HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%) | Meridian Credit Union | Discussion forum

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HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%)
May 15, 2022
4:37 pm
GR
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Looks like Meridian has one or more new HIDDEN Secret promos on their HISA. Seems like promo is 2.75% p.a. for 8 months from account opening. Some eligibility restriction might apply if you already have an account? One possible way of finding this promo is to log into your account and click on "open a new account - add an account", where you could see the 2.75% promo. Terms and conditions??

May 15, 2022
5:25 pm
JohnnyCash
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GR said
Looks like Meridian has one or more new HIDDEN Secret promos on their HISA. Seems like promo is 2.75% p.a. for 8 months from account opening. Some eligibility restriction might apply if you already have an account? One possible way of finding this promo is to log into your account and click on "open a new account - add an account", where you could see the 2.75% promo. Terms and conditions??  

Found the offer on their website. Seems if you have an existing HISA you might be excluded from the offer. I closed my account last year in the spring so I might be in luck.

"The 2.75% eight-month HISA offer is available to Members who do not currently hold a HISA or have not held a HISA of that specific plan type in the past six months. For example, Members who currently hold a TFSA HISA with Meridian would not be eligible for our special rate on that HISA plan but would be eligible on other HISA plan types, such as an RRSP. Additional terms and conditions apply."

https://www.meridiancu.ca/offers/earn-2-75-with-a-high-interest-savings-account

Terms and conditions:

https://www.meridiancu.ca/offers/terms-and-conditions/hisa-boost-tcs

May 15, 2022
6:59 pm
savemoresaveoften
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That is different from the online advantage savings accounts ?
Is the Meridian HISA something new ?

May 15, 2022
7:23 pm
JohnnyCash
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savemoresaveoften said
That is different from the online advantage savings accounts ?
Is the Meridian HISA something new ?  

Yes, two different products. They've offered the HISA for a few years at least, I opened my first one in the fall of 2018. I've learnt that you need to close it after a promo ends as you're ineligible for the next offer if you've had one in the previous six months.

https://www.meridiancu.ca/personal/accounts/savings-accounts

May 15, 2022
8:10 pm
Loonie
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If sluggish Meridian can do this, can motusbank be far behind?

For those who have their cash socked away at DUCA at 2.5, I imagine DUCA will raise that rate again as they have already raised it twice; just a question of time; my guess is late June or July.

May 16, 2022
5:36 am
canadian.100
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Does Meridian still have the really slow me to me transfers? I tried them years ago and if I remember it took a long time to transfer money between external account and Meridian. My impression at the time was that Meridian was not state of the art (not that Duca or Tandia are state of the art either) so just wondering if Meridian has improved their technology.

May 16, 2022
5:40 am
Alexandre
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JohnnyCash said

Found the offer on their website. Seems if you have an existing HISA you might be excluded from the offer. I closed my account last year in the spring so I might be in luck.

Is it possible to close Meridian HISA account online, or did you have to call them and how cumbersome was the process if through CSR?

May 16, 2022
6:29 am
bhuc
Toronto
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Is it possible to close Meridian HISA account online, or did you have to call them and how cumbersome was the process if through CSR?

There is no option to close an account online so I called in to just that but alas the CSR could not close it for me , they suggested I go into the branch.
P.S
Thanks GR for the heads up ... Meridian 2.75% promo.
I will be taking advantage of this offer.

May 16, 2022
6:45 am
dollarbill
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The account has to be closed for six months before you can get the extra interest, therefore, I guess we should close out high interest accounts as soon as an offer is completed. Wish I had known that before, I only have $1.03 in my HISA.

May 16, 2022
6:48 am
savemoresaveoften
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JohnnyCash said

Yes, two different products. They've offered the HISA for a few years at least, I opened my first one in the fall of 2018. I've learnt that you need to close it after a promo ends as you're ineligible for the next offer if you've had one in the previous six months.

https://www.meridiancu.ca/personal/accounts/savings-accounts  

I called in to confirm and unfortunately the online advantage account IS the same as the HISA account... Thats why the online advantage savings account reg rate is 0.85% which is same as the HISA... Too bad

May 16, 2022
7:32 am
JohnnyCash
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canadian.100 said
Does Meridian still have the really slow me to me transfers? I tried them years ago and if I remember it took a long time to transfer money between external account and Meridian. My impression at the time was that Meridian was not state of the art (not that Duca or Tandia are state of the art either) so just wondering if Meridian has improved their technology.  

I can only speak to my most recent experience and say that it's still as painful as ever. It seems to be more effective if you have an external account at another institution that allows linking to Meridian where you can push and pull higher limits much quicker.

The nice thing about this offer is that it's 8 months and the base interest can increase with a BoC rate change which effects the total interest paid, meaning it's not unrealistic to suggest this offer paying 3%, or more during the term. That's unlike 2 years ago when the BoC rate was dropping and the total promo rate dropped accordingly.

May 16, 2022
8:26 am
Alexandre
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Transferring money to that HISA account is going to be slow process.

Your transaction could not be completed as it exceeds the per transfer incoming limit of $10,000 for linked accounts.

