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Ideal Savings feedback
December 12, 2016
3:54 pm
AdrenalineTrade
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November 18, 2016
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Just a quick update. So far my personal experience with Ideal has been excellent. Every time I have called in they have picked up after only a few rings. Their account navigation is decent, for the most part, and they have email alerts that keep me up-to-date with all account activity. They also send out an email at the end of each month with an update on my interest earned. Excellent experience with them so far.

December 18, 2016
11:02 am
Top It Up
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December 17, 2016
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I too will chime in on my EXCELLENT experience with Ideal Savings. Filled out the "on-line" application, printed it off, and mailed in the signed application along with the Initial Deposit cheques. After completing the "on-line" application I received an immediate email from Ideal which included the following information

"To enjoy these great benefits, we require only two items to complete the opening of your Ideal Savings account:

- Mail in your signed application; and
- Your initial deposit in the form of a personalized cheque* drawn on a Canadian financial institution, made payable to yourself."

Two days after mailing, I received another email indicating receipt of application followed by email alerts of Credit Memos covering of the 2 initial deposit cheques making the account live. Two days following I received the 1st of 2 information letters one including the account number, the second with the password. The account is live, the website incredibly simple and straightforward and I'm looking forward to my 1st interest payment on 31 December 2016.

October 24, 2017
11:50 am
dougjp
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I'm in process of setting up our account with them now, and am at the point where the first mailing has been received with all the forms. I also find them helpful and quick, both on the phone and the mailings.

One of the highest rates available for joint accounts, as many of us know some other banks aren't willing to create anything but a single individual's account.

Just a heads up as their transfer system to and from the linked A bank account is not initiated "electronically" while logged into your account on their web site. All you can do there is view balances and pay bills or do a pre set up transfer to another online bank.

I was confused by receiving several pre-stamped envelopes and some forms. Basically, despite having received before our cheques with our names on them, all the bank info etc., they also want these forms signed and returned to them in blank and they will keep these forms as authorization to accept our future e-mail instructions to transfer to and from. Seems like duplication to me, but whatever. It only presents a slight further delay in getting everything pre-established and costs me nothing.

October 24, 2017
2:50 pm
rhvic
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To move money into or out of Ideal, I have linked my Ideal accounts to three of my other institutions - EQ, Tang, and Hubert. I use these institutions to either push money into Ideal or pull it out from Ideal. Ideal itself is a bit awkward to link to outside institutions in order to push or pull from Ideal. This setup works just fine.

October 24, 2017
3:38 pm
dougjp
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rhvic said
To move money into or out of Ideal, I have linked my Ideal accounts to three of my other institutions - EQ, Tang, and Hubert. I use these institutions to either push money into Ideal or pull it out from Ideal. Ideal itself is a bit awkward to link to outside institutions in order to push or pull from Ideal. This setup works just fine.  

Thanks. For others, note that Ideal will tell you their institution number is 0879, enter that in EQ and it will drop a number down to three, 087. Likely Ideal's institution number is 3 digits, 879, but at this point I don't know if linking will work, EQ wasn't helpful. And Alterna doesn't seem to have a me to me link option?

October 24, 2017
9:16 pm
Loonie
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October 21, 2013
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Not sure what you mean about Alterna, doug.
Alterna Bank has me to me transfers, at least to big five. I do these regularly online, both directions, originating at Alterna. Have not tried to link elsewhere.
Perhaps you looked at the Alterna Savings (CU) site by mistake?

October 25, 2017
4:37 am
dougjp
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Loonie said
Not sure what you mean about Alterna, doug.
Alterna Bank has me to me transfers, at least to big five. I do these regularly online, both directions, originating at Alterna. Have not tried to link elsewhere.
Perhaps you looked at the Alterna Savings (CU) site by mistake?  

Sorry, I have gotten confused by the phrase "me to me" which is used frequently in our forum here. I thought it meant links between online banks, not the primary link to a big 5 chequing account which is established when sending a physical cheque to an online bank at the time of setting up a savings account. I made the comment after going into Alterna and not seeing any way to set up a link with Ideal Bank, like what is possible with EQ.

October 25, 2017
2:43 pm
Loonie
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I see. I believe you're correct that it has to go to a chequing account, doug. As far as I know, it could be any chequing acct though; not just Big Five.

October 25, 2017
5:58 pm
Norman1
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Alterna Bank doesn't have an automatic way of adding linked external accounts, like EQ Bank or Hubert Financial does.

According to discussion External Link (Tangerine Saving), Alterna Bank requires one to send in their Me to Me Money Transfer Authorization form along with a void cheque or pre-authorized debit form with the external account's institution, transit, and account numbers.

October 25, 2017
6:14 pm
Norman1
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dougjp said

Thanks. For others, note that Ideal will tell you their institution number is 0879, enter that in EQ and it will drop a number down to three, 087. Likely Ideal's institution number is 3 digits, 879, but at this point I don't know if linking will work, EQ wasn't helpful.…

No financial institution is assigned to 087.

Could be institution 879 that is assigned to the Credit Union Central of Manitoba Limited.

I found this entry in the Payments Canada Financial Institutions Branch Directory among the Carpathia Credit Union branches:

Electronic Paper
(MICR)
Postal Address
087930857 30857-879 Ideal Savings,
C/O 3-952 Main St.,
Po Box 4053 RPO Redwood,
Winnipeg, MB R2W 3P4
October 25, 2017
8:23 pm
Loonie
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October 21, 2013
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Norman1 said
Alterna Bank doesn't have an automatic way of adding linked external accounts, like EQ Bank or Hubert Financial does.

According to discussion External Link (Tangerine Saving), Alterna Bank requires one to send in their Me to Me Money Transfer Authorization form along with a void cheque or pre-authorized debit form with the external account's institution, transit, and account numbers.  

Yes,that's right. I added a link a couple of weeks ago and it went through in just a few days. I sent a photocopy of a void cheque and they accepted it without a problem.

October 27, 2017
9:57 am
dougjp
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Just a brief further follow up. Account opening and activation concluded very quickly, including online access to my account and linking to another bank. I like their e-mail advising of all changes/activity. So far, so good.

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