Ideal Savings offer is now 1¾% (no more 2.3% on the initial deposit) | Ideal Savings | Discussion forum

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Ideal Savings offer is now 1¾% (no more 2.3% on the initial deposit)
December 13, 2016
5:49 pm
Norman1
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Winnie said

Effective today Ideal Savings rate is 1.75%.

No more 2.3% on the initial deposit to open the account.

That news deserves its own topic!

December 13, 2016
6:12 pm
Loonie
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Norman1 said

Winnie said

Effective today Ideal Savings rate is 1.75%.

No more 2.3% on the initial deposit to open the account.

That news deserves its own topic!

...but I think the topic should be something like, "New Record! Only 25 days from new to mediocre".sf-surprised

December 14, 2016
10:21 am
Rick
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That was faster and farther than EQ's rate drop. Glad I didn't sign up.

December 14, 2016
11:46 am
Taxpayer717
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Rick said

That was faster and farther than EQ's rate drop. Glad I didn't sign up.

But I am glad that I did at the time when the offer was still valid. As of today they honored my online application for 2.5% interest rate, although they do not have my initial deposit cheque yet. I will see if Tangerine will beat this rate as my 2.5% savings account rate with them runs out on December 27, 2016. This will help me to make up my mind.sf-smile

December 17, 2016
2:48 pm
Top It Up
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Rick said

That was faster and farther than EQ's rate drop. Glad I didn't sign up.

I just don't understand this comment. If you got in at the 2.5% or 2.3% initial deposit rate that rate stands under 31 December 2017. Going forward additional deposits will earn the then going rate which today is 1.75% - THE highest interest rate of any institutional on the comparison chart that is 100% guaranteed unlike the others outside of MB that are covered by the lowly CDIC. I'm in the real money with Ideal Savings.

December 17, 2016
11:41 pm
Rick
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Top It Up said
I just don't understand this comment. If you got in at the 2.5% or 2.3% initial deposit rate that rate stands under 31 December 2017. Going forward additional deposits will earn the then going rate which today is 1.75% - THE highest interest rate of any institutional on the comparison chart that is 100% guaranteed unlike the others outside of MB that are covered by the lowly CDIC. I'm in the real money with Ideal Savings.

Congratulations and good for you. Take the money and run. I didn't get in on the 2.5 and it dropped to 2.3 before the ink on the initial offer was dry. Bad sign. Seems kind of devious and like they are preying on people that didn't read the fine print and opened an account with a token deposit before transferring the bulk. Not really concerned about the CDIC limit. I don't have over 100K in liquid cash. In a worst case scenario, I wouldn't count on an indebted provincial government to back 10's if not 100's of millions of dollars. Avoided the hassle of maintaining accounts with yet another institution. As for new deposits @ 1.75, that just drags down the average interest rate of the total deposits. 2.3 + 1.75 / 2 = 2.025. Every dollar you put in @ 1.75 drags down the rate for the cash at 2.3. Wouldn't be surprised if the rate drops further in the new year. At best, I would leave the initial deposit and put any new deposits in EQ @ 2%, but I missed out on the 2.5 and was immediately discouraged by the quick rate drop so didn't bother with them. When you are talking about an difference in rates of less than half a percent, (unless you are talking millions), I worry more about the lost interest while my money is in limbo between transfers than a .3% difference... especially since my liquid cash is in EQ so I would have to transfer it to a 3rd party and link to a bank with checking privileges before moving it to Ideal. Bottom line...I'm already dealing with 4 banks and I don't want to add a 5th for me and my heirs to keep track of. That was my reasoning...sound or not, not regretting it.

December 18, 2016
4:58 am
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Rick said

Seems kind of devious and like they are preying on people that didn't read the fine print and opened an account with a token deposit before transferring the bulk.

"...preying on people that didn't read the fine print..." . really . people moving money around to a newly formed internet financial institution WITHOUT reading the fine print . really . their offer couldn't have been more straight forward . INITIAL DEPOSIT.

Instead of continuing to slag the institution for no good reason you should've just left it at "rats, I missed out on a great offer." As a side point I wouldn't even bother moving around amounts of anything less than 6 figures - chasing $50/per year additional interest . really.

December 18, 2016
9:02 am
Rick
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rats, I missed out on a great offer.

December 18, 2016
10:00 am
Norman1
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Ideal Savings had two offers in a short period of time:

  1. 2½% on all funds (initially and subsequently) deposited, until December 31, 2017.
  2. 2.3% on initial deposit only, until December 31, 2017.

Those who signed up and accepted the first offer continue to receive 2½% on all their deposits.sf-smile

I don't think there was anything devious. Unfortunately, their wording of the first offer was not as precise as could be.

Ideal seemed to be offering "2½%" guaranteed until December 31, 2017. No hurry; the 2½% rate was going to available until end of 2017.

In hindsight, it looks like what Ideal really meant to offer was "2½%, guaranteed until December 31, 2017" for a limited time.sf-confused

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