Direct transfer into savings account | LBC Digital | Discussion forum

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.

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

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.