Add Ideal Savings | Ideal Savings | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

This topic is locked No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Add Ideal Savings
November 18, 2016
8:02 am
Janna
Member
Members
Forum Posts: 7
Member Since:
November 18, 2016
sp_UserOfflineSmall Offline

http://www.idealsavings.ca

Currently offering a high interest savings account at 2.5%, rate guaranteed until December 31, 2017.

November 18, 2016
8:05 am
Peter
Admin
Forum Posts: 713
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Thanks Janna. Can you please disclose your affiliation with Ideal Savings?

Does anyone in the High Interest Savings community have experience with this bank?

November 18, 2016
9:03 am
Bill
Member
Members
Forum Posts: 472
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

It appears to be the separate retail ebank division of Carpathia Credit Union (Manitoba), don't have to become a member/shareholder of Carpathia to open an account. That's not a bad rate guarantee for 13 month money right now, especially if they raise it if rates rise.

November 18, 2016
9:10 am
Janna
Member
Members
Forum Posts: 7
Member Since:
November 18, 2016
sp_UserOfflineSmall Offline

Hi Peter. I work in the marketing department at Carpathia Credit Union, which Ideal Savings is a brand new division of. We did a soft launch of Ideal Savings in July 2016.

November 18, 2016
10:20 am
NorthernRaven
Moderator
Moderators
Forum Posts: 325
Member Since:
August 4, 2010
sp_UserOfflineSmall Offline

Another variable-rate GIC that doesn't display the average annual interest rate (in this case, about 2.18%).

https://idealsavings.ca/investment-products/ideal-escalator/

There's a old Larry Niven short story ("The Jigsaw Man") where advances in organ transplant technology mean that capital punishment is extended to a range of "minor" crimes to provide deposits for the "organ banks". The end of the story is a cautionary-tale sort of thing (the protagonist's crime is repeated traffic convictions). But there's a throwaway line earlier where it is mentioned that one of the categories of crimes added was deceptive advertising. Of course it would be wrong to think that manipulative advertisers should be subject to execution, right... :)

November 18, 2016
10:52 am
AltaRed
Member
Members
Forum Posts: 415
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

I agree providers of variable rate GICs should be obligated to show average annual interest rates. While not exactly deceptive, variable rate GICs are a sly marketing ploy. Perhaps something the regulator should be looking at.

November 18, 2016
11:15 am
Janna
Member
Members
Forum Posts: 7
Member Since:
November 18, 2016
sp_UserOfflineSmall Offline

The current posted 3 year term GIC rate at Ideal Savings is 2.00%, so the escalator is a slightly better rate if you do keep the funds there for the complete 3 year term.

November 18, 2016
12:34 pm
kanaka
Member
Members
Forum Posts: 1232
Member Since:
December 23, 2011
sp_UserOfflineSmall Offline

AltaRed said

I agree providers of variable rate GICs should be obligated to show average annual interest rates. While not exactly deceptive, variable rate GICs are a sly marketing ploy. Perhaps something the regulator should be looking at.

I agree too. My adviser stays away from them and advised me to do the same. Although I do have the Hubert 1 year GIC and they do tell you what the one year average is. Marketing with gussied up numbers to attract the eye might get some takers but for others that dig into what the overall interest you would receive, they will likely be more informed to not buy. For those that buy and become disenchanted with the results possibly will discontinue doing business with those that offer rate risers. Good for the short haul for Ideal Savings I guess.

November 18, 2016
12:35 pm
kanaka
Member
Members
Forum Posts: 1232
Member Since:
December 23, 2011
sp_UserOfflineSmall Offline

Janna said

Hi Peter. I work in the marketing department at Carpathia Credit Union, which Ideal Savings is a brand new division of. We did a soft launch of Ideal Savings in July 2016.

And what provinces are you offering your services to? And what insurance coverage do you have?

November 18, 2016
12:58 pm
Janna
Member
Members
Forum Posts: 7
Member Since:
November 18, 2016
sp_UserOfflineSmall Offline

kanaka said

Janna said

Hi Peter. I work in the marketing department at Carpathia Credit Union, which Ideal Savings is a brand new division of. We did a soft launch of Ideal Savings in July 2016.

And what provinces are you offering your services to? And what insurance coverage do you have?

Our products are available to all Canadians and we have a 100% deposit guarantee through the Deposit Guarantee Corporation of Manitoba.

November 18, 2016
1:12 pm
frizun
Member
Members
Forum Posts: 41
Member Since:
December 3, 2014
sp_UserOfflineSmall Offline

Doesn't seem to provide any cheques or debit card.
Would the banking numbers be made available to setup links to other accounts?

November 18, 2016
2:01 pm
Janna
Member
Members
Forum Posts: 7
Member Since:
November 18, 2016
sp_UserOfflineSmall Offline

frizun said

Doesn't seem to provide any cheques or debit card.
Would the banking numbers be made available to setup links to other accounts?

Right now funds may be withdrawn using e-Transfer. Or we can set up an automatic funds transfer or mail you an official cheque.

Ideal Savings currently does not offer personal cheques or debit cards, but are looking into introducing debit cards as early as February 2017 since there's been some definite interest in having them.

