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Meridian 2021 RRSP/TFSA 1% transfer bonus offer
January 14, 2021
1:47 pm
Londonguy
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Meridian's annual 1% transfer bonus program is back again this year if anyone cares --

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Get up to $750 when you transfer your RRSP or TFSA to Meridian Wealth2

Transfer your TFSA or RRSP to Meridian Wealth by March 1, 2021.

Here's how it works:

You'll need to transfer a minimum of $10,000.

You'll get a 1% cash bonus on the funds you transfer to Meridian, up to $750.

If you’re interested in this offer, speak to your advisor or give us a call.

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Here's the T&C -- https://www.meridiancu.ca/Personal/Investing/Registered-Savings-Plans/RRSP-2021/1-Cash-Bonus-Terms-and-Conditions.aspx

The GIC rates currently on offer are unattractive to me and they already have a chunk of my money, so I think I'll take a pass this year.

I looked at taking up their bonus at 1.00% and doing the 1-year at 0.85% to yield 1.85% on $75K, but that's not much of an incentive if I have to transfer it back out again next year -- even less so after deducting the friction cost of lost interest during the transfer and any unreimbursed fees

Rate Product
0.85% 1 Year GIC
1.15% 2 Year GIC
1.30% 3 Year GIC
1.35% 4 Year GIC
1.45% 5 Year GIC

January 14, 2021
3:09 pm
Loonie
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It might be worth it for the longer terms if someone is transferring a largish amount, but I think the transfer fee is now $75, and it could easily be $100 by the time you transfer out. At $75, it brings your 1 yr rate on 75K down to 1.75%.

I have used these offers from Meridian in the past and have liked them, but the transfer fee is a disincentive. They pay you the bonus up front, which effectively increases the rate very slightly.

January 14, 2021
3:37 pm
topgun
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Years ago RBC had a deal. 1% bonus for transferring investments to them. I transferred stock. An extra 1% for 6 months was enticing. Leave the funds for 6 months. RRSP , non-registered etc. Back then when you transferred the funds the receiving FI reimbursed the transfer fee. No more. BMO had special deals as well. Not as good as RBC. The transfer fee for stock is $150 at iTRADE TODAY. I will not qualify for Meridian deal.

Have a Great Day

January 14, 2021
5:37 pm
COIN
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I called them and was told that the 1% bonus only applies to funds transferred in from another institution. Does not apply if you walk in and hand them a $10,000 cheque for your TFSA.

January 14, 2021
11:13 pm
smayer97
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Easy solution... open a TFSA elsewhere and make a deposit then transfer to Meridian... extra work but may work out for someone.

January 15, 2021
4:48 am
Loonie
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I was just looking at the T&C, and I would be wary of this offer. It's not the same as previous years. I'm not convinced a GIC would be a qualifying investment.

"3. Registered cash, investments, or a combination thereof (“New Assets”) must be transferred into a
new or existing registered investment account at Credential Asset Management Inc. or Credential Securities (collectively, the “Qualifying Accounts”) from an investment firm account outside of Meridian Credit Union, motusbank, Credential Asset Management Inc., Credential Securities, Credential Financial Strategies and Qtrade Investor."

It looks to me like they don't want your cash; they just want your "investments" in things that can't create a deposit surplus for them.

Previous offers allowed transfers from other banks or CUs.

OP did specify it would be a transfer to "Meridian Wealth", not Meridian CU. I missed that earlier.
Looks like an "Avoid" to me, but I imagine some people will get caught on this, making a non-qualifying transfer , not getting the bonus, and then stuck with the transfer out fee.

January 19, 2021
2:13 pm
Jim Sherat
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Good catch, Loonie. As one who has participated in Meridian's prior TFSA Transfer promos in the past, when I received this one in my Inbox, I assumed a similar approach. WRONG !

In late Dec. I had emptied mine and my wife's TFSAs at TDDI, and parked the cash in our HISA at Simplii [2.3% till Mar 31]; I have yet to move the cash into our almost dormant TFSA at Simplii, while I figure out what's best. So taking a bit of a tax hit, as each day goes by, rather than get trapped at Simplii after Mar 31st.

Meridian's 1% promo, had it followed a similar pattern, might have been an option, but they probably have enough of our TFSA dollars already.

January 19, 2021
5:54 pm
Norman1
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The offer is for Meridian Wealth and not Meridian Credit Union!

One needs to transfer assets into a registered account at either the mutual fund dealer Credential Asset Management Inc. or investment dealer Credential Securities.

Looks like Meridian CU is just sharing some of the bounty they receive from Credential, now known as Aviso Wealth, for sending members over.

This is from Meridian: Wealth Advisor Services:

Legal

Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

Online brokerage services are offered through Qtrade Investor, a division of Credential Qtrade Securities Inc., Member of the Canadian Investor Protection Fund.

February 2, 2021
1:26 pm
semi-retired
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Just received an add for a Meridian 18 month gic.Previously 1%now 1.20%

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