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Luminus Financial
December 17, 2014
4:46 pm
rhvic
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Does anyone follow this institution based in Toronto? I just noticed their name for the first time in an article on the Morningstar web site. It seems that Luminus has (had?) an interest rate offer which is about to expire (Dec. 31) which was for a 3.25% rate. Some details at
http://www.luminusfinancial.co.....sAccounts/

Should they be tracked on this site?

December 17, 2014
5:14 pm
Greg Franklin
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Rhvic, I heard of them and they are an Ontario credit union with DICO eligible insured deposits but I never heard of their 3.25% savings account offer.

I think this came about to compete with Tangerine Bank's 3.00%, PC Financial's 3.10% promos that was back started in September and October-2014.

I believe Parama Credit Union, http://www.parama.ca has a TFSA 3.00% savings account promo that expires on December-31-2014.

I believe all these offers I mentioned above are expiring on December-31-2014. Interesting though you brought this up Rhvic.

There has been alot of these short term savings account promos in the last few months. Hopefully we will see more in the new year, 2015.sf-smile

December 22, 2014
11:15 pm
Doug
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rhvic said

Does anyone follow this institution based in Toronto? I just noticed their name for the first time in an article on the Morningstar web site. It seems that Luminus has (had?) an interest rate offer which is about to expire (Dec. 31) which was for a 3.25% rate. Some details at
http://www.luminusfinancial.co.....sAccounts/

Should they be tracked on this site?

Thanks for the tip, rhvic. It appears this is the legal name of the Ontario credit union, not a "trade name" for a "virtual" transit/branch division of said credit union. If their membership rule(s) allowed any Canadian citizen or permanent resident to open an account and without going into a branch, we'd permit them to be added to the "comparison chart". This is the reason why we removed Vancity and Coast Capital Savings from the "comparison chart" (not least of which because their rate(s) were little better than the "Big 5" banks).

That said, feel free to use this discussion thread for any and all discussion and update(s) on rates and even suggest a 'tweet' from Peter.

Cheers,
Doug

December 23, 2014
3:08 pm
Norman1
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Not sure if they will accept any Canadian citizen or permanent resident. This is from their Becoming a member page:

Who is eligible for Luminus Membership?

Luminus is an open-bond credit union, which means we can serve any Ontario resident, business or organization.

Their Other Services fees page suggests there's an annual $5.99 membership due.

December 23, 2014
4:24 pm
Greg Franklin
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I wonder if their 3.10%, 5 year fixed rate term deposit promo until January-30-2015 is RESP eligible.

My coworker's son would rather have a shorter term 5 year at 3.10% than 3.00% at 7 years as they are both DICO insured term deposits, GIC's.

This would especially true if interest rates go up in 5 years and they can reinvest their RESP's with higher, compound interest working for them.sf-smile

January 13, 2015
11:55 am
Koogie
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I had occasion to avail myself of the Luminus 18 mos term deposit offer (2.5%) and found they were quite a helpful and friendly bunch at 1 Yonge St.

Apparently they are trying to grow a bit since they have taken over a few other even smaller CU in the last few years. Their system and style follows the pattern of most other Ontario CU. In fact, they must all buy their website design from the same company as a lot of their websites are nearly identical in format.

That said, their online banking is fine and seems to work well. As they are DICO insured, I think that I would recommend them to others. Especially given their current rate specials (as above and a 5 yr at 3.10%)

January 13, 2015
12:15 pm
Loonie
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thanks for the report, Koogie. I have been considering them.

May 26, 2017
8:09 am
Nehpets
Ontario
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Curiously, Luminus isn't included on any of the popular interest rate comparison sites.

Anyone know why that might be?

May 26, 2017
9:41 am
2of3aintbad
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Maybe because Luminus is a small Credit Union. I have some money with them in a 1 year GIC paying 2.10%, which was a good rate at the time, before the Home Trust / Oaken 'opportunity'.

https://www.luminusfinancial.com/Personal/Rates/

May 26, 2017
3:03 pm
Loonie
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I think the main reason would be that membership is restricted to residents of Ontario.

August 1, 2017
6:16 am
Nehpets
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Source: Luminus Website Aug 1, 2017

Investment Savings Account - 2.30%

Earn better interest rate than a standard savings account at 2.30%* for balances over $50,000! Any other balance, earn our normal rate of 1.75%. Some restrictions apply. Speak to our Member Relations Officers today at 1.877.782.7639.

Deposits at no charge - in branch, by mail, electronic transfer, payroll deduction, or direct deposit. To access your funds simply transfer them to your chequing or savings account online.

*$50,000 Minimum and $500,000 Maximum. New Funds Only. Rate expires Oct. 31, 2017. Limited time offer and may be withdrawn at any time without notice. Available for registered and non-registered products, personal accounts only.

DICO insured

August 1, 2017
6:29 am
Benjames35
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The rates seem pretty decent so why isn't this bank on the comparison chart?

August 1, 2017
8:33 am
Rick
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Benjames35 said
The rates seem pretty decent so why isn't this bank on the comparison chart?  

Probably because every other one on the comparison list is available to everyone in Canada (with a Quebec exception) and Luminous is only available to Ontarians.

August 1, 2017
11:18 am
Nehpets
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Rick said
Probably because every other one on the comparison list is available to everyone in Canada (with a Quebec exception) and Luminous is only available to Ontarians.  

From the Luminus FAQ page:

Is Luminus Financial limited to serve Ontario residents only?
Luminus is an open-bond credit union, which means we can serve any Ontario resident, business or organization; AND Luminus can provide deposit services for Canadian residents, businesses or organizations addressed outside of Ontario.

August 1, 2017
10:10 pm
Rick
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Nehpets said

From the Luminus FAQ page:

Is Luminus Financial limited to serve Ontario residents only?
Luminus is an open-bond credit union, which means we can serve any Ontario resident, business or organization; AND Luminus can provide deposit services for Canadian residents, businesses or organizations addressed outside of Ontario.

  

I stand corrected.

August 2, 2017
1:31 pm
Loonie
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Spouse was told by Luminus frontline staff person this week that they are in the process of revising their fee structure. I would therefore be cautious about opening registered GIC accounts at this time. They already have some hefty fees, especially the dormancy fee ($100), which kicks in after only one year, and it's hard to know which direction they're headed.

August 7, 2017
3:32 pm
Peter
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As a starting point for further discussion and a potential future inclusion on the comparison chart, I've created a dedicated forum for Luminus Financial and of course moved this thread to that forum.

Please write your comments in the forum.