Any feedback on what the account opening process is and how easy is it to link accounts ?

Nehpets said
One question was left unanswered: WHY can transfers take up to five business days?

This question is crucial for the kind of transactions made by many on this Forum, and their answer suggesting an EFT can, in fact, take 6 days, makes dealing with Haventree for a HISA unappealing to me, when others process EFT overnight.

Stephen  

Are they referring to the standard 5 day hold plus the day of the transaction on an EFT pull? If so, that's not excessive.

This question is crucial for the kind of transactions made by many on this Forum, and their answer suggesting an EFT can, in fact, take 6 days, makes dealing with Haventree for a HISA unappealing to me, when others process EFT overnight.

Stephen

Where did the idea for Haventree Bank come from, and what were you doing before launching a consumer bank?

Before becoming a Schedule I bank, Haventree built its reputation in residential mortgage lending. By working closely with the mortgage brokers, we’ve helped Canadians access home financing when their circumstances did not fit traditional lending models. This included self-employed individuals, newcomers to Canada, customers rebuilding their credit, and others whose financial situations required a more flexible and thoughtful approach to lending.

That experience gave us a deep understanding of Canadian diverse financial needs and the importance of delivering simple, customer-focused solutions. As Haventree evolved into a Schedule I bank, we saw an opportunity to bring that same thinking to everyday banking by offering products and services designed around the realities of modern financial lives.

Why did you decide to enter the everyday banking market now?

Canadians are being more intentional about their financial choices, they're looking for products that deliver real value, whether that's helping their savings work harder, offering simplicity, or providing more choice. We saw an opportunity to combine the convenience of a modern digital experience with the trust and stability of a federally regulated Canadian bank, helping Canadians build greater financial security over time.

What makes Haventree different from other digital banks?

We are not trying to reinvent banking; we're trying to make it better. Haventree brings together competitive products, a simple digital experience and the strength of a federally regulated Canadian bank. That means great value, clear products and client-first service so Canadians can save with confidence.

Who is the Haventree customer?

There isn't one"ideal" Haventree customer. We serve Canadians at different stages of life and on different financial journeys. What they share is a desire for banking that is simple, transparent and easy to use.

Whether someone is saving for a major purchase, building an emergency fund, planning for retirement or simply looking for a better way to manage their money, our goal is to provide straightforward products, competitive value and the confidence that comes from banking with a trusted Canadian financial institution.

If someone already banks with EQ Bank, why should they consider Haventree?

Canadians don't have to choose just one bank. Many people use different financial institutions for different needs, whether that's everyday banking, borrowing or saving.

We believe customers will choose Haventree if we continue to offer what matters most: competitive value, straightforward products and an easy banking experience. Our goal is not to be everything to everyone. It's to deliver a great experience for Canadians looking to save with confidence.

Where do you see Haventree Bank in five years?

We will continue to grow our offerings to meet around what our Clients need most staying true to our focus on helping Canadians build long-term financial security with simple products, competitive value, and a great client experience.

Will Haventree support Quebec residents, and if so, when can they expect to be able to open an account?

Yes, we will be launching in Quebec very soon, keep an eye on our website and social channels!

Can you clarify the EFT transfer limits and timelines? Are the limits fixed for all customers, and why can transfers take up to five business days?

EFT transfer limits are the same for all customers. Current limits are up to $100,000 per transfer for incoming fund transfers. EFTs take up to five full business days to complete, with the processing period beginning the next business day after the transfer is initiated.

Many customers have asked about using cheques with the Everyday Growth Account. Are cheque-writing capabilities available today, or are they something you're considering for the future?

We’ll be launching remote cheque deposit (which is the ability to accept cheque deposits with your mobile phone), we currently are not planning to offer cheques with the Everyday Growth Account

Some customers have expressed concerns about using Flinks to link external accounts. Are there plans to offer alternative account-linking methods for those who prefer not to use credential-sharing services?

When evaluating account-linking solutions, our priority was to provide a secure, reliable, and seamless experience for our customers. Flinks was selected for its strong connectivity across Canadian banks and credit unions; superior account verification technology to help us verify that an external account belongs to the customer before funding or transfer transactions can take place; and alignment with Canadian banking requirements, with Canadian-focused infrastructure, security controls, privacy practices, and experience working with most Canadian financial institutions.

At this time, we do not have plans to introduce alternative account-linking methods. We recognize that account-linking preferences vary, and we will continue to listen to feedback as we evaluate future enhancements to our services.

What products can customers expect to see next?

Stay tuned! We have a few exiting products in the pipeline.

Are TFSAs, RRSPs, or FHSAs in the works?

Yes, registered products will be available soon.

Will you be adding debit cards or ATM access in the future? Or is it intended to remain a digital-only account?

The overall functionality will remain digital. And yes, we have plans to include a card account access in the future.

What is one feature you think more people should know about?

