HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%) | Page 3 | Meridian Credit Union | Discussion forum

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HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%)
May 19, 2022
1:24 pm
COIN
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savemoresaveoften said

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.  

I spoke to someone at Meridian and she said they can simply open a new HISA and deposit the NEW money there to earn the 2.75%. Similar to how Manulife Bank does it.

May 19, 2022
2:22 pm
JohnnyCash
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COIN said

I spoke to someone at Meridian and she said they can simply open a new HISA and deposit the NEW money there to earn the 2.75%. Similar to how Manulife Bank does it.  

Interesting, so their policy that you cannot have had a Meridian HISA within the previous 6 months to be eligible for the 2.75% offer is not enforced? I'm familiar with Manulife and their unusual manner of allowing existing clients open additional Advantage accounts for new promotional offers.

May 19, 2022
2:34 pm
turquoise
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savemoresaveoften said

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.  

This is awesome. Thank you for posting this -- I'll call them tomorrow.

May 19, 2022
2:36 pm
bhuc
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I have an existing HISA @ 0.85% and tried to open a 2.75% HISA online account.
What ended up happening was 2 HISA accounts both having 0.85%.
I think the online open process recognized I already had an account and would not let me open the 2.75% account.
Interestingy my wife could open a 2.75% account because she was not primary on my joint account with her.
Bottom line I cancelled my HISA joint account and will wait for 6 months and open an account, thats if this promo is still available

May 19, 2022
2:40 pm
savemoresaveoften
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bhuc said
I have an existing HISA @ 0.85% and tried to open a 2.75% HISA online account.
What ended up happening was 2 HISA accounts both having 0.85%.
I think the online open process recognized I already had an account and would not let me open the 2.75% account.
Interestingy my wife could open a 2.75% account because she was not primary on my joint account with her.
Bottom line I cancelled my HISA joint account and will wait for 6 months and open an account, thats if this promo is still available  

you cant do it online cuz the system will block it just like u mentioned. Need a staff to overwrite the rate from 0.85 to 2.75% for you. I did mention I usually dont use my existing account, bringing new money in to an existing account is no different from opening a new account 🙂
I rather have 1 account than having multiple accounts just for the promotion.

May 19, 2022
2:41 pm
cgouimet
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I also had a conversation with a Meridian Rep.

Since we already have individual HISA's and a joint HISA, opening another one won't help.

But, if I move $50k+ I would get an exception for 8 months @ 2.75%.

I said I would move the $ once I get written confirmation that I will get the exemption. So, that is in progress. I'm waiting for the written documentation ...

CGO
May 19, 2022
2:47 pm
savemoresaveoften
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cgouimet said
I also had a conversation with a Meridian Rep.

Since we already have individual HISA's and a joint HISA, opening another one won't help.

But, if I move $50k+ I would get an exception for 8 months @ 2.75%.

I said I would move the $ once I get written confirmation that I will get the exemption. So, that is in progress. I'm waiting for the written documentation ...  

fyg, when I talked to them on the phone, the rep said he will get clearance from his manager, and replied back via secure message. So thats the written proof and I assume it should be the same for you.

So once you rec the secure message confirming the promised rate, transfer in and then call them and they will update the rate for you. It said so in the secure message too. Glad it works for you too at the end.

May 19, 2022
2:48 pm
cgouimet
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savemoresaveoften said

fyg, when I talked to them on the phone, the rep said he will get clearance from his manager, and replied back via secure message. So thats the written proof and I assume it should be the same for you.  

Yes

CGO
May 19, 2022
3:02 pm
turquoise
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cgouimet said

Yes  

Just got off the phone with Meridian. Initially the CSR said she couldn't do it, but I asked if we could escalate to a manager.

After spending 20 minutes on hold I called back, and the second time asked the CSR to escalate to a manager on my behalf. That's happening now. I'll update once I hear back, which I'm told should be within 24 hours.

May 20, 2022
8:08 am
cgouimet
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cgouimet said

Yes  

And the manager's response this morning is that my account does not meet their criteria.

Since their offers to me at this time do not meet my criteria, my funds will remain where they are ... 🙂

CGO
May 20, 2022
9:34 am
Loonie
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cgouimet said

And the manager's response this morning is that my account does not meet their criteria.

Since their offers to me at this time do not meet my criteria, my funds will remain where they are ... 🙂  

Huh? sf-confused I thought you said above, #46, that they would give you the offer on new money?
Was this decision reversed when you asked for written confirmation?

