HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%) | Page 5 | Meridian Credit Union | Discussion forum

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HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%)
June 10, 2022
7:00 am
COIN
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I've confused. Are there two rates, namely 3% and 3.15%?

So, who gets the 3% and who gets the 3.15%?

June 10, 2022
7:13 am
Nehpets
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COIN said
.....Are there two rates, namely 3% and 3.15%?.....who gets the 3% and who gets the 3.15%?  

It appears it depends on when the person signed up for the promo.

Stephen

June 10, 2022
7:49 am
Alexandre
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COIN said
I've confused. Are there two rates, namely 3% and 3.15%?

So, who gets the 3% and who gets the 3.15%?  

Meridian rolled two promos into one, hence the confusion.

The promo before June 9: you get 1.90% bonus interest on top of posted rate.
The promo after June 9: you get 1.75% bonus interest on top of posted rate.

All other promo T&C remain the same.

--------
Example:

I opened promo HISA before June 9, its interest rate currently 3.15%. It is 1.25% posted rate + 1.90% bonus rate.
I plan to open promo TFSA HISA soon, which is after June 9. Its interest rate currently 3.00%. It is 1.25% posted rate + 1.75% bonus rate.

June 10, 2022
11:09 am
for interest sake
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MCU will offer a decent rate to draw you in, but you will then be disqualified from future promos, unless you play the open/close/open game. Why bother, when there are, in the long-run, better options available from FI's that treat all customers fairly and want to retain existing customers?

June 10, 2022
12:41 pm
savemoresaveoften
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for interest sake said
MCU will offer a decent rate to draw you in, but you will then be disqualified from future promos, unless you play the open/close/open game.

that statement is false.

June 10, 2022
3:18 pm
canadian.100
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savemoresaveoften said

for interest sake said
MCU will offer a decent rate to draw you in, but you will then be disqualified from future promos, unless you play the open/close/open game.

that statement is false.  

I would say the statement in Post 84 is TRUE from my experience about 5 years ago with MCU - after the short term GIC specials to draw me in, that was it for more special short-term GICs. They wanted me to go into their GICs 1 year or more at much lower rates. So I said "thanks and see you later" and closed my accounts with MCU. I have reopened this year to get the 3.15% HISA. We shall see what happens after that ends.

June 10, 2022
3:42 pm
for interest sake
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savemoresaveoften said

for interest sake said
MCU will offer a decent rate to draw you in, but you will then be disqualified from future promos, unless you play the open/close/open game.

that statement is false.  

Disagree. I've been a member for more than 12 years and have experienced nothing less than what I claim here.

June 10, 2022
7:43 pm
savemoresaveoften
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canadian.100 said

I would say the statement in Post 84 is TRUE from my experience about 5 years ago with MCU - after the short term GIC specials to draw me in, that was it for more special short-term GICs. They wanted me to go into their GICs 1 year or more at much lower rates. So I said "thanks and see you later" and closed my accounts with MCU. I have reopened this year to get the 3.15% HISA. We shall see what happens after that ends.  

my experience is different. I had an account from few years ago, other had a couple of GICs. When they ran their new promotion last month, I am able to get the promo rate for my existing account via calling in.

To me, at least they dont run "lucky draw" type promo every few months like simplii and Tang. MCU does the "new account" teaser rate, which every other FI does.

June 11, 2022
3:26 am
Jim Sherat
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We have both TFSA and non-registered accounts with MCU. been pulling cash from maturing GICs out systematically over the last while, as rates were completely non competitive.

But today I plan to move all available cash into our joint [non-registered] HISA that I kept open with less than $100 in it. Might as well take the 3% rate for up to 8 months while we see where interest rates end up. I like that if we encouter a significant expenditure, we can quickly get at the money without loss of interest, unlike a 1yr cashable GIC there or at Hubert.

June 11, 2022
4:28 am
savemoresaveoften
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COIN said
I've confused. Are there two rates, namely 3% and 3.15%?

So, who gets the 3% and who gets the 3.15%?  

I reached out to them and the manager approved my existing account to qualify for 2.8% when they first offered it few weeks ago. Just checked this morning and the rate is now at 3.15%. Maybe I got lucky...

June 11, 2022
5:50 am
for interest sake
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savemoresaveoften said

I reached out to them and the manager approved my existing account to qualify for 2.8% when they first offered it few weeks ago. Just checked this morning and the rate is now at 3.15%. Maybe I got lucky...  

You sure did! How did you manage that? I tried unsuccessfully after several attempts to do the same, both online and directly with the branch. No go at all.

June 11, 2022
5:55 am
for interest sake
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Jim Sherat said

But today I plan to move all available cash into our joint [non-registered] HISA that I kept open with less than $100 in it. Might as well take the 3% rate for up to 8 months while we see where interest rates end up.   

Please let us know how you make out. MCU would not allow me to change my existing account (also with only $100 in it) or add a new account in order to get the new rate.

June 11, 2022
7:24 am
savemoresaveoften
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for interest sake said

You sure did! How did you manage that? I tried unsuccessfully after several attempts to do the same, both online and directly with the branch. No go at all.  

I just called and talked to a rep. He said will ask for managerial approval and get back via secure message. Recd secure message after 1 biz day and said its approved.
I do have 2 ongoing GIC with them bot a couple of years ago, may be that helps the decision. Have not had any HISA deposit for quite a while as soon as their rate became uncompetitive.
Sounds like its one of those YMMV and I got lucky maybe

June 11, 2022
9:05 am
Loonie
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Managers have a lot of discretion at Meridian. Some are more helpful than others. Mine is a stickler.

June 12, 2022
7:50 am
Jim Sherat
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for interest sake said

Please let us know how you make out. MCU would not allow me to change my existing account (also with only $100 in it) or add a new account in order to get the new rate.  

My situation is basically a 'ditto' with savesmore... [93]
Got everything all setup yesterday. They did have to create a new HISA for us, and just moved my small amount of cash from the old one to the new one.
As Loonie says, Branch Mgrs do have a lot of discretion. It may help to have a previously established relationship. which we do. ie. Before we started dealing with them a number of years ago, we requested a face-to-face with the Branch Mgr who was very welcoming and knowledgeable.

June 16, 2022
10:17 am
for interest sake
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Thanks to your comments, I contacted the Branch Manager directly. I must say, I'm very pleased with the results.

June 16, 2022
10:55 am
JenE
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I tried contacting the manager but didn’t receive a return call. Few days later I called the contact centre, explained problem I was having, and he said he’d request the 3% rate for me. The next day I got a call saying I’d get the rate as soon as I deposited money. Done!

June 16, 2022
11:06 am
cgouimet
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JenE said
I tried contacting the manager but didn’t receive a return call. Few days later I called the contact centre, explained problem I was having, and he said he’d request the 3% rate for me. The next day I got a call saying I’d get the rate as soon as I deposited money. Done!  

I asked twice nicely. Twice got email response "No".

CGO
June 16, 2022
2:11 pm
COIN
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How many people got the 3.15%?

June 16, 2022
2:13 pm
COIN
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JenE said
I tried contacting the manager but didn’t receive a return call. Few days later I called the contact centre, explained problem I was having, and he said he’d request the 3% rate for me. The next day I got a call saying I’d get the rate as soon as I deposited money. Done!  

Did you have to open a new Meridian savings account?

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