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First Ontario CU 3.25% for 120 day term deposit
April 24, 2018
12:16 pm
Nehpets
Ontario
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3.25 % for a 120 day term for new money

Invested money must be new to your FirstOntario account and cannot be moved from an existing FirstOntario account. “New” money is represented by funds that have been deposited into a FirstOntario account in the past 30 days from an external source

Problem is they require a personal visit at a branch (Western and Southern Ontario) to open an account.

April 24, 2018
7:43 pm
julio
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Nehpets, thank you for the announcement.

May 5, 2018
7:50 am
Taxpayer717
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Nephets: "Problem is they require a personal visit at a branch (Western and Southern Ontario) to open an account."

I was able to do this online on their website. Some of their questions in the application look strange as for example the one asking for the expiry date of your citizenship card. But I was able to get around that. My cheque for $25.00 required deposit is in the regular mail. Since I was able to go so far (with the option of sending a cheque) I conclude that my online application was accepted.

Here is the website where you can start to apply:

https://beamember.firstontario.com/becomeamember

May 5, 2018
8:32 am
Nehpets
Ontario
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Taxpayer717 said
I was able to do this online on their website.

It will be interesting to know how that works for you.

I spoke with a branch manager by telephone to clarify the issue and the response was that a personal visit to a branch was indeed necessary to book a GIC.

Interestingly, I happen to already have a First Ontario membership as a result of a broker booked GIC, but that made no difference to the apparent inflexible requirement.

BTW online reviews of users experiences with First Ontario are generally uncomplimentary with regard to customer service and attitude of front line staff.

My own calls to the Head Office as well as to the branch manager were met with general indifference and lack of interest, so my sense is that First Ontario is scratched off my list of potential FI's I would want to deal with in future.

I've been spoiled with the likes of Hubert and Meridian, both of which, in my experience, have worked well for me.

What has been the experience of others with First Ontario?

Stephen

May 5, 2018
11:05 pm
Loonie
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No personal experience here, but I happened across a website where people report on their experiences working for various employers.
My overall impression was that the experiences were on the negative side at First Ontario as compared with, say, Meridian. I think it's fair to suggest that happy employees make for happy customers.

I think I could hold my nose if necessary for 4 months but would not feel relaxed until I'd successfully extracted my money with interest intact.

FYI, my research shows that the Hamilton branch at 1 James has a CIBC branch across the road. When anticipating large payouts via draft, I prefer to know there is somewhere I can deposit it immediately, so there is no risk of loss or of the recipient saying "what's this?" or "never heard of them". (I've had two occasions in the last couple of years where TD bank staff were hesitant to cash my newly issued bank drafts and took their time about it - one came from Scotia and one from HSBC. It was as if they'd never seen one before. I don't understand this, but that's what happened.)

Personally, I would not apply online even if I could. No telling how long it might take them to get back to you with another request before you were approved. By the time all that was done, the offer might be over!

May 8, 2018
6:31 am
Taxpayer717
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Loonie: "I think it's fair to suggest that happy employees make for happy customers."

I totally agree. But the 3.25% is a very competitive and enticing rate. I am with Tangerine now, and if they can not at least match this rate after the current promo of 2.5%, then they will loose my money. In this case the happy employers is not my priority or the "bottom line".

I just feel sorry for the unhappy employees in any FI. It is becoming harder and harder to find happy people who need to work for money. I may sound philosophical, but in the perfect world I can not imagine the existence of money nor any FI's.

May 8, 2018
12:52 pm
julio
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I called a FirstOntarioCU branch to make an appointment to become a member and to open the account. The “Member Consultant” Brandon Gironde at the Kerr Street, Oakville branch was professional and task oriented. I had a pleasant experience.

May 11, 2018
1:09 pm
James
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Just FYI - this is the last day for the term deposit if anyone is interested.

October 24, 2018
9:08 pm
hotmony
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Looks like F.O. has added a 9mth 3.25

https://www.firstontariocu.com/Personal/Rates/

new addition?

October 24, 2018
9:44 pm
Loonie
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hotmony said
Looks like F.O. has added a 9mth 3.25

https://www.firstontariocu.com/Personal/Rates/

new addition?  

New money only. https://www.firstontariocu.com/Personal/ProductsAndServices/Investing/TermDeposits/GICOffer/
Good deal though.

Their five year at 3.75 does not require "new money" (unlike Meridian's comparable leading offer).

October 25, 2018
6:44 am
hotmony
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New money only haha

October 25, 2018
6:45 am
GR
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New members at First Ontario C.U. can open an account on-line and arrange to purchase a GIC by phone, but only as individuals. Those wanting joint accounts must visit a branch. My phone inquiry regarding the possibility of an exception to the need for in-branch visits for joint accounts still awaits a reply after a few days.

October 25, 2018
7:09 am
hotmony
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Use Meridian 3.25/1yr for your special request but that's starting to look a bit lite after the rate increase

December 13, 2018
5:27 am
Koogie
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Looks like F.O. has added an 18 mos. term as well.

9 month GIC - 3.25%
18 month GIC - 3.25%
60 month GIC - 3.75%

https://www.firstontariocu.com/Personal/ProductsAndServices/Investing/TermDeposits/GICOffer/

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