This is the first I see where pull is so restrictive. How do people transfer large amounts of money to Meridian HISA?

May 16, 2022
8:32 am
Loonie
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I would try depositing a cheque by app, but don't know if there is a limit on that too.
Failing that, I would go to my branch personally with cheque.
I would also make sure I have a chequing account at Meridian so that i can get the money out again!

May 16, 2022
8:57 am
Alexandre
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Loonie said
I would try depositing a cheque by app, but don't know if there is a limit on that too.

Thanks for suggestion. I almost forgot I have a checkbook. Wrote a cheque for $80,000 and managed to deposit it through the app. The app does not state the limit, so I don't know how far I could go. When this one clears, will write another cheque to myself, if I need to.

May 16, 2022
9:15 am
Loonie
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I'm glad it worked. At DUCA, I had to take cheque in personally as they have a limit of 10K for app cheques, which is ridiculous. They had no difficulty accepting the cheque in person.

May 16, 2022
9:39 am
FastJonny
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Alexandre said
Transferring money to that HISA account is going to be slow process.

Your transaction could not be completed as it exceeds the per transfer incoming limit of $10,000 for linked accounts.

This is the first I see where pull is so restrictive. How do people transfer large amounts of money to Meridian HISA?  

I have just called them and have done higher amounts than 10k via phone.
And as of last week the online (same if you phone them - I did one last week) still the same slow process waiting to initiate the trasnfer, then the hold on funds coming in. I will mention that in order to fund a GIC and avoid the hold in the transfer account prior to purchasing the GIC, I have called and they can transfer the hold to the GIC account if they do the transfer and the open of the GIC for you.

May 16, 2022
10:09 am
canadian.100
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FastJonny said

I have just called them and have done higher amounts than 10k via phone.
And as of last week the online (same if you phone them - I did one last week) still the same slow process waiting to initiate the trasnfer, then the hold on funds coming in. I will mention that in order to fund a GIC and avoid the hold in the transfer account prior to purchasing the GIC, I have called and they can transfer the hold to the GIC account if they do the transfer and the open of the GIC for you.  

When I dealt with Meridian a number of years ago, it was always clunky to execute transactions with them. I had to deal with the Branch for some issues and the Client Service line for other issues. I bought short GICS paying I believe 3.25% but when they matured I closed my accounts at Meridian - as I did not enjoy the experience with them. The present deal 2.75% for 8 months is not bad, but with the GIC agents approaching 4% for One Year GICs, it may be time to move into those - rather than keeping @ 2.75% for 8 months.

May 16, 2022
10:25 am
FastJonny
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canadian.100 said

When I dealt with Meridian a number of years ago, it was always clunky to execute transactions with them. I had to deal with the Branch for some issues and the Client Service line for other issues. I bought short GICS paying I believe 3.25% but when they matured I closed my accounts at Meridian - as I did not enjoy the experience with them. The present deal 2.75% for 8 months is not bad, but with the GIC agents approaching 4% for One Year GICs, it may be time to move into those - rather than keeping @ 2.75% for 8 months.  

I have had an account with Meridian (Hepcoe) for about 35 years. From and investing point of view my business has been spotty at times. Customer service has almost always been very good to excellent. Customer service however can only go so far if the rates I want are not there.

I think the 2.75% for 8 months is pretty decent - given that it is completely open. I have a certain percentage of funds that I keep in 'cash' (breakable GIC included) so the search for the best combination of rates/products/customer service etc.

As far as going a little longer on GIC's I must admit that prior to and after March of 2020 I let my GIC ladder almost completely collapse. Since March or so I have rebuilt about 1/2 of my target up to 3 years max. The spread between 2 and 3 years (generally, not just Meridian) is so tight I now pausing on the 3 year +. That being said, 4% to me is pretty decent based on personal experience - but that's history. What does the future hold? I don't know and am trying to add to my diversification as a risk reduction method which naturally comes with some rate concessions.

May 16, 2022
2:15 pm
Alexandre
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canadian.100 said
The present deal 2.75% for 8 months is not bad, but with the GIC agents approaching 4% for One Year GICs, it may be time to move into those - rather than keeping @ 2.75% for 8 months.  

It would be fair to compare this offer with one year cashable GICs, and those with at least 3% interest are still hard to find.

I am going to use this offer and deposit whatever money I have that is not locked in GICs. Opening account online was ridiculously easy. By the end of this year, 2.75% on HISA will probably be offered by multiple FIs, so by the time this promo is about to expire I'll start moving money out of Meridian to FIs with accounts having similar rates. Low daily transfer limits won't be an issue for me at that point.

May 16, 2022
11:04 pm
HISAhopper
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savemoresaveoften said

I called in to confirm and unfortunately the online advantage account IS the same as the HISA account... Thats why the online advantage savings account reg rate is 0.85% which is same as the HISA... Too bad  

I still have $1 in my Meridian advantage savings account, so looks like no luck with HISA.
Anyone know if I would be eligible for TFSA HISA 2.75% for 8 months? (planning to transfer TFSA from EQ to Meridian if this works)

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