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Email this2:32 pm
May 28, 2013
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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.
12:40 pm
May 27, 2016
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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.
8:04 am
December 17, 2016
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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.
12:14 pm
May 27, 2016
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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.
1:16 pm
December 20, 2016
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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
1:48 pm
December 17, 2016
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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.
4:47 pm
May 28, 2013
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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.
5:42 pm
December 20, 2016
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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
5:52 am
May 27, 2016
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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.
6:09 am
May 27, 2016
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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.
7:09 am
September 15, 2017
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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.
5:03 pm
May 28, 2013
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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.
1:55 pm
November 27, 2018
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Is this still going on? Smokin' deal!
2:08 pm
December 17, 2016
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It is. Join here -
https://idealsavings.ca/open-an-account/step-1-terms-conditions/
3:31 pm
January 3, 2013
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Hope they keep the rate till Jan. For new TFSA deposit.
9:34 pm
December 26, 2018
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Do they allow to open joint account?
1:12 am
October 21, 2013
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Still available as of now.
Don't forget that there is a $50 transfer-out fee for TFSAs, if that is your plan.
10:47 am
December 1, 2014
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You may want to keep an eye on any GICs purchased - per their site: "upon maturity, all GICs will automatically be reinvested into a one year GIC unless otherwise instructed"
11:03 am
December 17, 2016
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meghan88 said
You may want to keep an eye on any GICs purchased - per their site: "upon maturity, all GICs will automatically be reinvested into a one year GIC unless otherwise instructed"
Pretty standard language in the FI industry BUT always worth the reminder. Actually IS is generous with that statement since most FIs use the wording "renewed to a term equal to the maturing term unless notified otherwise" so could be up to a 5-year renewal.
3:06 pm
December 1, 2014
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Top It Up said
Pretty standard language in the FI industry BUT always worth the reminder. Actually IS is generous with that statement since most FIs use the wording "renewed to a term equal to the maturing term unless notified otherwise" so could be up to a 5-year renewal.
Good to know. I don't usually buy GICs but did get some with EQ for the 3-month promo rate at 3.3%. I just confirmed with them today that the $ (principle and interest) gets deposited into my account at maturity. Wouldn't want to get pulled into a 1-year GIC after that.
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