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Meridian Credit Union Now Offering 3% Percent For 4 Months In A Savings Account
March 7, 2018
7:24 am
Saver Guy_2018
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Meridian Credit Union Is Now Offering 3% Percent Interest For 4 Months In Their Good To Grow Savings Account From Now Until The End of 2018. Read The Terms and Conditions First Before Opening An Account. Here are a few weblinks for more details on this promo.

https://www.meridiancu.ca/personal-banking/offers/hisaboost.aspx

https://join.meridiancu.ca/GetStarted?productIds=435049186&sweep=false&prm=boost3n&_ga=2.106395907.1232918786.1520435377-1367127477.1515774973

And Here Are The Terms and Conditions For This Promo:

https://www.meridiancu.ca/Meridian/media/images/PDFs/HISA-Boost-Terms-and-Conditions.pdf

March 7, 2018
1:16 pm
Nehpets
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Saver Guy_2018 said For New Members Only   

A conversation with one's branch manager might yield an accommodation for an existing member, given the right circumstances.

March 7, 2018
2:59 pm
rhvic
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Hmmm, do I really want to open another account at a new FI (I already have 10 FIs) just to get an extra 0.5% over what I already get elsewhere? For 100K over 4 months, that is an extra $167 or so (of which CRA will take a third). I suppose if I saw that laying on the sidewalk, I would bend over to pick it up. I'll have to think about it.

March 7, 2018
11:17 pm
Doug
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rhvic said
Hmmm, do I really want to open another account at a new FI (I already have 10 FIs) just to get an extra 0.5% over what I already get elsewhere? For 100K over 4 months, that is an extra $167 or so (of which CRA will take a third). I suppose if I saw that laying on the sidewalk, I would bend over to pick it up. I'll have to think about it.  

That's key. For someone debating whether to switch their banking or open only a second HISA, it's an enticing offer. For those of us with more HISAs than we know what to do with, it's not worth it. 🙂

Cheers,
Doug

March 8, 2018
12:21 am
Loonie
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I'm feeling somewhat the same way. It's getting harder and harder to budge me, and I know I wouldn't do it for $167 minus taxes. (Bear in mind though that DICO now covers 250K, so profit could be higher, if you have the cash available.) We did well there last year with 2 single and a joint account at 3% x 6 months, which made it worthwhile. I also moved a smallish RSP there, for which they reimbursed the transfer fee, as the rate was as good as any at the time.

As time marches on, I am seeking FIs that I can settle down with for the longer term, who can be expected to offer top of market or close to it often enough that I can meet my needs; plus reliable good customer service, preferably domiciled in my home province, joint accounts, and good insurance coverage (more is better, for me).
If a FI doesn't offer these things, it has to make a really good offer for me to start up with them, probably in the neighbourhood of minimum $500 profit over competitors, preferably with some reason to believe that this has good potential to develop into a longer term relationship. Picky, picky!sf-wink

I already belong to Meridian, so I wouldn't qualify anyway. However, having belonged to them for a couple of years, I have concluded that they do not not offer exemplary rates most of the time and don't intend to, and a dismal 1.4% on savings (which used to be higher), so it probably wouldn't be attractive if I were starting now.

It's clear to me that Meridian's goal is to acquire the accounts of people who are currently still with the Big Five, want bricks and mortar, and may not be aware of better deals elsewhere. That's not my profile, but I'm going to keep them for now, with a small balance. Their staff are pretty good, but the advice isn't any better than the banks IMO.

There is definitely room in the marketplace for more well-run FIs that offer superior rates, at least from where I sit. Bring 'em on!

March 8, 2018
7:13 am
GR
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There seems to be some confusion in postings here about eligibility requirements. You do NOT need to be a NEW member to take advantage of this promotion. New members are eligible but EXISTING members are also eligible, if they have not had a Good to Grow High Interest Savings account at Meridian within the past six months. (As per terms and conditions and telecon with a branch.)

March 8, 2018
10:09 am
Doug
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GR said
There seems to be some confusion in postings here about eligibility requirements. You do NOT need to be a NEW member to take advantage of this promotion. New members are eligible but EXISTING members are also eligible, if they have not had a Good to Grow High Interest Savings account at Meridian within the past six months. (As per terms and conditions and telecon with a branch.)  

