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150 Day term special at 3.25%
November 22, 2018
2:32 pm
rhvic
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Just got this email from Ideal (sorry for the formatting, this is the way it copies)

-------------------
Take advantage of our 150 Day term special at 3.25%.
Limited time offer.

IDEAL SAVINGS - VARIABLE

ideal deposit

2.76%

TFSA - VARIABLE

Ideal TFSA

2.76%

GIC TERM DEPOSITS
NON-REDEEMABLE

150 days

3.25%

1 year

2.86%

2 years

2.96%

3 years

3.11%

4 years

3.21%

5 years

3.36%

TFSA TERM DEPOSITS
NON-REDEEMABLE

150 days

3.25%

1 year

2.86%

2 years

2.96%

3 years

3.11%

4 years

3.21%

5 years

3.36%

All accounts with the guaranteed 2.5% rate will now earn 2.76% variable rate. Should rates fall prior to December 31, 2018, the previously guaranteed 2.5% rate will still apply.

November 26, 2018
12:40 pm
Londonguy
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Based on what happened last year, I'm a little bit leery about what's going to happen to their rates in the spring, but in the meantime these rates are some of the best deals out there. Their 150-day special effectively runs to the end of April if you put the deal on now.

November 27, 2018
8:04 am
Top It Up
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Londonguy said

... but in the meantime these rates are some of the best deals out there.  

AGREED!

Though I am a client, their hit-and-miss, leave a message and we'll get back to you, unsecured messaging customer service, continues to be a real downfall on their part and yet they seem indifferent about it all.

November 27, 2018
12:14 pm
Londonguy
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Top It Up said

AGREED!

Though I am a client, their hit-and-miss, leave a message and we'll get back to you, unsecured messaging customer service, continues to be a real downfall on their part and yet they seem indifferent about it all.  

I don't do a lot of transactions with them, and certainly not complicated ones, but FWIW I've never had anything but snappy helpful service from their front line people. They've even reversed service charges generated by my own mistakes without my having to ask. But like you said, it could be a hit-and-miss thing and I just haven't had a "miss" yet.

November 27, 2018
1:16 pm
Nehpets
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Londonguy said
Based on what happened last year, I'm a little bit leery about what's going to happen to their rates in the spring  

What happened last year and how might that event be a factor on their rates this Spring?

Based on your experience, would you recommend or dissuade one doing business with Ideal Savings?

Major pros...major cons??

Stephen

November 27, 2018
1:48 pm
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Londonguy said

... I've never had anything but snappy helpful service from their front line people.   

SAME ... it's just the time lag between you contacting them and them getting back to you ... I've always said Marina @ Ideal is the sharpest CSR I've ever dealt with.

November 27, 2018
4:47 pm
rhvic
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I have had no negative experiences dealing with Ideal. They are quick to respond to my enquiries, and transferring in/out from outside FIs has not been any problem. I would recommend them.

November 27, 2018
5:42 pm
Nehpets
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rhvic said transferring in/out from outside FIs has not been any problem.

Does Ideal provide for EFT pull /push or are EFT 's done from the external FI?

Stephen

November 28, 2018
5:52 am
Londonguy
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Nehpets said

What happened last year and how might that event be a factor on their rates this Spring?

Based on your experience, would you recommend or dissuade one doing business with Ideal Savings?

Major pros...major cons??

Stephen  

Early in 2018 they were paying 2.50% on HISA balances including TFSA accounts (posted rate, not a promotion). Then in late spring when everybody else seemed to be finally raising their own rates, out of the blue Ideal dropped theirs down to 2.00% across the board. A lot of people bitched about it and would have pulled their funds, so they grandfathered existing HISA accounts at 2.50%, but that didn't extend to TFSA money (which is a lot stickier due to the CRA rules).

2.00% isn't awful but that 2.50% posted rate was the only reason I went to the trouble of opening TFSA accounts with them in the first place when I could have gone elsewhere, so it was a bit disappointing. Hopefully they don't yank the rug back out from underneath me too hard in April when this 3.25% deal expires. I could certainly live with their currently posted 2.76% TFSA rate if it's still in place when the time comes.

November 28, 2018
6:09 am
Londonguy
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Nehpets said

rhvic said transferring in/out from outside FIs has not been any problem.

Does Ideal provide for EFT pull /push or are EFT 's done from the external FI?

Stephen  

You can't pull funds into Ideal from other FIs because the Ideal online interface still doesn't support it. You can Interac money to yourself at Ideal if it's a small amount, otherwise you need to push any funds in via an external FI link or by snail mailing a cheque.

There is similarly no electronic push capability out of Ideal using their online platform. If you want to get funds out, you can email or call them with instructions as to where to send the money, or use a pre-established link set up at an external FI with simplified linking procedures like Tang or EQ or Hubert.

November 28, 2018
7:09 am
GR
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Nehpets said

rhvic said transferring in/out from outside FIs has not been any problem.

Does Ideal provide for EFT pull /push or are EFT 's done from the external FI?

Stephen  

To move money to or from Ideal, you can fax or scan & email a form on their website the first time and then, in future, just send Ideal a simple email with instructions to move funds in either direction to/from your linked account. Funds are transferred very promptly. Phone them to elaborate on procedure.

November 28, 2018
5:03 pm
rhvic
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I use the outside FIs (e.g. Hubert, Tangerine, EQ) to initiate any move of money to/from Ideal. There is no problem doing this. True, Ideal is not set up to do this easily from their end. Not sure why they want to make it difficult from their end, but in the long run it makes little difference - the outside FIs work just fine.

December 13, 2018
1:55 pm
pointarb
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Is this still going on? Smokin' deal!

December 13, 2018
2:08 pm
Top It Up
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December 13, 2018
3:31 pm
Save2Retire@55
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Hope they keep the rate till Jan. For new TFSA deposit.

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