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INTEREST
December 7, 2016
11:02 am
CHUCK21
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December 7, 2016
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2.3% AT IDEAL SAVINGS IS ONLY ON ORIGINAL DEPOSIT.

December 7, 2016
6:27 pm
Loonie
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and by the time you gather up enough money to make a significant initial deposit, they may not have the offer any more!

December 8, 2016
8:37 am
rhvic
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Very confusing! Currently, the fine print of Ideal's offer - the 2.3% rate (at that time) is ONLY on the initial deposit to open the account! So, who is going to write an initial deposit cheque for $100,000?

I asked for clarification from Ideal and got this back:
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"On our website you see current investment option. The rate and offer condition were changed on November 29th 2016, and you’ve applied before this date.

Your 2.50% rate with Ideal Savings is guaranteed on all funds deposited until December 31, 2017. "
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So, if one happened to apply before Nov. 29, you get 2.5% on anything you deposit before the end of 2017. Otherwise, you get 2.3% on any initial deposit and 1.7% on anything further.

Weird indeed!

December 13, 2016
11:07 am
Winnie
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Effective today Ideal Savings rate is 1.75%.

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

December 13, 2016
11:31 am
Loonie
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So much for Ideal. I don't think they'll be retaining any of the clients they aqcuired here.

December 13, 2016
11:58 am
GoJetsGo
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Loonie...I think they'll retain a high percentage of clients they've acquired so far. Clients that signed up during the "2.5% on all deposits offer" are still receiving that and those that signed up during the "2.3% initial deposit" offer are still receiving what they were promised. I would say that they just won't attract many new customers at this point being only .05% higher than the other MB credit unions. But I'm sure they are aware of that and aren't looking for a huge additional inflow of deposits. My opinion is that they haven't annoyed a higher percentage of clients/potential clients than EQ did or PC & Tangerine continue to do with their selective promos.

December 13, 2016
12:40 pm
Loonie
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When I said "retain",I was referring to the post-promotion period, i.e. 2018. Most people would probably say that the recent promo rates have been loss leaders and that Ideal won't make any money on them and may lose money. This is always what I am told when I suggest that FIs really could afford to pay depositors more.

I doubt they'll keep very many of their new clients in 2018 unless they offer another bonus. Who knows what their regular rate will be by then, but probably the same as the other MB CUs. I don't see why anyone would stick with them in 2018. They don't offer much, compared to the others.

December 13, 2016
1:11 pm
GoJetsGo
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I misunderstood you when you responded to today’s act of them ending initial deposit promo and upping regular rate from 1.7 to 1.75%. This act doesn’t change anything in the eyes of those clients already acquired. The vast majority of these clients (me included) were always outta there in 2018 if at that time there’s better rates elsewhere. In the meantime, it’s a plus to have a 13-month rate which is a much longer period than any PC or Tangerine promo that I’ve ever been offered.

December 13, 2016
4:59 pm
Loonie
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Agreed.

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