4.80% (3.95% + variable posted rate) HISA for 4 months | Meridian Credit Union | Discussion forum

Is the High Interest Savings Account a new product at Meridian? I was aware of their Advantage Savings Account which I thought was their HISA. The interest rate on the Advantage Savings is 0.05% while the rate on the HISA is a whopping 0.85%. Certainly one can do better elsewhere.

GR said
canadian.100: Their HISA promo is for their online Advantage account.

rk: No, that money would not be eligible. Read the fine print on the link in post 1.  

I just read the 29 Terms and Conditions for the 4.8% promo on the "High Interest Savings Account". I don't see any reference to Advantage Savings Acct or Online Advantage Savings Acct, so not clear to me that this promo is only for the Online Advantage Savings Acct.

I love Meridian, have lots of accounts there for business and personal but I always have to maintain accounts elsewhere because of their stupid e-transfer charges.

Even if you have 5 free e-transfers included, you send $100 and they remove $101.50 and SUPPOSEDLY credit back the $1.50 at the end of the month, which I have yet to receive even once.

So if you are lucky enough to get 5 free e-transfers you still pay up front and if you use e-transfer a lot the costs can add up pretty fast.

Meridian could be so much more if they just had free e-transfer like Motus had. I was hoping with the wind down of Motus that this would happen but alas it did not.

The only thing that kept me at Motus was the free e-transfer in the chequing account which I have now moved to simplii. Absolutely stupid that I have to maintain a simplii account just because of e-transfers but I use over 100 e-transfers every month so I have to have a working account for that.

e-transfers

- allowance for kids
- birthday gifts
- paying friends half of restaurant bills
- kijiji transactions
- transferring money between my kids accounts
- paying babysitters
- paying neighborhood kids to do chores

E-Transfers are such a part of my life that paying for them would be an enormous cost, thus making Meridian impossible for a lone account.

Even if they have an account with unlimited e-transfers they would all be billable and reversed at month end and that would be hundreds of dollars assuming you actually get it back which so far I never have. (on the few e-transfer I tried).

end RANT

GR said
rk: No, that money would not be eligible. Read the fine print on the link in post 1.  

Sorry, but I have no idea what you are talking about (I re-read the fine print).
Can you point me to the relevant condition?

GR said
I misread your post and thought that your funds were at Meridian. Your funds would indeed be eligible if you haven't already had, or have, same account type at Meridian for past 6 months as new account to be opened.  

OK, thanks for clarifying.

Jim Sherat said
regards the 'no similar account in past 6 months' requirement ...
In the past the Branch Mgr. had the flexibility to override this condition, so long as the existing account ... eg. a Joint HISA ... had not participated in a prior promo for 6 months. The Mgr could (and did) simply Open a new similar account and assign the promo rate to it. This is no longer the case, I was told, by the New Branch Mgr. where I bank.

Since I had not actually Closed our existing Joint HISA [had $1.69 balance, but was essentially dormant for over a year], we were unable to use a [New] Joint HISA for this promo, in a similar manner that we had previously.
Therefore, Plan 'B' had to be used. ie A standalone HISA in my wife's name in order to get this promo rate. Note: could also be one in my name, if we wished.
Note: I credit the CSR for suggesting this as an option.

So the point being: At the end of the promo, assuming there is no good reason to keep the funds in place, given the very low base rate, CLOSE THE ACCOUNT !
By doing this, you will give yourself maximum flexibility for potential, future Promos offered, that could have same, or different criteria of course.  

I see why you would want to close out the acct once the promo is over. Meridian is not one of preferred FIs. Generally lower rates as for savings and for GICs and then rigid rules if a promo comes up, they give priority to new clients/new accounts. No attraction to Meridian in my opinion.

KamWest said
They give business accounts so much and I drove out to get a bank draft and mistakenly arrived at 9am instead of the 9:30 opening and the manager came out and let me in. Get that at a CIBC where five minutes after opening hours the doors are still locked.  

A (mobile) phone call to my CIBC branch that I am on my way and no problem whatsoever, they look after me. I do not take a chance on just showing up (without phoning the specific advisor/service rep that I am coming in to see.) Today, assuming you have a mobile phone, try phoning first so you don't waste your valuable time. You were lucky your Meridian manager was there at 9am.

Jim Sherat said

Actually, for years now, I find Meridian to be the Preferred FI when it comes to Promos. ... generous rates and for 4 - 5 month duration [vs 3mth average for Simplii, as a common example], and re 'rigid rules' ... I've found them flexible, in the past, and not really any more strict than other CUs, or Banks, and the rare promos they offer.
I agree though, that post-Promo, they could improve their rates, be it for GICs or HISAs. Just my 2-cents worth.  

Can we take it that you make a habit of closing each HISA account, when the promo ends, so that you are eligible for the next one? I have made the mistake of leaving mine languishing, with nothing in it, but, because it is still open, not eligible for this new offer

mustang said

Can we take it that you make a habit of closing each HISA account, when the promo ends, so that you are eligible for the next one? I have made the mistake of leaving mine languishing, with nothing in it, but, because it is still open, not eligible for this new offer  

well, as I attempted to say earlier ... up till now, that hasn't been necessary; the Branch Mgr(s) apparently had enough flexibility in their authority to authorize an exception; So, on at least a couple of prior instances, If I asked nicely, in person, they made it happen. 😉
Since that seems to no longer be the case, I will most likely 'make it a habit' to close out the 'promo account' IF it is no longer of use to me, in the short to medium term.