1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account | Page 4 | 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
March 8, 2020
6:39 pm
voloir
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If I moved my money from BMO chequing account into Meridian TFSA,it is eligible?Or eligible only between two TFSA's transaction?
Thanks

March 9, 2020
7:51 am
James
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voloir said
If I moved my money from BMO chequing account into Meridian TFSA,it is eligible?Or eligible only between two TFSA's transaction?
Thanks  

Hi Voloir, welcome to the forum!

Moving money from a different account that is not tax sheltered, into a Meridian TFSA should still get you the bonus. I would still try to get it in writing - only because I had trouble collecting the bonus myself several months later and luckily had the agent's name and information.

Also, take note of Meridian's TFSA transfer out fee and make sure you have done the calculation to see if this offer makes sense to you or not.

March 9, 2020
10:18 am
voloir
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Hi,Meridian told me that I am not eligible for this bonus,clients should ask an adviser for a help to move money in if the clients are eligible for this promo

March 9, 2020
8:46 pm
James
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voloir said
Hi,Meridian told me that I am not eligible for this bonus,clients should ask an adviser for a help to move money in if the clients are eligible for this promo  

What was the reason they gave you that you’re not eligible? There are other rules on the terms and conditions, for example you need to transfer a minimum of $10,000. If they told you that you need a financial advisor, I would ask them to send you the terms and conditions of the offer.

March 16, 2020
1:25 pm
sruth44
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March 16, 2020
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Be aware of this interest rate catch going on with Meridian high interest savings accounts. Their 4-month promo rate is based on their current "base" rate and that is flexible and a bonus rate that seems to be inflexible, Therefore, the first 4-month promo is not fixed and can change at any time.

In January 2020, I opened a TFSA with Meridian Credit Union - moving some existing TFSA funds from a major bank and adding more for this year to get the bonus 1%. In addition, the advertised special was 3.0% for 4 months on a first-time savings account with Meridian and after that time the account would revert to whatever was the base amount - which at the time (early in January) was advertised as 1.3%.

What I failed to understand that was in the fine print (nor was it carefully explained to me by the investment advisor) is that offer was linked to a base rate of 1.3% and a bonus interest of 1.7% and the base rate could change at any time during the initial 4-month offer but the bonus rate was fixed at 1.7% - so the interest rate overall could go down if the base rate went down. (As an aside, I wonder if the base rate goes up during their 4 month offer if they also would honour the new base rate and the overall interest rate would go up at any time or if they would have interpreted it differently and cap it in their favour.)

Today I went online and noticed that my account indicated that my savings account is now making 2.75%, 2-months into the promo. Ok, so one can almost undertand this and chalk it up to - "the economic situation is getting worse due to covid-19" and "next time I need to read the fine print, and better understand how things might change in good and bad times - the onus is on me to ask more questions".

However, when I looked at the current promotion for the same account on Meridian's website, they were indicating, as of today, a person can open a new first time savings account and get 2.85% for 4 months. Whoa - I thought why are they getting more now than me?

When I called to clarify this the phone advisor explained that the current offer as of today is based on the base rate (which today is 1.05%) plus 1.8% (up from my 1.7% in January) for four months for a total interest rate of 2.85%, but again in fine print, this is linked to the base rate so it could go down at any time.

When I asked her whether it made sense to her that a new client today (or as with meridian credit union we are all "members and owners") would benefit this month and for coming months more than I would this month - she indicated she would look into it and forward it to my advisor.

March 25, 2020
2:13 am
freakonomist
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December 26, 2017
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Anyone also getting 2.45% now indicated on their savings account "promotional" rate that was supposed to be 3% initially?

March 30, 2020
11:13 am
freakonomist
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Oh and now the rate shows up at 2.75% on this Meridian promotional rate offer?

Is anyone also seeing this same rate?

April 3, 2020
1:44 am
freakonomist
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Wow, Meridian is the only financial institution that I have seen recently that is "tweeking" that much it's base interest rate over the last month... Even though it makes sense with such market volatility we have experienced since end of February on the worldwide markets...

Oh well, I am definitely not complaining here, I am very happy that most financial institions can still meet up their "promotional obligations" at this stage with those unprecedented times around the globe... After all, Newfoundland and Labrador was almost bankrupt as a province last month but financial institutions are still honouring their promotional obligations, very happy about that as we all know they control the game out there, never the customers or clients...sf-frown

Now, the rate shows up as 2.50% for the Meridian promotional rate on my account online... That's almost as high as most mortage rates in Canada after all 🙂 sf-cool

April 16, 2020
3:15 pm
MoneyMuggle
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May 25, 2019
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I just called them about the 3% for 4 months on a new hisa account and I was told it's no longer available.

April 16, 2020
4:21 pm
Loonie
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MoneyMuggle said
I just called them about the 3% for 4 months on a new hisa account and I was told it's no longer available.  

It ended at the end of March for new sign-ups and deposits.
There is a new deal for 2.5%

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