1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account | Page 2 | Meridian Credit Union | Discussion forum

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1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account
January 18, 2020
7:17 pm
1nt2Save
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Londonguy said

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  

Yes but go down to the horizontal bar that says "legal" The detailed terms are there. There is a $500 limit if you transfer to "Meridian" and a $750 if you transfer to "Meridian Wealth". I don't know the difference but the person I spoke with said that I would have to go with Meridian and capped at $500 but I didn't ask why.

January 18, 2020
10:24 pm
James
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Londonguy said
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  

Any issues with it after last year’s contribution? When I first saw this offer I seem to remember seeing something that said you weren’t eligible if you contributed to last year’s offer (within 12 months). (I couldn’t see it on the website again so maybe it changed.)

January 19, 2020
10:01 am
Londonguy
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James said

Any issues with it after last year’s contribution? When I first saw this offer I seem to remember seeing something that said you weren’t eligible if you contributed to last year’s offer (within 12 months). (I couldn’t see it on the website again so maybe it changed.)  

I don't know yet because my appointment isn't until the 23rd, but thanks for the heads-up. I will email them on Monday and ask about it, and I'll also ask about the $500 vs $750 bonus thing too

January 20, 2020
9:32 am
Londonguy
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So here's the poop from my Meridian rep.

It doesn't matter if you did this same program last year, you are eligible for the 1% bonus this year as long as it's new money coming into Meridian from somewhere else.

As for the maximum bonus you can earn, it's $750 if you put the money into mutual funds, otherwise it's capped at $500.

January 20, 2020
1:21 pm
fitzy7
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I spoke to Meridian about signing up online or by phone. They said you can do the transfer (and get the bonus) through the secure chat or by calling in. I believe they apply it on their end when they create the t2033 transfer form.

She told me that it can take 2 to 6 weeks to transfer in, depending on the speed of the other transferring institution. I'm new to this so I was a little surprised it can take that long. Can anyone tell me if I would still be collecting interest during this time period? I'm transferring out of Hubert and the money would be in their HISA.

January 20, 2020
5:09 pm
Loonie
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You'll get the daily interest rate from Hubert until they cut the cheque. Hubert is fairly timely, should take about 2 weeks, maybe 3 this time of year.

January 20, 2020
5:34 pm
fitzy7
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Loonie said
You'll get the daily interest rate from Hubert until they cut the cheque. Hubert is fairly timely, should take about 2 weeks, maybe 3 this time of year.  

I asked Hubert about another RRSP transfer I requested and they told me they received the paperwork Jan 16 and mailed out the cheque the same day. Pretty impressive turn around time.

January 20, 2020
7:43 pm
Bud
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The merid tfsa bonus lands in ur taxable acct?

January 21, 2020
2:12 am
James
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Londonguy said
So here's the poop from my Meridian rep.

It doesn't matter if you did this same program last year, you are eligible for the 1% bonus this year as long as it's new money coming into Meridian from somewhere else.

As for the maximum bonus you can earn, it's $750 if you put the money into mutual funds, otherwise it's capped at $500.  

Thanks Londonguy! I’ll give it a try.

January 21, 2020
2:50 am
Jim Sherat
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Bud said
The merid tfsa bonus lands in ur taxable acct?  

Not necessarily. You can ask that it be treated as (instant) Interest within your TFSA, in which case its added to the incoming principal amount, and becomes part of the Term Deposit [4 month or 18 month].

January 21, 2020
4:36 am
Jim Sherat
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with regards to timing ...
Last year, for my wife's transfer, it took 10 days from filling out the T2033 in Meridian branch to date Term Deposit was issued. Relinquishing FI was Simplii.
For me, it was 20 days, coming from TD.

That was in mid Feb, however; we had our meeting yesterday, so we'll see if it takes longer, given the generally busier time of year now ?
Relinquishing FI is TD for both.

January 21, 2020
10:15 am
Londonguy
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fitzy7 said
I spoke to Meridian about signing up online or by phone. They said you can do the transfer (and get the bonus) through the secure chat or by calling in. I believe they apply it on their end when they create the t2033 transfer form.

Let us know how that works out for you, I'm very sceptical of Meridian's tech acumen

January 21, 2020
5:23 pm
Loonie
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Someone was asking about the relationship between the 1% bonus and the HISA rate, I believe.
The explanation I received today in-person from my Meridian rep was that you have a choice:

A. Get 1% bonus on a transfer into a registered HISA for four months. The time period will start the date you request the transfer, not the date the funds arrive at Meridian. You may then, if you wish, either withdraw the money or transfer it or transfer it to a GIC at whatever rate is then prevailing.

B. You can transfer funds in, immediately get the 1% added to principal, and put it directly into a GIC at today's rates.

January 21, 2020
5:57 pm
fitzy7
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Loonie said
Someone was asking about the relationship between the 1% bonus and the HISA rate, I believe.
The explanation I received today in-person from my Meridian rep was that you have a choice:

A. Get 1% bonus on a transfer into a registered HISA for four months. The time period will start the date you request the transfer, not the date the funds arrive at Meridian. You may then, if you wish, either withdraw the money or transfer it or transfer it to a GIC at whatever rate is then prevailing.

B. You can transfer funds in, immediately get the 1% added to principal, and put it directly into a GIC at today's rates.  

Thanks for this. One additional thing I was told was that the 3% HISA promotion could end at any time, so there are no guarantees it will be around until the beginning of March.

January 21, 2020
7:15 pm
Bud
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i was told the 500 max bonus for non-mutual is paid out into JULY after the 3% promo period the branch rep wasnt exactly sure may have some wiggle room ..

January 23, 2020
8:46 am
Londonguy
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Bud said
i was told the 500 max bonus for non-mutual is paid out into JULY after the 3% promo period the branch rep wasnt exactly sure may have some wiggle room ..  

Well, FWIW I just left my local branch, and like last year I had no problem having both my bonus and my transfer fee reimbursement front end loaded onto my $50K transfer and then buying a GIC for the total amount

January 23, 2020
11:09 am
Bud
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maybe could be clawed back if moved out before end of hold period. u did a longer gic what if u had done savings 6mths or less...

January 25, 2020
11:02 am
fitzy7
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Does anyone know if Meridian does a hard credit check when becoming a member and opening a savings account?

Update - just called to ask them directly and they said only if you open a chequing account. No hard pull for a HISA.

January 25, 2020
12:32 pm
Londonguy
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fitzy7 said
Does anyone know if Meridian does a hard credit check when becoming a member and opening a savings account?

Update - just called to ask them directly and they said only if you open a chequing account. No hard pull for a HISA.  

FWIW they did a hard pull on both myself and my spouse a couple years ago when we first joined up and opened RSPs -- maybe we looked suspicious LOL

January 25, 2020
6:13 pm
Loonie
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We had hard checks too, and no chequing account. I think that is standard for Meridian, despite what someone may have said. or at least it was in 2016.

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