Direct transfer into savings account | LBC Digital | 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

sp_Feed Topic RSS sp_TopicIcon
Direct transfer into savings account
December 11, 2019
1:23 pm
CarryOnRTW
Newbie
Members
Forum Posts: 2
Member Since:
December 11, 2019
sp_UserOfflineSmall Offline

Just opened a LBC Digital HISA account and linked it to Tangerine. Its all gone pretty smoothly so far. My question is about how are folks transferring money directly intro their LBC Digital HISA account (from Tangerine)? Do you have to also create an LBC checking account first?

Thanks.

December 11, 2019
4:22 pm
Briguy
Member
Members
Forum Posts: 438
Member Since:
March 17, 2018
sp_UserOfflineSmall Offline

No, you don't need a chequing account unless you want to e-transfer into LBC Digital or want a debit card or want to order cheques. Just pull the money into LBC Digital (safest), or you can link LBC in your Tangerine account and push the money from Tangerine.

December 11, 2019
4:30 pm
CarryOnRTW
Newbie
Members
Forum Posts: 2
Member Since:
December 11, 2019
sp_UserOfflineSmall Offline

Briguy said
No, you don't need a chequing account unless you want to e-transfer into LBC Digital or want a debit card or want to order cheques. Just pull the money into LBC Digital (safest), or you can link LBC in your Tangerine account and push the money from Tangerine.  

Thanks. I used the "Quick Transfer" tab that I had missed to pull from my Tangerine account. It said it can take up to 5 days. Hopefully the smoothness continues and we get a decent period at 3.3%.

December 11, 2019
7:29 pm
Londonguy
Member
Members
Forum Posts: 372
Member Since:
May 27, 2016
sp_UserOfflineSmall Offline

CarryOnRTW said

Thanks. I used the "Quick Transfer" tab that I had missed to pull from my Tangerine account. It said it can take up to 5 days. Hopefully the smoothness continues and we get a decent period at 3.3%.  

More than likely it will only take 2 business days at the most. In any event, you will be earning interest from the day you initiated the transfer whether it takes 2, 5 or even 10 days to actually show up. That's the beauty of pulling from the destination side rather than pushing out from the source side

December 14, 2019
1:15 pm
COIN
Member
Members
Forum Posts: 35
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

In case anyone is interested, I asked LBC/B2B if it is possible to go to my local Exchange ATM and deposit a cheque directly to my HISA. The answer is no.

However, it is possible to deposit directly to my chequing account and then transfer to my HISA but can't do the transfer until the "hold" is lifted in the chequing account. The problem is that I get no or almost no interest during the "hold" period in my chequing account.

December 14, 2019
1:42 pm
Alexandre
Member
Members
Forum Posts: 182
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

COIN said
In case anyone is interested, I asked LBC/B2B if it is possible to go to my local Exchange ATM and deposit a cheque directly to my HISA. The answer is no.

However, it is possible to deposit directly to my chequing account and then transfer to my HISA but can't do the transfer until the "hold" is lifted in the chequing account. The problem is that I get no or almost no interest during the "hold" period in my chequing account.  

1. Open EQ Bank 2.3% Savings Plus account. You can deposit cheque to it, though their app.
2. Link EQ Bank account to LBC account.
3. When cheque cleared, pull funds from EQ to LBC. While pull is in progress, you are getting bonus rate of 3.3% from LBC plus 2.3% from EQ, total of whopping 5.6%. For just few days, but still.

Extra bonus: pull money on Friday and get extra two days of bonus rate. Do that just before Christmas, and you might get the whole week of extra bonus rate.

Please write your comments in the forum.