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Meridian New First Savings Account Promo 3% p.a. For 5 Months
July 22, 2019
9:00 pm
Canadianbull
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No success because I already have advantage savings account. Advantage savings account & GTG savings account is same thing.

July 23, 2019
4:47 am
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Keep your chequing account open and close your savings accounts with Meridian.That way after 6 months you are eligible for new promotions, because you are considered new customer.And you can open a savings account on line in seconds because you already have a chequing account.

Lots of other places are offering better rates then Meridian 1.30%.

Canadian tire Bank has targeted promo of 3.00%. Open new savings account at Manulife 3.25% for 6 months. Account opens up in a minute with them. Plus you can link as many accounts as you like. Tangerine 2.75% for 6 months new account. Hubert out of Manitoba is 2.25%. They allow you to link up to 30 accounts. Excellent to deal with. transfers arrive next day.

Also Simplii has targeted offers up to 3.00%.Plus 200.00 for opening chequing account.

Open a account at Tangerine if do not have one with them.

Do not go near HSBC bad experiences with them.

You have options.

July 23, 2019
5:42 am
Loonie
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Yes, there are other options, but this one filled a particular niche if you didn't get a targeted offer and Tangerine won't play ball with you.

Meridian sent us what looked like a good offer, only we're barred from using it.

As for chequing accounts, there are a whole raft of them at Meridian. Most of them have monthly fees or a $1000 minimum, which doesn't make them very attractive. The exceptions appear to be an account for people under 30 and another one for seniors. Why are they dinging everyone else? I think most people here would not sign up for a chequing account with fees etc on spec that they might be able to qualify for a good rate later.
https://www.meridiancu.ca/Meridian/media/images/PDFs/Personal_Accounts_and_Services.pdf

Meridian is behaving more and more like a big bank, complete with the misleading advertising.

July 23, 2019
10:02 am
Doug
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Loonie said
Yes, there are other options, but this one filled a particular niche if you didn't get a targeted offer and Tangerine won't play ball with you.

Meridian sent us what looked like a good offer, only we're barred from using it.

As for chequing accounts, there are a whole raft of them at Meridian. Most of them have monthly fees or a $1000 minimum, which doesn't make them very attractive. The exceptions appear to be an account for people under 30 and another one for seniors. Why are they dinging everyone else? I think most people here would not sign up for a chequing account with fees etc on spec that they might be able to qualify for a good rate later.
https://www.meridiancu.ca/Meridian/media/images/PDFs/Personal_Accounts_and_Services.pdf

Yes, for those under 60-65, a chequing account may be non-viable, unless Meridian has a pay as you go chequing account with no monthly fees and 1 free debit transaction per month. For those 60-65 or more, though, a chequing option could be a good option, so long as the fee is fully waived.

It could be sneakiness on Meridian's part, trying to get new members, or it could be technical incompetence. By this, I mean their system is such that it's not set up to automatically calculate a member's account balances, by deposit type(s), as at a separate date, so as to calculate promotional interest on net new money so they structure the offer as to apply to new accounts opened of a certain type. The problem with that, though, is that their wording, from the sounds of it, is such that it's confusing as to whether the Advantage account is included for the purposes of being a pre-existing account. And, if it is, which seems likely, why? If it weren't for that, I'd be inclined to favour technical incompetence as opposed to sneakiness. What do you think, Loon?

Meridian is behaving more and more like a big bank, complete with the misleading advertising.  

Indeed. Like so many of the uber-large credit unions (i.e., Coast Capital Savings, First West, Servus, DUCA, etc.). Vancity and Desjardins, notwithstanding, and which appear to be at least more transparent in their advertising. As well, Alterna Savings and its smaller Alterna Bank subsidiary seems to be holding true to its small credit union roots. Their CEO has quite a folksy charm on Twitter! sf-cool

Cheers,
Doug

July 23, 2019
10:16 am
MapleOne
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Loonie said

Meridian is behaving more and more like a big bank, complete with the misleading advertising.  

Funny, I had just opened an account after maxing the motus gic. I then proceeded to max the Meridian 18 month gic and when I looked at their other offerings I too thought they look very much like a big bank with all their fees. I immediately decided to transfer the funds once my 18 month promo was up.

So you're not the only one thinking that. sf-surprised

July 23, 2019
10:19 am
3oakwest
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Meridian has free chequing for seniors over 60, free plus many other bonuses. Duplicate cheques are free up to 50 per year.