November 18, 2016
2:23 pm
NorthernRaven
Moderator
Moderators
Forum Posts: 325
Member Since:
August 4, 2010
sp_UserOfflineSmall Offline

The fee chart for the HISA lists a "Automated Funds Transfer Out" fee of $3.00. I think a couple of the non-Hubert Manitoba CUs have a $1 fee, but they give you one freebie a month, and obviously there's no shortage of no-fee options. Since Ideal's 2.5% HISA rate will be a teaser (the TFSA rate is MB-vanilla 1.7%), there's no real point in trying to grab this unless you have at least a five-figured lump.

The 3-year stepper GIC seems to be a pure upgrade over the standard 3-year (higher interest, annual cashable option, otherwise the same?), so I'd hope they'd have the grace to redirect 3-year customers to the stepper while it is available.

November 18, 2016
3:34 pm
Loonie
Member
Members
Forum Posts: 2705
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I thought we had a policy against using this forum for advertising.
If Ideal/Carpathia wants to promote an offer, they can buy an ad on this site, then members can examine it at their leisure and report their findings on the forum. This will make the distinction between promotion and commentary clear and make the site more reliable and functional.
It is particularly annoying that OP has chosen to make this announcement by way of a "site suggestion". This means that she is not merely informing us, but also presuming to tell us that we ought to add this FI to an existing list of institutions which have been approved.
At a minimum, I suggest this be moved to "General Financial Discussion" and the title be changed to eliminate the word "Add".

Re: Hubert's one-year GIC. The rate is actually slightly HIGHER than what they tell you because the interest is credited and compounded quarterly, which they don't allow for in the advertised rate.sf-smile

November 18, 2016
3:57 pm
Koogie
Member
Members
Forum Posts: 111
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

NorthernRaven said
Since Ideal's 2.5% HISA rate will be a teaser (the TFSA rate is MB-vanilla 1.7%), there's no real point in trying to grab this unless you have at least a five-figured lump.

I think a HISA rate guaranteed for 13 months qualifies as more than a "teaser" ?

Loonie said
I thought we had a policy against using this forum for advertising.
If Ideal/Carpathia wants to promote an offer, they can buy an ad on this site, then members can examine it at their leisure and report their findings on the forum. This will make the distinction between promotion and commentary clear and make the site more reliable and functional.

I disagree. I don't want to see more adverts. I for one actually like the CU and banks coming here to post their offers and specials (as long as they self disclose who they are and behave by the all the other forum rules).
Perhaps make a section or sub-forum just for that and make it explicit that they should post their offerings there ?
Sure beats all of us having to scour the internet all the time if they are willing to come to us.. sf-smile

November 18, 2016
4:04 pm
GoJetsGo
Member
Members
Forum Posts: 20
Member Since:
October 18, 2014
sp_UserOfflineSmall Offline

Loonie,

I think what Janna has done so far is completely acceptable. The first post simply points out that Ideal Savings is offering a rate that is worthy of being on this forum. Janna has then proceeded to answer questions directly asked of the rep. If any rep was to hijack any discussion by inserting their financial institutions info, then I would call that advertising and inappropriate for this forum. I don't think Peter would let that happen. For full disclosure, I live in Manitoba, learned of Ideal Savings from Janna's first post today and sent my application in this afternoon.

November 18, 2016
4:12 pm
AdrenalineTrade
Member
Members
Forum Posts: 9
Member Since:
November 18, 2016
sp_UserOfflineSmall Offline

Does anyone know if Ideal Savings has an app yet?

November 18, 2016
4:28 pm
NorthernRaven
Moderator
Moderators
Forum Posts: 325
Member Since:
August 4, 2010
sp_UserOfflineSmall Offline

Koogie said
I think a HISA rate guaranteed for 13 months qualifies as more than a "teaser" ?

Ah, I didn't see the guarantee at the bottom of the account page. This is actually quite admirable then; they should put some sort of wording or footnote on the Rates page as well.

November 18, 2016
6:45 pm
Joe
Member
Members
Forum Posts: 27
Member Since:
June 3, 2015
sp_UserOfflineSmall Offline

Another great addition to the banking landscape....welcome to the board Janna and Ideal Bank. Competition is good....maybe Tangerinesf-wink will extend my 3% past the end of December.

November 18, 2016
10:21 pm
AdrenalineTrade
Member
Members
Forum Posts: 9
Member Since:
November 18, 2016
sp_UserOfflineSmall Offline

Janna said

frizun said

Doesn't seem to provide any cheques or debit card.
Would the banking numbers be made available to setup links to other accounts?

Right now funds may be withdrawn using e-Transfer. Or we can set up an automatic funds transfer or mail you an official cheque.

Ideal Savings currently does not offer personal cheques or debit cards, but are looking into introducing debit cards as early as February 2017 since there's been some definite interest in having them.

Hi Janna,

Can your automatic funds transfer allow the client to transfer out large sums of money? Interac e-transfers are limited to 2500.00 per day I believe.

This topic is locked No permission to create posts

Please write your comments in the forum.