5.75% for 5 months HISA (reg'd or not) if you don't already have such an account | Page 3 | Meridian Credit Union | Discussion forum

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5.75% for 5 months HISA (reg'd or not) if you don't already have such an account
September 5, 2023
6:59 pm
savemoresaveoften
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Lodown said
=(1+0.0575/12)^12 in my spreadsheet gives 5.904%

If the interest shows up monthly, this is what it should be.  

u r right. i was using 5.7% and not 5.75% and thus only saw 5.85% rate

September 6, 2023
8:51 am
Lodown
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Loonie said
That's not the way I figured it, but I don't want to get into the calculations. My head is too full.
Readers will have to figure it out for themselves.  

Your calculation caps the gain at 5 months but then extends it with no additional compounding over the remaining 7 months, like this:
((1+0.0575/12)^5-1)*12/5=5.805369%

My calculation above, keeps the compounding going for 12 months. Which is more appropriate depends on what one is comparing to.

September 6, 2023
10:44 am
savemoresaveoften
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Lodown said

Your calculation caps the gain at 5 months but then extends it with no additional compounding over the remaining 7 months, like this:
((1+0.0575/12)^5-1)*12/5=5.805369%

My calculation above, keeps the compounding going for 12 months. Which is more appropriate depends on what one is comparing to.  

Your 5.85% IS the right rate.

The 5.85% is what an 'annualized rate" compounded monthly will be. Thats exactly how all FI shows as an annualized rate when the promo rate is shorter than 12months or the compounding frequency is different.

September 6, 2023
4:52 pm
savemoresaveoften
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Meridian gave me an exception for the 5.75% HISA. Instead of changing the rate on my existing online advantage savings account, they ask me to apply for another account online and they apply the promo rate to that account. The new account application takes less than 1 min to complete and open instantly.

October 11, 2023
7:00 am
Jim Sherat
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savemoresaveoften said
Meridian gave me an exception for the 5.75% HISA. Instead of changing the rate on my existing online advantage savings account, they ask me to apply for another account online and they apply the promo rate to that account. The new account application takes less than 1 min to complete and open instantly.  

The Mgr at our branch, was able to simply change the rate on our existing Online Savings Acct. to reflect the 5.75% promo. When I initially asked at the front counter was told it was not eligible, because it had had a 'bump' aka prior promo, within the last 6 mths.
I checked later and a prior prom had indeed impacted that account, but had expired back in Feb. I emailed the branch Mgr. and she made the change for us. So all our available non registered cash is in there now, getting the enhanced rate until 1st week of March, 2024. Happy, Happy !

October 13, 2023
7:23 am
dommm
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Jim Sherat said

The Mgr at our branch, was able to simply change the rate on our existing Online Savings Acct. to reflect the 5.75% promo. When I initially asked at the front counter was told it was not eligible, because it had had a 'bump' aka prior promo, within the last 6 mths.
I checked later and a prior prom had indeed impacted that account, but had expired back in Feb. I emailed the branch Mgr. and she made the change for us. So all our available non registered cash is in there now, getting the enhanced rate until 1st week of March, 2024. Happy, Happy !  

I called the Meridian 800 number & asked for the 5.75% rate & was told I was not eligible because I already had a HISA. I specifically asked if they would just boost the rate from 2.5% (my present rate) on my HISA to 5.75% or could I open a new HISA to get the 5.75% but was told no.

October 13, 2023
8:46 am
mustang
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Both spouse and myself already had existing hisa accounts, so, when we called in, the immediate answer was no
Then, agent said that 100k deposit would do the trick
However, we then suggested a joint account, and that was immediately agreed to.
Took about 5 minutes, or so
There was a bit of a nuisance about getting a signed form back to them, but the account seemed to be immediately available

October 13, 2023
8:59 am
dommm
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mustang said
Both spouse and myself already had existing hisa accounts, so, when we called in, the immediate answer was no
Then, agent said that 100k deposit would do the trick
However, we then suggested a joint account, and that was immediately agreed to.
Took about 5 minutes, or so
There was a bit of a nuisance about getting a signed form back to them, but the account seemed to be immediately available  

Thanks mustang. Unfortunately the $100k is out (lol) but I might try the joint account angle. We do already have a joint checking account but not joint HISA.

October 13, 2023
1:58 pm
GR
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dommm said

I called the Meridian 800 number & asked for the 5.75% rate & was told I was not eligible because I already had a HISA. I specifically asked if they would just boost the rate from 2.5% (my present rate) on my HISA to 5.75% or could I open a new HISA to get the 5.75% but was told no.  

Phone your Branch Manager or your nearest branch, if you don't already deal with a branch. Ask the Manager to approve an exception, or ask the branch rep to ask the Branch Manager on your behalf.

October 14, 2023
10:21 am
KamWest
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Meridian is one of the rare institutions that actually pays good interest on business accounts. The standard rate on my business savings account is 3%

January 17, 2024
9:55 am
JohnnyCash
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Meridian reduced their base interest rate by 0.25% yesterday. For those on the original promotional offer rate of 5.75%, it is now effectively is paying 5.5%.

January 17, 2024
11:27 am
mustang
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Thanks for posting
I noticed that yesterday, and was scratching my head
(Was considering moving money from Duca. Clearly no point now)
Saves me a phone call in

February 6, 2024
5:29 am
anitavirginia
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Is it likely that Meridian will extend this offer, once the existing promo expires.?

February 14, 2024
3:25 pm
anitavirginia
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Has anyone been offered an extension to this offer, or offered a new offer once it has expired.?

February 14, 2024
4:09 pm
diamondsandrain
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Mine expired on the 10th, no extension offered. My interest rate on the account now shows 2.25%

February 14, 2024
4:59 pm
mustang
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ditto for moi

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