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Meridian CU New Accounts 3.15% for 6 months
April 5, 2019
6:58 am
Loonie
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deleted due to repetition

April 5, 2019
7:01 am
Loonie
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Sorry.sf-embarassed Could have sworn... Must have been tired.

Thanks to smayer!

April 5, 2019
8:05 am
smayer97
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Loonie said
Sorry.sf-embarassed Could have sworn... Must have been tired.

Thanks to smayer!  

No problem... I misread stuff sometimes too.

April 5, 2019
8:11 am
Top It Up
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So my reading of Meridian's offer in Posts 3 & 6 was entirely correct as corroborated by @smayer97.

April 5, 2019
8:36 am
smayer97
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Top It Up said
So my reading of Meridian's offer in Posts 3 & 6 was entirely correct as corroborated by @smayer97.  

+1

May 30, 2019
6:06 pm
malquin
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Hi.
My 6 months special rate is expiring next week.

Any one here succeeded in getting Meridian to offer something competitive above the posted rate so it was worth it to keep some money there?

Thanks for any info.

May 30, 2019
6:12 pm
Doug
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malquin said
Hi.
My 6 months special rate is expiring next week.

Any one here succeeded in getting Meridian to offer something competitive above the posted rate so it was worth it to keep some money there?

Thanks for any info.  

What I generally do if they won't rate match or offer retention rates (I don't waste a lot of time haggling - they want my deposit business or they don't), I'll transfer out everything except for a flat $100.00 to keep the account open for possible promos or GIC specials in the future.

You might look to Manulife Bank's Advantage Account. No transaction fees for pre-authorized debits and transfers and you can even get no transaction fees of any kind with $1,000 minimum balance. Until end of October (or beginning of October), they're paying 3.35% for Manulife Group Benefits or Retirement Services clients and 3.25% for everyone else. Visit http://www.advantageaccount.ca for the 3.25% rate offer.

You might also look at Peoples Trust Company's 3.10% 15-month GIC rate offer, at http://www.peoplestrust.com. Motus Bank has a 3.10% 18-month GIC rate offer in registered accounts; 3.00% in non-registered accounts. Casera Financial (http://www.caserafinancial.ca) has a 2.90% 2 1/2 year (30 month) GIC in any registration type. High Interest Savings has a $35 cash back new customer promotion whereby if you're a new-to-bank Motus Bank customer, you can get $35 from the site paid to you by Interac e-Transfer when you complete all of the requirements. Login at http://cashback.highinterestsavings.ca/ with your forum account, accept the relevant offer, and then click through to the sign-up page.

Hope that helps,
Doug

May 30, 2019
7:01 pm
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I had a 4 month promo at 3.25% that ended yesterday.Rate immediately dropped to 1.3%.It's coming out & heading to Duca for 3% till end of Jan.The max Duca covers for 3% was dropped down to 100000.00$ Rest will go to Hubert.

May 30, 2019
7:20 pm
Doug
West Kelowna
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semi-retired said
I had a 4 month promo at 3.25% that ended yesterday.Rate immediately dropped to 1.3%.It's coming out & heading to Duca for 3% till end of Jan.The max Duca covers for 3% was dropped down to 100000.00$ Rest will go to Hubert.  

If you don't care about the deposit guarantee, Hubert's launching a special member share purchase opportunity on Monday, June 3, 2019, to allow members to purchase more than the normal $1,000 cap - up to $100,000. They can set up a special TFSA or RRSP share account, if you wish; otherwise, it'd be non-registered. It could end at any time once they raise the equity they intend to raise. However, for each of the past 20 years, Sunova Credit Union has paid between 4.25-6.75% on its member shares and surplus shares. For 2018, paid in May 2019, they paid 4.92%. So, that's one option. Otherwise, I'd recommend Hubert's 1-year quarterly escalating GIC.

Cheers,
Doug

May 31, 2019
5:10 am
Nehpets
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Doug said
.... Hubert's launching a special member share purchase opportunity on Monday, June 3, 2019,...... 

Where is this advertised /detailed Doug? I can't find anything on the Hubert website.

Stephen

May 31, 2019
6:11 am
gicjunkie
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Nehpets said

Doug said
.... Hubert's launching a special member share purchase opportunity on Monday, June 3, 2019,...... 

Where is this advertised /detailed Doug? I can't find anything on the Hubert website.

Stephen  

It's on the Sunova site.

https://www.sunovacu.ca/new-share-offering/

May 31, 2019
6:32 am
Doug
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Thanks, gicjunkie. Yeah, that's their blog post about it. To that I would just add that I originally saw it on their Facebook and Twitter social media pages. sf-cool

If you want more details, Stephen, I discuss it also in this thread --

https://www.highinterestsavings.ca/forum/hubert-financial/sunova-credit-union-2018-annual-dividend-payment/

Cheers,
Doug

May 31, 2019
10:51 am
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Doug said

If you don't care about the deposit guarantee, Hubert's launching a special member share purchase opportunity on Monday, June 3, 2019, to allow members to purchase more than the normal $1,000 cap - up to $100,000. They can set up a special TFSA or RRSP share account, if you wish; otherwise, it'd be non-registered. It could end at any time once they raise the equity they intend to raise. However, for each of the past 20 years, Sunova Credit Union has paid between 4.25-6.75% on its member shares and surplus shares. For 2018, paid in May 2019, they paid 4.92%. So, that's one option. Otherwise, I'd recommend Hubert's 1-year quarterly escalating GIC.

