HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%) | Page 2 | Meridian Credit Union | Discussion forum

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HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%)
May 17, 2022
6:46 am
FastJonny
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HISAhopper said

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)  

My understanding is that the the Registered versions are considered different and that you would still be eligible for the rate if you opened a TFSA HISA (and had none in the last six months).

May 17, 2022
7:05 am
Alexandre
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The offer to open TFSA HISA account with 2.75% interest is valid till August 31st, and promo period is 8 months from the date the account is opened.

If one does not want to bother with TFSA transfers in 2022, but still opens Meridian TFSA HISA account on August 30th, they can effectively have TFSA HISA at 2.75% for 4 months of next year, from January 1st 2023 till April 30th 2023.

I think I might use this in preparation for December TFSA maneuver.

May 17, 2022
8:27 am
turquoise
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Alexandre said
I think I might use this in preparation for December TFSA maneuver.  

What is the December maneuver? Is it basically withdrawing TFSA funds in December and then depositing them in January, so that you don't have to deal with FI-to-FI transfer fees and time?

May 17, 2022
11:31 am
HermanH
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Yes

May 17, 2022
12:59 pm
HISAhopper
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Something to consider EQ bank has TFSA GIC 3.35% for 1 year at the moment. The rate is tempting and there is no transfer fee out from EQ.

May 18, 2022
5:49 am
cgouimet
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We've had Meridian HISA's since 2016 but never had more than $1 in each due to much better rates elsewhere.

We've had a few Meridian GIC's since then. Some quite good 18-mo and 36-mo GIC's. But just $1 HISA's now.

I did contact them about the 2.75% promo but they're only interested in new accounts, not $ in existing accounts ...

CGO
May 18, 2022
5:59 am
cgouimet
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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?  

From Tangerine, I have pushed $20k to Meridian a few times. From Meridian, I have also pulled $15k from Tangerine a few times. All that was in 2019. Perhaps more restrictive today.

But I have run into the $10k limit trying to push $ from Meridian to Tangerine. I have no record of trying a pull from Tangerine of Meridian $.

CGO
May 18, 2022
9:23 am
savemoresaveoften
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2.75 is the sum of 0.85 base rate + 1.9 bonus rate. Base rate is subject to change, but more likely to go up in the near term. So it can be >2.75 potentially.
On the other hand, I can’t see them raising the base rate quickly nor in any meaningful fashion, as long as the promo rate of 2.75 is in place.

May 18, 2022
3:12 pm
HermanH
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cgouimet said But I have run into the $10k limit trying to push $ from Meridian to Tangerine. I have no record of trying a pull from Tangerine of Meridian $.  

I just called Meridien and asked them about the $10K limit and that is only for user-initiated online transactions. Calling a Meridian rep allows for unlimited transfer amounts.

The one surprising thing I learned was that, regardless of how funds arrive at Meridien, they will be subject to an 8-day hold. I was skeptical, but the CSR was quite adamant that even if I use a Tang link to push the money into Meridien, it would still be held. I know that it would be common practice to hold the funds if I used a Meridien link to Pull the money into Meridien, but this is the first time I have heard of funds being held that were pushed into an institution. They still earn interest during the hold period.

May 18, 2022
4:33 pm
Alexandre
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Neo Financial puts on hold funds that are pushed into their Savings account.

For me, more annoying is I initiated pull into Meridian, it's been third day and transaction is nowhere to found, except for transactions log.
I used to see with other FIs funds appear immediately after pull is initiated, followed by multi-day hold. I don't mind that, as money collects interest. In case of Meridian, that's not true. After pull, no funds shown in my Meridian account. Third day and counting.

It appears, the fastest way to deposit large amounts of money to Meridian is to write cheque to myself (thanks, Loonie, one more time for suggesting this). Funds appear in Meridian account immediately after cheque is deposited through the app.

May 18, 2022
4:36 pm
Loonie
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My understanding, from previous posts from Norman1, is that a transfer-in which is initiated from source of funds cannot be held. I think it's against some rule at Payments Canada.
But perhaps I misunderstood. On the other hand, I wouldn't be at all surprised if Meridian CSRs understood. One, who I know has worked there for at least 3 years, told me a few months ago that there is a Hold on wire transfers, which is not true. It seems they are all told in Basic Training that everything gets held. I've not had the opportunity to test this.

May 18, 2022
6:08 pm
JohnnyCash
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My personal experience with pushing funds into Merdian resulted in no-holds. I generally preferred pushing and pulling funds using an external account with the Meridian HISA.

May 18, 2022
10:20 pm
Norman1
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Holds on funds received by direct deposit are contrary to Payments Canada Rule F1, Section 8.

I've never experienced a hold on received funds that were pushed/direct deposited into the account.

May 19, 2022
5:21 am
Alexandre
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Funds transfer experience with Meridian. Every transaction initiated Monday morning of regular business week.

EQ push - deposited Tuesday. No hold.
Motus push - deposited Thursday. No hold.
Cheque deposit through Meridian app: instant deposit, with hold. Funds withdrawn from source FI account on Tuesday.
Meridian pull - nothing yet, as of Thursday. Funds not shown in Meridian account, not taken yet from source FI account.

Conclusion:

1) Do not use Meridian pull unless all other options are not available;
2) For transferring of substantial amounts of money use personal cheque;
3) Push from FIs could take up to 3 business days to arrive to Meridian. Do not initiate push to Meridian mid-week, or you might lose interest from the weekend.

May 19, 2022
6:45 am
cgouimet
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Alexandre said
Funds transfer experience with Meridian. Every transaction initiated Monday morning of regular business week.

EQ push - deposited Tuesday. No hold.
Motus push - deposited Thursday. No hold.
Cheque deposit through Meridian app: instant deposit, with hold. Funds withdrawn from source FI account on Tuesday.
Meridian pull - nothing yet, as of Thursday. Funds not shown in Meridian account, not taken yet from source FI account.

Conclusion:

1) Do not use Meridian pull unless all other options are not available;
2) For transferring of substantial amounts of money use personal cheque;
3) Push from FIs could take up to 3 business days to arrive to Meridian. Do not initiate push to Meridian mid-week, or you might lose interest from the weekend.  

My recent experience was with transfers from Meridian to Tangerine. $10k limit on pushes from Meridian and slow. Pulls from Tangerine were much quicker and I didn't hit limits.

CGO
May 19, 2022
7:31 am
savemoresaveoften
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Existing account can get 2.75 on new money deposit. Call them to extend the promo to ur current acct (they will ask how much u r bringing in).

May 19, 2022
7:38 am
cgouimet
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savemoresaveoften said
Existing account can get 2.75 on new money deposit. Call them to extend the promo to ur current acct (they will ask how much u r bringing in).  

I did earlier this week. I'm stuck at 0.85% ...

CGO
May 19, 2022
8:06 am
savemoresaveoften
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cgouimet said

I did earlier this week. I'm stuck at 0.85% ...  

Oh sorry to hear. Maybe I also have GIC with them and that helps the manager to grant the exception.

May 19, 2022
8:10 am
COIN
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savemoresaveoften said
Existing account can get 2.75 on new money deposit. Call them to extend the promo to ur current acct (they will ask how much u r bringing in).  

So, you have to ask for an exception, otherwise you wouldn't have gotten the 2.75%?

May 19, 2022
11:27 am
savemoresaveoften
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COIN said

So, you have to ask for an exception, otherwise you wouldn't have gotten the 2.75%?  

Yup. I said I can bring some money over if they can extend the 2.75 to new deposit for my existing account. I mentioned 6 figure.

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