May 20, 2022
9:56 am
cgouimet
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Loonie said

Huh? sf-confused I thought you said above, #46, that they would give you the offer on new money?
Was this decision reversed when you asked for written confirmation?  

Yesterday the csr said move $50k and we'll grant you the 2.75% 8-mo offer. I said I wanted the offer confirmed before I go thru the slow $ transfer. Today, they said no can do cause my account does not meet their criteria ...

CGO
May 20, 2022
10:26 am
Loonie
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I must say that Meridian gets a failing grade on this promo in my books.

First we have the confusing language about accounts: "Good to Grow" HISA turns out to be the same as "Online Advantage Savings" according to them (I can find no written reference to this).
Then it turns out that basically everyone who belongs to Meridian has an Online Advantage Account and is thus disqualified; and that it's almost impossible to get rid of this disqualifying account, which you would be well advised to do in most cases.
To add insult to injury, some people who complain are allowed to override this disqualification if they offer Meridian enough new money (unspecified), or so it seems. And, to top it off, they can't even make up their minds about the latter, saying one thing one day and something else another day.

I'm leaving my cash at DUCA.

May 20, 2022
11:26 am
savemoresaveoften
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cgouimet said

Yesterday the csr said move $50k and we'll grant you the 2.75% 8-mo offer. I said I wanted the offer confirmed before I go thru the slow $ transfer. Today, they said no can do cause my account does not meet their criteria ...  

wonder if the manager just saw current balance showed $0 and said No without any further consideration what were discussed earlier.

May 20, 2022
12:03 pm
canadian.100
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Loonie said
I must say that Meridian gets a failing grade on this promo in my books.

First we have the confusing language about accounts: "Good to Grow" HISA turns out to be the same as "Online Advantage Savings" according to them (I can find no written reference to this).

I'm leaving my cash at DUCA.  

Also, Meridian calls its Chequing Account - a "Maximizer Account".
No idea why a Chequing Acct would be called a Maximizer - and the Money Mover function (me to me transfer in simple English) - takes 4 days "so far" to transfer in and the limit is $10K PER DAY. The 2.75% is very good but the rest of the functioning kills the good part.
A clunky organization. However staff are nice.

May 20, 2022
12:06 pm
turquoise
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canadian.100 said

Also, Meridian calls its Chequing Account - a "Maximizer Account".
No idea why a Chequing Acct would be called a Maximizer - and the Money Mover function (me to me transfer in simple English) - takes 4 days "so far" to transfer in and the limit is $10K PER DAY. The 2.75% is very good but the rest of the functioning kills the good part.
A clunky organization. However staff are nice.  

lol...maybe they mean maximizing profits?
Meridian has some good points (will cover registered transfer up to a point, plenty of branches if you like that kind of thing, etc.). But in my experience they are the most bank-like of credit unions in terms of their overall vibe and attitude.

May 31, 2022
10:35 am
JenE
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I’ve just received an email from Meridian extending their 2.75% offer to me. Although I have an account with them that renders me ineligible for the offer I thought I’d call them anyway. During my conversation I was informed that the 2.75% was “annualized”, meaning that the actual rate to be earned would be 2.12%! Now, this is out of my math ability but perhaps someone else can decipher it? If it really is true that the 8 month rate is only 2.12%, I believe I’d be an unhappy camper if I’d taken part in this offer! Thoughts anyone?

PS I’m going to have to check with DUCA!

May 31, 2022
11:13 am
Bill
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2.75% annually means you've earned 1.833% after 8 months, assuming no monthly compounding.

May 31, 2022
11:21 am
savemoresaveoften
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JenE said
I’ve just received an email from Meridian extending their 2.75% offer to me. Although I have an account with them that renders me ineligible for the offer I thought I’d call them anyway. During my conversation I was informed that the 2.75% was “annualized”, meaning that the actual rate to be earned would be 2.12%! Now, this is out of my math ability but perhaps someone else can decipher it? If it really is true that the 8 month rate is only 2.12%, I believe I’d be an unhappy camper if I’d taken part in this offer! Thoughts anyone?

PS I’m going to have to check with DUCA!  

Rates are always quoted as annualized rate by all FIs, nothing new there...

DUCA 2.5% is annualized too.

Sounds like you dont understand the basics of a quoted rate. Time to hit the textbook or google 🙂

May 31, 2022
12:05 pm
hwyc
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I am still confused over the interpretation of the annualized rates. Hopefully somebody will be able to post a data point after May 31st. I would be equally disappointed if the deposit is not earning daily (2.75% / 365)

11. Interest is calculated daily and paid monthly for both the Posted Rate interest payments and the Bonus Interest payments.

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