Have a look at their break down of account services. The 4 free interac shown will change soon and will not require a $1000.00 monthly balance for the free ones.

July 23, 2019
11:28 am
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I opened MANULIFE BANK as soon a I saw it on here. I m getting 3.25% tell November 21,19.

Plus also Canadian Tire Bank is giving me 3.00% tell September 30,19.

Last week received a offer from Tangerine of 2.75% tell December 31,19.

I think MOTIVE had a offer at 2.80% if it is still available.

Otherwise if you have a account with Canadian Tire Bank , or Tangerine or Simplii you will get a offer. Wait for it

July 23, 2019
11:32 am
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Also close any Savings accounts with MERIDIAN if you have any. Keep chequing account open. That way you can open a new savings account if their is a promotion after 6 months.

You are considered new customer after 6 months.

Also HUBERT credit union out of Manitoba is 2.25% with 100% guarantee through the credit union fund of Manitoba. You can link up to 30 accounts with them. One day transfers. Excellent customer service.

July 23, 2019
11:59 am
Oscar
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Hey Doug , I noticed that you included Duca in this link. I haven't noticed that but wouldn't mind knowing what to look out for as I deal with them. Below is copied from post #46

Meridian is behaving more and more like a big bank, complete with the misleading advertising.

Indeed. Like so many of the uber-large credit unions (i.e., Coast Capital Savings, First West, Servus, DUCA, etc.). Vancity and Desjardins, notwithstanding, and which appear to be at least more transparent in their advertising. As well, Alterna Savings and its smaller Alterna Bank subsidiary seems to be holding true to its small credit union roots. Their CEO has quite a folksy charm on Twitter! sf-cool

Cheers,
Doug

July 23, 2019
12:42 pm
Doug
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Oscar said
Hey Doug , I noticed that you included Duca in this link. I haven't noticed that but wouldn't mind knowing what to look out for as I deal with them. Below is copied from post #46

Meridian is behaving more and more like a big bank, complete with the misleading advertising.

Indeed. Like so many of the uber-large credit unions (i.e., Coast Capital Savings, First West, Servus, DUCA, etc.). Vancity and Desjardins, notwithstanding, and which appear to be at least more transparent in their advertising. As well, Alterna Savings and its smaller Alterna Bank subsidiary seems to be holding true to its small credit union roots. Their CEO has quite a folksy charm on Twitter! sf-cool

Cheers,
Doug

  

@Oscar, with DUCA, it's much more minor than the others. Nothing to worry about and I'd still deal with them, if I were able to, but in the past, they'd previously allowed non-Ontario residents to join then they changed that yet on their GIC pages, they didn't indicate Ontario was required if you "joined" via that page. Likely was more an unintentional oversight. Similarly, in the past, they used to charge an annual membership fee, but now they don't. As well, as a final point, I recall other forum members noting they'd retroactively changed the terms of a 3% HISA promo they'd offered at some point in the last 12 months.

Hope that helps,
Doug

July 23, 2019
3:41 pm
Oscar
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Thanks Doug I'm an Ontario resident so I wasn't aware of that first requirement but I wasn't sure if some new terms were implemented which I wasn't aware of.

July 23, 2019
4:18 pm
Loonie
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I joined DUCA during last year's HISA promo and am getting to like it. I didn't like the woman I dealt with at the branch, but I don't go in there so it doesn't matter. At this point, I'm a lot more fond of DUCA (where I'm getting 3% until 31 Jan 2020) than I am of Meridian where I'm getting nada. Pretty well every time I go to Meridian, they want me to sit down with their wealth manager person so that I can supposedly get my money to "work harder" - a favourite phrase. I've told them every time that I'm not interested, but this person comes and sits in anyway.

July 24, 2019
8:44 am
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Meridian is so large that they do have many fees like the Banks.Notice that also.

July 24, 2019
1:51 pm
Loonie
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If "large" = fees, then there is something wrong with this picture!sf-frown

Generally, we are told that bigger is better, more efficient etc., and it should therefore lead to LESS fees! It must have cost Meridian a lot to get Motus off the ground, but the jury is out on whether that was a good idea.

July 26, 2019
9:21 pm
Canadianbull
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Good said
Keep your chequing account open and close your savings accounts with Meridian.That way after 6 months you are eligible for new promotions, because you are considered new customer.And you can open a savings account on line in seconds because you already have a chequing account.

