HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%) | Page 7 | Meridian Credit Union | Discussion forum

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HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%)
July 26, 2022
6:18 am
savemoresaveoften
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dommm said
And mine went to 3.65% .  

ditto

July 26, 2022
9:48 am
COIN
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Does the new 3.50%/3.65% apply to both new and old money?

July 26, 2022
10:06 am
JohnnyCash
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COIN said
Does the new 3.50%/3.65% apply to both new and old money?  

Yes it applies to both. More specifically, it applies to funds that were already in the account prior to the increase and any further additions will earn interest at the new rate.

July 27, 2022
10:38 am
annie
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JohnnyCash said

Yes it applies to both. More specifically, it applies to funds that were already in the account prior to the increase and any further additions will earn interest at the new rate.  

Open the account today and see a 3.65% increase. Discarded the intention to transfer SB4.05%

August 18, 2022
3:14 pm
Gogie
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Just an updated data point for Meridian customers. I've had a Meridian HISA account for a number of years but I haven't used it for a few years as I've gotten better HISA rates elsewhere. When I found out about their current promo (a "bonus" rate of 1.75% for new accounts) I decided to see if I could qualify somehow. I sent a secure message to Meridian asking if I could get the bonus promo if I transferred a large amount into my HISA. They confirmed within a few days that if I transferred a five figure amount (I won't say the exact amount as others may have different "offers") I would get the current bonus (the base rate, which is 1.75% plus the "bonus" rate of an additional 1.75% on top of the base rate) for a period of 8 months from the date of my "five figure" deposit. I called to confirm that the offer included access to any increases (or decreases) to the base rate over the 8 month period and I can make future deposits/withdrawals without impacting the bonus offer.

To make the deposit I called customer service as otherwise I would have had to make several smaller deposits over a number of days. There is a hold on my deposit of 5-7 business days, but I can live with that.

August 18, 2022
4:46 pm
COIN
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"a "bonus" rate of 1.75% for new accounts"

Why NEW account? I was told I would get 3.50% on my existing (old) account.

September 28, 2022
3:20 pm
JenE
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I made a deposit to my 3.5% high interest account today and found the rate has been increased to 3.8%.

September 28, 2022
4:36 pm
Alexandre
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3.95% for my HISA and 3.8% for TFSA I opened later. Unfortunately, my HISA promo ends soon, mid-January.

October 6, 2022
3:34 pm
annie
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Alexandre said
3.95% for my HISA and 3.8% for TFSA I opened later. Unfortunately, my HISA promo ends soon, mid-January.  

Me too, 3.95%. In mid-January, I will switch to another bank.sf-cool

October 6, 2022
4:38 pm
Alexandre
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annie said

Me too, 3.95%. In mid-January, I will switch to another bank.sf-cool  

Hard to find HISA rate that good. I hope Tangerine will offer me promo with something close to that rate, or I might have to buy 1 year GIC.

November 2, 2022
11:35 am
tfinanceca
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Does anyone have intel on an increase to the Meridian HISA? I currently have the 3.95% offer. I have found they are really good with increasing shortly after a Bank of Canada announcement. Usually it will be approximately half of the rate hike amount.

November 3, 2022
1:48 am
Nirvana7734
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tfinanceca said
Does anyone have intel on an increase to the Meridian HISA? I currently have the 3.95% offer. I have found they are really good with increasing shortly after a Bank of Canada announcement. Usually it will be approximately half of the rate hike amount.  

Hi tfinanceca, and welcome to Highinterestsavings.ca. I'm in the same boat as you, and I'm eagerly awaiting the possibility of a rate increase by Meridian. I spoke with a call centre representative in September, and she told me that, in her experience, if her company is going to increase rates that it will generally happen around 10-14 days after a Band of Canada (BoC) rate increase. Looking back at the past Meridian rate increases this year, the BoC increased by 1% on July 12, and Meridian increased by (I believe) .3% 14 days later on July 26. On September 6, the BoC increased the rate by .75%, and Meridian increased by .3% nine days later on September 15. Therefore, as of this writing, we are currently eight days after a BoC rate hike, so stay tuned: if they're going to increase their rates, it will generally happen within the next week.

As a related side, bear in mind that the demand side for borrowing money has reduced in the recent months. According to the BoC: "The Bank also notes that consumer and business spending, as well as housing markets, have been noticeably affected by recent rate hikes." If Meridian's demand is down, then their likelihood to offer us ever-increasing rates may also be down as well.

November 3, 2022
5:53 am
Jim Sherat
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Frankly, I'll be happy if my current 3.80% rate doesn't go down prior to my promo ending mid-Feb !
Heading there today actually, to write a pretty decent 5 figure cheque to myself, in order to deposit a just matured Simplii GIC, and start earning 3.80% immediately 😉

November 3, 2022
9:15 am
Jim Sherat
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tfinanceca said
Does anyone have intel on an increase to the Meridian HISA? I currently have the 3.95% offer. I have found they are really good with increasing shortly after a Bank of Canada announcement. Usually it will be approximately half of the rate hike amount.  

further to my last post ... I just returned from adding more funds, and the Branch Mgr. did indeed say 'stay tuned, early next week' when I broached the subject. sf-wink

December 30, 2022
5:37 am
Jim Sherat
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since some here are still invested in this Meridian promo, and I never really did a followup on my prior comment [Nov 3], I'll just add that I noticed my HISA rate is now 4.25% [for the lucky few who acted quickly, theirs s/b 4.40%].

Not sure if a further increase is imminent given the last B of C increase of .50%, or if that has already occurred ?
The question now is whether to wait 6 weeks till this promo expires, Feb 15th for me, and see if any 'carrots' are offered, or just transfer all available cash into the Simplii 5% till Apr30 HISA that I just enrolled in??
It comes down to a 0.75% [or possibly less] decision for a relatively short time frame. Is it worth the bother?

December 30, 2022
7:57 am
frugal lady
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Jim Sherat said

Not sure if a further increase is imminent given the last B of C increase of .50%, or if that has already occurred ?

The question now is whether to wait 6 weeks till this promo expires, Feb 15th for me, and see if any 'carrots' are offered, or just transfer all available cash into the Simplii 5% till Apr30 HISA that I just enrolled in??
It comes down to a 0.75% [or possibly less] decision for a relatively short time frame. Is it worth the bother?  

I had a note that the rate change to 4.25% (2.5% + 1.75%) occurred on Dec 14.
For me, after doing some math, it was worth the bother to transfer to Simpli @ 5.0% til Apr 30.

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