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1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account
January 2, 2020
7:09 am
GR
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1% cash bonus when you transfer your TFSA or RRSP to Meridian:

https://www.meridiancu.ca/Offers/RRSP-Cash-Bonus.aspx

Also: 3% back for the first 4 months in your first TFSA or RRSP

January 2, 2020
7:25 pm
Loonie
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"Get a 1% cash bonus of up to $750 when you transfer your TFSA or RRSP to Meridian by March 2, 2020*. That’s free money! Transfer a minimum of $10,000 to get this great bonus."

So the maximum contribution would be $75,000 in order to get maximum benefit from this promo.
I'm not clear if you could do both TFSA AND RRSP. Too bad RIF isn't included - again.sf-frown
Appears to apply to any base rate / term.

January 3, 2020
10:10 am
Londonguy
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Loonie said
...I'm not clear if you could do both TFSA AND RRSP...

FWIW my wife and I both took advantage of the 1% bonus offer last year and were told that it maxed out at $750 per member no matter how you dressed it up

I tried dangling another $650K transfer looking for the extra 1% but they wouldn't bite

January 3, 2020
2:43 pm
LeBronBMT
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Earn 3.00% on your first registered HISA for the first 4 months*. After that, you earn our always competitive 1.30%.​

https://www.meridiancu.ca/Personal/Join-Now.aspx

January 3, 2020
3:31 pm
canadian.100
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LeBronBMT said
Earn 3.00% on your first registered HISA for the first 4 months*. After that, you earn our always competitive 1.30%.​

https://www.meridiancu.ca/Personal/Join-Now.aspx  

"competitive 1.30%" on an HISA? Really?

January 11, 2020
5:40 am
Jim Sherat
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Not worth the trouble (for me) for 4 months, but once again am considering the 18 month option. My wife and I both went for it a year ago, moving some TFSA funds over, but the rate offered then was quite a bit better. 3.25% vs 2.55%

With the 1% transfer bonus, the effective yield is higher of course, and 18 mths doesn't tie up the funds for too long.

Anyone else thinking of moving some RSP or TFSA funds over to Meridian this time?

January 11, 2020
8:29 pm
Loonie
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I'm thinking about it but I don't have 75K available in order to get the maximum benefit.

The problem with the 18 month GIC is that it matures in the summer when there are generally no RSP promos available.sf-frown

One year, even at 2.25, is efficient as you are only spreading the bonus over one year, so you would effectively get 3.25 for one year - not too shabby - and get another kick at the can next January. My recollection from doing this once before is that they put the bonus directly into the investment and consider it bonus interest.

Don't forget there is a $50 transfer-out fee at Meridian, but they will reimburse charges for incoming funds up to that amount. The optimum would be a transfer of 75K, if you have it available.

January 13, 2020
3:42 am
Jim Sherat
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The maximum benefit will not be in the cards for me either (or my wife), but I think we'll go for it. We're also talking TFSA funds, not RSP or RIF in my case.

The fact the 18 month GIC [Meridian calls it a Term Deposit in the paperwork] matures in the summer is not a great thing, due to lack of new promos at that time of year, as you point out, but at this point it's the best option for us.

I look at it in simple terms. For one year we get slightly better than 3.55% interest paid to us, 1% of that paid immediately; for the final 6 months it falls to slightly over 2.55% ie. int. paid on the principal + on the upfront 1% bonus + on the year 1 interest.

Despite having to eat the diff of $25 between our sending FI and Meridian's transfer allowance, overall it's not too shabby at all 😉

January 13, 2020
4:54 am
Loonie
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One thing you might be able to do , if you have not already thought of it, is to make your 2020 deposit (since it's a TFSA) into the existing account before you transfer it. That would bump up your deposits by 12K, for a corresponding increase in bonus.
Just make sure your new contribution clears before you move it.

For us it will be spouse's RSP. I'm too old!
Our TFSAs are all tied up.

January 14, 2020
2:17 am
Jim Sherat
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Thanks, Loonie ... yeah, I did all that last week; in fact this is my first year for mandatory min. RIF withdrawal, so I simply went into my TDDI account to see what they had calculated, using my wife's age, as she's 4 yrs younger.

Then I had that mandatory amount pay out immediately to my branch chequing account, and used this to transfer $6,000 into both our (pre-existing) "HISA" TFSA's.

Today we'll get an FA at the (TD) branch to execute internal paperwork necessary to transfer all our TFSA funds not otherwise tied up in GICs to those same branch HISA TFSAs. Note: I keep them open with zero balances or less than $10, for just such a purpose. OR for the day that TD offers competitive interest rates ! 😉

After that's done, the Meridian FA can take it from there.

January 14, 2020
8:44 am
Loonie
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It sounds complicated but I'm sure you know what you're doing.
This week I have four things to arrange at various banks/CUs, and I had one last week as well. And next week is just as busy. 'Tis the season, especially with Meridian and DUCA 3% HISAs both ending.
We really do work for our money!