One feature more people should know about is our Everyday Growth Account. We designed it around the reality that most Canadians are managing several financial goals at once. It combines the flexibility of an everyday banking account with the ability to earn interest (2.50%)* on every dollar, so customers don't have to choose between spending and saving.

What makes it especially useful is the ability to create multiple accounts (up to 8) for different goals, whether that's bills, travel, emergency savings, shared household expenses, or everyday spending. It helps people stay organized while still earning a competitive rate across their balances.

It's a simple way to make managing money easier while keeping your savings working for you.

*Published rates are per annum and subject to change without prior notice. Interest is earned daily on the total closing balance of the account and paid monthly.

While the formal registered trademark is “Interac e-Transfer,” using “e-Transfer” on its own in Canada functions as a brand trademark reference to Interac’s service.

ipro31 said
@dougjp

The original topic is regarding Interac e-Transfer Deposit Delay.

Nothing about 'EFT' or 'External Funds Transfer'.

(I do have info about EFT: Outgoing $2 EFT transfer from Haventree to externally linked account arrived same day).

So for EFT transfers Haventree is very good.

If Haventree fixes their Interac e-Transfer issue, they would become top notch!  

EFT means "Electronic Funds Transfer", which without the word Interac being used, I naturally figured was "e-transfer". Also, why do Interac transfers at all, the daily dollar limits are usually so low ($ 3,000- or less, usually) so not really effective for moving funds to invest in a GIC or their savings account, unless Haventree is the primary bank?

The original topic is regarding Interac e-Transfer Deposit Delay.

Nothing about 'EFT' or 'External Funds Transfer'.

(I do have info about EFT: Outgoing $2 EFT transfer from Haventree to externally linked account arrived same day).

So for EFT transfers Haventree is very good.

If Haventree fixes their Interac e-Transfer issue, they would become top notch!

Correct. I'm referring to Interac e-Transfer. This is not a 'send' delay.
This is about the fact that once you accept the Interac e-Transfer, the deposited funds will not appear until 12:15AM.

And just to make it clear, 2nd e-Transfer test deposit was done at 8:51PM (Not Midnight) and I had to wait until 12:15AM to see those funds post to the account.

This means between 8PM to 12AM all deposited e-Transfer are simply in limbo.

*It's definitely no dealbreaker, just something to be aware about when dealing with Haventree Bank.

dougjp said
And also some other banks are instant, some are next day, some are when they think funds have cleared.

I was waiting for months for someone to post actual in and out ETF timing for Haventree, thanks. Seems as good or better than most, especially the timing outbound from Haventree.  

I think OP is mostly discussing e-transfers, as in Interac. That's how I was reading the posts.

Yes, using banks' systems to transfer takes time. Interac should be (and usually is in my experience) much quicker. I've never had a >30 min delay using Interac. But I'm not usually doing it at midnight

I was waiting for months for someone to post actual in and out ETF timing for Haventree, thanks. Seems as good or better than most, especially the timing outbound from Haventree.

eTransfer ($2.01)
Oct 7, 10:51PM - Deposit did not post until 12:15AM.

eTransfer ($1.00)
Oct 8, 8:51PM - Deposit did not post until 12:15AM

Conclusion:
•There is a pattern here. If you deposit an eTransfer between 8PM and 12AM the posting delay could be up to a 4HR wait. Will not show until 12:15AM.

•I deposited another eTransfer Oct 8 at 12:48AM, and another eTransfer on Oct 8 at 4:28PM. Both eTransfers posted immediately to the account because it was not between the 8PM-12AM window.

•There is a pattern where if an eTransfer deposit is made from 8PM to 12AM, the transaction will not post until 12:15AM.

During Business Hours:
•Attempted to make a e-Transfer deposit during business hours: e-Transfer deposited instantly.

After Business Hours:
•Attempted to make a e-Transfer deposit at 8:51PM EST (after their typical business hours) - Haventree closes at 8PM: At this point e-Transfer that successfully was accepted the transaction DID NOT post. This means there’s a delay anywhere between 1.5HRS or latest by 12:15AM it gets reflected.

Conclusion:
This inconvenience would be considered reasonable if Haventree matched the current 2.85% rate of Saven Financial. Unfortunately, @ 2.5% there are many other options where you don’t need this hassle. However, Haventree is still a great overall option. They have a great modern app, it’s just too bad that their e-Transfer service is horrible. It’s better then some banks that don’t offer any e-Transfer service so don’t get me wrong they aren’t that bad, just not the best.

One Positive Update about Haventree Bank:
External Outgoing Transfer arrived at the other bank within 7 hours (same day). That was very good!

So I just got off the phone with Haventree Bank, the representative told me that apparently the e-transfer deposit delay was because it was the first time ever I was initiating an e-transfer into the account, since it was a brand new opening.

And based on the second e-transfer test, deposit instantly posted.

Seems all good.

I still recommend Haventree Bank for anyone thinking to give them a go.