Lots of other places are offering better rates then Meridian 1.30%.

Canadian tire Bank has targeted promo of 3.00%. Open new savings account at Manulife 3.25% for 6 months. Account opens up in a minute with them. Plus you can link as many accounts as you like. Tangerine 2.75% for 6 months new account. Hubert out of Manitoba is 2.25%. They allow you to link up to 30 accounts. Excellent to deal with. transfers arrive next day.

Also Simplii has targeted offers up to 3.00%.Plus 200.00 for opening chequing account.

Open a account at Tangerine if do not have one with them.

Do not go near HSBC bad experiences with them.

You have options.  

I closed personal savings but I left open joint savings account.

July 30, 2019
5:07 pm
Jim Sherat
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Decided to rescue my funds sitting in Simplii, since expired 3.15% promo ended June 30th, and will move it all to Meridian, which involves opening a New 'joint' G2G HISA.

Today, I confirmed with FSA that we're eligible for the 3.00%, 5 Mth rate ... we currently both have only TFSAs, and the Advantage HISA setup originally earlier this year to receive incoming funds, and serve as destination, for the 18mth promo GICs, once they mature. Still eligible for the non registered G2G promo rate, it seems.

The FSA I talked to is new to us, but what a breath of fresh air ... very knowledgeable, and get this ... she actually initiated a discussion on helping us setup a Money Transfer mechanism with our regular bank, suggesting we bring in a void cheque for our upcoming meeting. Now That's a first, for me !!

July 31, 2019
3:39 am
Loonie
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Thanks for the report, Jim.
Are you saying that, prior to your conversation with this person, you and/or your wife did or did not have individual Online Advantage Account(s) in place? If not, did you have them in the past, and when did you close them?
And am I correct that you do already have a joint Online Advantage account?
(The answers will help us understand how this promo is actually working.)

July 31, 2019
6:35 pm
Jim Sherat
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Loonie said
Thanks for the report, Jim.
Are you saying that, prior to your conversation with this person, you and/or your wife did or did not have individual Online Advantage Account(s) in place? If not, did you have them in the past, and when did you close them?
And am I correct that you do already have a joint Online Advantage account?
(The answers will help us understand how this promo is actually working.)  

Sorry for not being more clear in my initial comments ....
* Prior to my conversation, both my wife and I do have TFSA Online Advantage Accounts in place; opened at the time we each transferred over TFSAs from TD, to take advantage of the 3.25% 18mth GIA promo plus transfer bonus.
Purpose: accounts for each of us were setup to receive the GIAs + interest, upon maturity. Currently zero balance in those accounts.

* We do not have a joint Online Advantage account- just individual ones within our respective TFSAs, per above comments; we're meeting with a branch FSR tomorrow with the sole purpose of opening a non-registered joint Good To Grow HISA, which, we've been told qualifies us for the current 3% promo for 5 months. Hopefully, the US Feds decision today to drop the Central Bank rate by 25 basis pts. won't have reduced the Reg 1.3% or promo 1.7% rates?.
Guess we'll find out soon 😉

Does this address your questions, Loonie ?

July 31, 2019
10:03 pm
Loonie
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thanks. I think I"ve got it now.
It sounds like your situation is similar to the one we encountered last winter. We had non-registered Online Advantage Savings accounts (individual ones). When we closed them and opened a joint one, they gave us the promo rate for the joint one.
Do let us know if you run into any quirks when you go in person.

Yes, rate could fall, but probably still better than non-promo rates.
Good luck!

August 2, 2019
4:22 am
Jim Sherat
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Loonie, everything went as expected; opened a 'Joint' Online Advantage Savings, wrote a cheque to myself for funds being transferred, the FSR deposited it, and we immediately started earning 3.0% interest.

We each still have 'Individual' Online Advantage Savings accounts, open within our respective TFSAs, which are zero balance, and exist only to receive the 18 month GIC's upon maturity. The fact they are open accounts with the same name did not impede our ability to enjoy the new promo rate in our new Unregistered OAS acct.

We also setup a Money Mover mechanism while there, linked to our main TD chequing account. Only positive things to say about the FSR, and everyone we've talked to at the branch. We could have done all this online obviously, but sometimes its nice to have a face to face, if a branch office is readily available. 😉

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