day promo period and then an additional 90-day period at whatever crappy rate it may be?

HSBC pulled a stunt like this on me. I've learned my lesson.  

Of course that's what it is. Its a con, pure and simple, IMO. And on top of that, what happens after 180 days? I can't be bothered spending time to look.

Seriously, these type of people have to be slammed in public for the devious marketing schemes they try to pull off. sf-yell

May 21, 2021
5:01 pm
Loonie
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I think the concerns expressed about this offer are way over the top. It would be a simple matter to ask about whether you could withdraw your money after 90 days if you wished to do so. And you can read the fine print on any docs you are asked to sign. A default position is not necessarily a mandatory one.

However, to me, it's not worth it. I am 3 weeks into a six month deal at 1.75% for savings account elsewhere, with no mandatory minimum.
The extra .25 for 3 months would be about $60 per 100K, and thus not worth the inconvenience, for me.

The offer is likely only available to Ontarians, and possibly only GTA for practical purposes.

May 21, 2021
5:13 pm
COIN
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They are a strange CU. I had a GIC with them that matured on May 12th so I asked them to roll the proceeds into the new 2% GIC. Basically, they said "no can do, go away". So, I took the money to Manulife Bank and got my 2% there.

May 21, 2021
5:25 pm
Koogie
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Loonie said
I think the concerns expressed about this offer are way over th top. It would be a sinple matter to ask about whether you could withdraw your money after 90 days if you wished to do so. And you can read the fine print on any docs you are asked to sign. A default position is not necessarily a mandatory one.

Agreed. People are free to interpret things as they like. The above interpretations are wrong of course but people are free to jump to conclusions as unhelpful as they are.

As to Tandia, I find them to be a decent CU. We've had several GICs with them over the years. Good rates and generally straight forward offers. They are not generally into bait and switch BS like Tangerine for instance.

No, the offer isn't for everyone. A lot of offers aren't. It's of no use to me currently either but it might help someone. I don't begrudge that.

May 22, 2021
7:05 am
COIN
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"As to Tandia, I find them to be a decent CU. We've had several GICs with them over the years. Good rates and generally straight forward offers. They are not generally into bait and switch BS like Tangerine for instance."

I don't have that much experience with them. However, I was not pleased with their attitude when they said I am not allowed to roll the GIC maturity proceeds into the new 2% GIC.

May 22, 2021
10:06 am
julio
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Koogie, it is not for everyone, but it is for me. Thank you for the alert. Good timing for me. All done, so far, over the internet, awaiting approval, the next business day, which for them is Wednesday (they are enjoying this long weekend: Mon&Tue). Today is Saturday.

Compulsory renewal? I simply asked. This is the answer, sent to my email:
Please accept this message as confirmation that the auto renewal of the 90 day term investment is not mandatory. At maturity you may provide renewal or redemption instructions, however, if no instructions are provided the term automatically rolls over for another 90 day term at the current posted rate.

May 23, 2021
7:35 am
COIN
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Question: Is the 2% 90 day promotion a GIC or HISA? Based on discussions here, it seems to be a 90 day GIC.

May 23, 2021
10:08 am
Nehpets
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COIN said
Question: Is the 2% 90 day promotion a GIC or HISA? Based on discussions here, it seems to be a 90 day GIC.  

The title of the thread contains your answer.

May 23, 2021
11:15 am
hwyc
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That's Flash Sale on Tandia.com

As a new member applying for credit, we will require you to also open a deposit account. Tandia’s exclusive online high-interest eVest Account will be automatically added to your membership upon approval of your application. Account details are available on our tandia.com website.

... All 2% currently available are either too short (90/120 days) or too long (5yr) but I remain hopeful more selections coming. Don't mind going to a new FI if the term is right, say one or two year 🙂

May 26, 2021
12:57 pm
speedwagen
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Though this post may well be appreciated, for you Ontarians out there, you should consider that this blogsite is Canada-wide & when posting obscure CU's, you should maybe take the time to let everyone know if the offer is nationwide...which it isn't.

For example:
ATT: Ontarians
"""Flash Sale – 90-Day GIC 2% etc, etc...

June 3, 2021
11:32 am
julio
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The 90days @2.00% ending 11-Jun-2021.

I asked, if only for ONT. and only in person visit. Answer: muddled.

I live around Toronto. I opened the GIC on the internet, which included DocuSign signing. I drove to the nearest branch to deposit a check, to speed thing up, and they had me sign same documents again. Open to all of Canada? Answer: "I guess".

June 3, 2021
11:49 am
speedwagen
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I got the same unconvincing reply when I asked, but I pressed for a definitive answer since I'm not in Ontario, at which point she conferred with with a supervisor & came back with a firm, but ignorant sounding NO.

I could've escalated the matter, but I decided against dealing with a CU that's unfamiliar with their own affairs.

June 3, 2021
5:42 pm
COIN
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speedwagen said
I got the same unconvincing reply when I asked, but I pressed for a definitive answer since I'm not in Ontario, at which point she conferred with with a supervisor & came back with a firm, but ignorant sounding NO.

I could've escalated the matter, but I decided against dealing with a CU that's unfamiliar with their own affairs.  

As I mentioned in Post 6, they are a bit strange (but nowhere as strange as Tangerine and Simplii).

June 12, 2021
9:59 am
George
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Today (June 12) is the last day for this offer. I was able to open an account online today, but have been instructed that I will have to contact that specific branch manager on Monday to complete the opening transfer.

June 12, 2021
10:22 am
HermanH
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If you can find a live individual with whom you can ask, you might be able to get Tandia to note that you created the account today and leave a 'placeholder' for you to complete the offer on Monday.

Some institutions are open and friendly enough to recognize that you made the effort. I recently had a bank grant me a higher GIC rate because I sent a fax request the Sunday before the rate dropped on Tuesday. You have nothing to lose. 🙂

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