Cheers,
Doug  

Thanks for the info Doug.After reading from their webpage,it seems selling these shares is at the discretion of Sunova & could be a little tricky.I think I will stick with their 1 yr. escalator rate for the time being. Charles.

June 14, 2019
2:56 pm
rk
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My wife had a 4 month promo at 3.25% (which then quickly went down to 3.15%) for a TFSA account. She sent the transfer out form to Hubert more than a month ago and Hubert said that they had sent it to Meridian immediately. They re-sent it on May 27th, at our request. We can see that the TFSA account disappeared from Meridian a few days ago, but has not made it to Hubert, yet. I am wondering if it is normal for a TFSA transfer to take more than one month and if it is normal for the money to go out from one FI and take several days (likely more than one week in our case) until it gets into the other FI.
Of course, during the last 5 weeks or so, we called both Hubert and and Meridian several times to expedite this transfer.
Anyone had a similar experience with Meridian TFSA transfer out?

June 14, 2019
7:33 pm
Ed
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rk said
My wife had a 4 month promo at 3.25% (which then quickly went down to 3.15%) for a TFSA account. She sent the transfer out form to Hubert more than a month ago and Hubert said that they had sent it to Meridian immediately. They re-sent it on May 27th, at our request. We can see that the TFSA account disappeared from Meridian a few days ago, but has not made it to Hubert, yet. I am wondering if it is normal for a TFSA transfer to take more than one month and if it is normal for the money to go out from one FI and take several days (likely more than one week in our case) until it gets into the other FI.
Of course, during the last 5 weeks or so, we called both Hubert and and Meridian several times to expedite this transfer.
Anyone had a similar experience with Meridian TFSA transfer out?  

The transfer form can be faxed, so if your deposit is all in cash then it shouldn’t take more than a few days for the relinquishing FI to put a cheque in the mail. The standard for Canada Post snail mail is: 2 days local, 3 days provincial, 4 days coast-to-coast. Plus, allow a day or two for the corporate office to deposit the funds into a savings account and then for your service rep to put the money in your TFSA. Anything longer is simply sloppy service!

June 15, 2019
6:42 am
rk
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Ed said

The transfer form can be faxed, so if your deposit is all in cash then it shouldn’t take more than a few days for the relinquishing FI to put a cheque in the mail. The standard for Canada Post snail mail is: 2 days local, 3 days provincial, 4 days coast-to-coast. Plus, allow a day or two for the corporate office to deposit the funds into a savings account and then for your service rep to put the money in your TFSA. Anything longer is simply sloppy service!  

Yes, all TFSA funds were cash only at Meridian. Hubert faxed the form on May 13th, but nothing happened on Meridian side, so we asked them to fax it again on May 27th. It took another 2 weeks or so for Meridian to act (apparently did they act - as I said the TFSA account disappeared from Meridian early this week) - but as of now it is still not showing up at Hubert. My wife is currently earning zero interest on her funds. That is expected for a few days, but soon it will be one week.

June 16, 2019
11:44 am
Ed
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rk said

Yes, all TFSA funds were cash only at Meridian. Hubert faxed the form on May 13th, but nothing happened on Meridian side, so we asked them to fax it again on May 27th. It took another 2 weeks or so for Meridian to act (apparently did they act - as I said the TFSA account disappeared from Meridian early this week) - but as of now it is still not showing up at Hubert. My wife is currently earning zero interest on her funds. That is expected for a few days, but soon it will be one week.  

Neither Meridian, nor any other relinquishing bank for that matter, has any incentive to transfer the money to the receiving institution in a timely manner. So, unless you speak up, the FI will procrastinate as long as possible. Now, the ball is in Hubert’s court, so give them a call tomorrow and ask them what is going on. It is illegal and criminal for a bank to withhold funds from a client for no apparent reason.

June 16, 2019
2:54 pm
rk
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My wife called both Meridian and Hubert yesterday (Saturday). The Meridian CSR confirmed that the account was closed on June 11, but could not confirm when the cheque was mailed to Hubert, neither could give us a tracking number. Hubert CSR said that they had not received anything, but that we should not worry because if the cheque gets lost in transit Meridian will send another one. OK, but tomorrow is 5 weeks since we initiated the transfer. Apparently they have 6 weeks to complete it (are we in the 21st century ?), at least that is what they have repeatedly told us, when we repeatedly called both sides to expedite it.

June 16, 2019
6:43 pm
Loonie
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My experience is that mail from Toronto to Selkirk can easily take a week, and often does.

June 16, 2019
7:36 pm
Doug
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Loonie said
My experience is that mail from Toronto to Selkirk can easily take a week, and often does.  

LOL, a week? That's almost nothing for us out on the West Coast. It usually takes a week (4-5 business days anyway), at a minimum, just to go from Kelowna to Toronto or Kelowna to Ottawa. It'll go first to Richmond, then on to Calgary, and then it flies to Toronto or Ottawa. It's minimum 3 days to Calgary at any rate.

Interestingly, Kelowna-Selkirk is about about 7-9 business days, I'd say. So, not that much longer.

Cheers,
Doug

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