4.90% (formerly 5.20% and 5.50%) for 4 months HISA | Meridian Credit Union | Discussion forum

It appears this is only available to those who do not already have a hisa.

The full offer terms are here.

Need to open a HISA and not have had the same kind of HISA open "during the preceding 180 days."

Does Meridian have the option to link external accounts and do the transfers like EQ through their app or online banking? Any experiences on Meridian?

zgic said
Does Meridian have the option to link external accounts and do the transfers like EQ through their app or online banking? Any experiences on Meridian?

Yes.

However, their execution of such transfers is not great. See discussion Slow Transfers from Meridian.

Lodown said
I don't understand the geniuses that came up with this offer.
What is the difference between a current customer who closed their Meridian savings account and a customer with a 'dormant' Savings account?  

Certainly its a way for CEO/Management to juice the numbers for "new" accounts, and then probably increase their own "performance bonus".
Have seen that before, the CEO team sets performance goals for new accounts and deposits, and then they meet them doing things like this, and then give themselves a fat bonus.

Yep Meridian has the same structure of loading the Bonuses up, they also get deals on mortgages, and anything else you can imagine. We are all in the wrong business for sure.
This promo would be a STIP bonus for a cool 400K bonus.

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https://www.meridiancu.ca/MeridianCreditUnion/media/Meridian-Credit-Union/pdfs/2022-Annual-Report.pdf
2022 Executive Compensation
For the fiscal year ending December 31, 2022,
the CEO compensation was as follows:
CATEGORY AMOUNT
Base Salary $ 490,000
Short Term Incentive $ 400,400
Long Term Incentive $ 562,500
TOTAL $ 1,452,900

Meridian’s HRC annually reviews and recommends Board approval of the shortterm incentive plan (STIP) and long-term
incentive plan (LTIP) design, metrics, targets and
performance ranges. STIP payments are linked
to measurable shared corporate performance
targets and individual performance, and LTIP
payments are linked to the long-term business
strategy.

Promo rate now down to 4.90% p.a.