Okay, fair point, GR, but still that's a "new product offer". In this case, I'm assuming Loonie and spouse have a Good to Grow HISA. sf-cool

I don't know that Meridian is after new members anymore than, say, Coast, Loonie. The difference is in their funding model, I think. If you look at their balance sheets, you'll see Meridian has a lot more investment shares outstanding (similar to preferred shares, but without the dividend tax credit & less liquidity but guaranteed return of principal with the exception of CU insolvency). I also suspect Meridian has a higher percentage of securitized loans, which essentially sees them take the profit upfront and only be potentially on the hook for a small percentage of losses, if any.

Cheers,
Doug

March 8, 2018
8:26 pm
Loonie
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Yes, we have the Good to Grow accounts. There isn't much point in having any other kind, at least in savings.

March 8, 2018
11:52 pm
rfdm4g4g9
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My head is spinning from ALL the rate chasing you have to do these days .

Simplii , DUCA , Meridian, Tangerine etc etc .

March 9, 2018
5:01 am
Joebart
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How did you find about that offer?
I can't find it on their website unless I use your link
https://www.meridiancu.ca/personal-banking/offers/hisaboost.aspx

Never mind I have found it!

April 3, 2018
1:37 pm
gamgam
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Have been thinking of opening an account at Meridian although after reading the reviews it doesn’t seem reassuring. Has anyone had issues with Meridian? Are there deposit limits per transaction and withdrawal limits per transaction?

April 3, 2018
3:26 pm
Nehpets
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gamgam said
..... after reading the reviews it doesn’t seem reassuring. Has anyone had issues with Meridian? Are there deposit limits per transaction and withdrawal limits per transaction?  

What did the review(s) you read claim? IMO, reviews should always be taken with a grain of salt, as many are guided by personal agendas.

My experience with both online application and in branch have been outstanding. Granted, Meridian's standard rates are not that competitive, but the occasional promos they run can be attractive. I've taken advantage of promos for over a year now.

The only slight irritant is the current daily limit on Money Mover, Meridian's EFT is limited to $10,000 per pull or push; however by simply calling in to your branch, the deposit or withdrawal can be done manually by the staff person or by calling Meridian Contact Centre at 1-866-592-2226

I've voiced my concern at the branch level along with a message to the corporate office and am awaiting a response.

The issue has not deterred me from continuing to do business with Meridian, when the offer suits my needs.

Stephen

April 3, 2018
6:02 pm
gamgam
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Appreciate your insight Stephen. Concern was in getting the funds out. Thx

April 23, 2018
8:33 am
Brimleychen
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I didn't login to Meridian CU online banking for long time, but just find out we can link Tangerine Saving to Meridian now. Now from account page, you see all the details of your account (Ac number, Transit No, Inst. ID) and I have linked from Tangerine Saving to it.

Further to my surprise, as an existing member (Advantage Saving), I can open a so-called 'Good to Growth Saving' for 3% for 4 months online. It's cool. I am planning to move from Tangerine 2.5% to it right away.

MeridianCU.PNG

May 27, 2018
10:01 am
Nehpets
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The promo of 3% for 4 months has been decreased by Meridian to 2.75% for 4 months evidently, in the past few days.

May 27, 2018
11:04 am
gamgam
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Glad I opened my acct when I did! Called today to confirm my 3% is good till August 7th! Those that opened their accts when the 3% was offered will be honored.

June 5, 2018
6:31 pm
HISAhopper
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If it takes 3 days to EFT out of Meridian, I may use bank draft which cost $6.50 and it can be deposited and earned interest right away at the next FI (of course given that the branch is 5 mins drive from my work).
EFT out of DUCA took 1 day only, curious to know how long Meridian takes.

June 6, 2018
6:32 am
Nehpets
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HISAhopper said
If it takes 3 days to EFT out of Meridian 

A call to the Customer Service number or to a local branch manager can override the absurd Meridian default limits and time delays. EFT can be virtually immediate using this alternative.

June 6, 2018
8:35 am
HISAhopper
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Nehpets said

HISAhopper said
If it takes 3 days to EFT out of Meridian 

A call to the Customer Service number or to a local branch manager can override the absurd Meridian default limits and time delays. EFT can be virtually immediate using this alternative.  

Great if that in fact works. I asked a Meridian rep yesterday and he replied that it might be faster than 3 days but there was no guarantee.
Thanks Nehpets for confirming.

June 6, 2018
9:59 am
Nehpets
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HISAhopper said
Great if that in fact works. I asked a Meridian rep yesterday and he replied that it might be faster than 3 days but there was no guarantee.
  

My experience with my local branch, dealing with either the branch manager or the assistant, the electronic funds transfers they do on my behalf oare virtually instant.

They do not use the usual Money Mover protocol that's on the website..they seem to have an internal process that works differently and more efficiently.

Stephen

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