January 15, 2020
12:24 pm
fitzy7
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I didn't see anything in the T&C, but could you theoretically just take your money out after the 4 months ends for the 3% HISA and keep the bonus money?

January 17, 2020
5:51 am
Jim Sherat
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Loonie said
It sounds complicated but I'm sure you know what you're doing.
This week I have four things to arrange at various banks/CUs, and I had one last week as well. And next week is just as busy. 'Tis the season, especially with Meridian and DUCA 3% HISAs both ending.
We really do work for our money!  

yeah, I probably went on a bit there, and made the required moves appear more complicated than they were /are. 😉 If TDDI didn't charge an exorbitant $135 to move any Registered funds to another FI, vs $75 at branch level, then one step could have been avoided.

Anyway, compared to your busy week, I'm not even breaking a sweat.
As always, thanks for your expertise on this forum.

January 17, 2020
6:19 am
Loonie
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fitzy7 said
I didn't see anything in the T&C, but could you theoretically just take your money out after the 4 months ends for the 3% HISA and keep the bonus money?  

I believe you could, but best to check with them. Check if there is a fee for closing it down. They may make you a retention offer in the form of a GIC towards the end of the four months..

January 17, 2020
3:05 pm
Londonguy
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Made my appointment this afternoon to visit the local Meridian branch to do another round of $75K transfers like last year. I hate bank crowds and wanted to be well ahead of the RSP rush, but even though it's still only mid-January I couldn't get a booking with my account manager until next Thursday.

According to her they're already quite busy, so if you're thinking about taking advantage of the promo, it might be better to get on it sooner rather than later. I don't think they'll pull the offer prematurely, but it may become increasingly difficult to get in front of somebody at your own convenience to file the paperwork

January 17, 2020
6:13 pm
fitzy7
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Londonguy said
According to her they're already quite busy, so if you're thinking about taking advantage of the promo, it might be better to get on it sooner rather than later. I don't think they'll pull the offer prematurely, but it may become increasingly difficult to get in front of somebody at your own convenience to file the paperwork  

Can this be done online / over the phone? I want to move my wife's maturing TFSA GIC over but unlikely I could convince to go to an actual branch with me. I see it says on their website to talk to adviser to make sure the bonus gets applied.

January 18, 2020
12:19 pm
1nt2Save
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fitzy7 said
I didn't see anything in the T&C, but could you theoretically just take your money out after the 4 months ends for the 3% HISA and keep the bonus money?  

I asked them and they told me I could theoretically take out the deposit with the 1% cash bonus the day after it gets deposited and that is not against the rules.

One thing to note is the maximum bonus is $500 this year not $750. I think it was $750 in 2019 but the promo is different this year.

January 18, 2020
3:09 pm
Londonguy
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fitzy7 said

Can this be done online / over the phone? I want to move my wife's maturing TFSA GIC over but unlikely I could convince to go to an actual branch with me. I see it says on their website to talk to adviser to make sure the bonus gets applied.  

No, Meridian isn't very tech-enabled in that way, I wish. I suppose you could ask if they'd be willing to fill out the paperwork for your wife and then you could take the T2033 home to get it signed and bring it back, but they might balk at that plan because of their know-your-client obligations since theoretically you could be up to no good.

If you're determined, try telling them your wife has a highly communicable form of flu or something and can't come in to a branch and see if they buy it

January 18, 2020
3:14 pm
Londonguy
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1nt2Save said
One thing to note is the maximum bonus is $500 this year not $750. I think it was $750 in 2019 but the promo is different this year.  

Maybe they've got a different cap on the HISA bonus this year but the maximum registered transfer bonus is still $750 according to their website

Get a 1% cash bonus of up to $750 when you transfer your TFSA or RRSP to Meridian by March 2, 2020*. That’s free money! Transfer a minimum of $10,000 to get this great bonus.

https://www.meridiancu.ca/Offers/RRSP-Cash-Bonus.aspx

January 18, 2020
6:33 pm
fitzy7
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Londonguy said

fitzy7 said

Can this be done online / over the phone? I want to move my wife's maturing TFSA GIC over but unlikely I could convince to go to an actual branch with me. I see it says on their website to talk to adviser to make sure the bonus gets applied.  

No, Meridian isn't very tech-enabled in that way, I wish. I suppose you could ask if they'd be willing to fill out the paperwork for your wife and then you could take the T2033 home to get it signed and bring it back, but they might balk at that plan because of their know-your-client obligations since theoretically you could be up to no good.

If you're determined, try telling them your wife has a highly communicable form of flu or something and can't come in to a branch and see if they buy it  

I like that idea 🙂 Well we have a baby and a toddler so frankly we don't have time to mess around in a bank branch. Signing up for our kids RESPs wasn't much fun.

I have run into Meridian's desire for in person meetings thing before when I was trying to get a GIC last year. I went in and very politely listened through the entire song and dance about customer relationships, all service banking etc. Then through some sort of oversight I lost out on the GIC rate and I found out too late to secure something comparable.

They have a branch near where I live, I will pop in and ask them about it and if its going to be a huge hassle I will just go for that People's Trust 3% 1 Year GIC.

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