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Email this8:55 am
September 15, 2017
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Offer available until Dec. 31, 2025 for 4 months from account opening. Valid for non-registered and registered accounts for existing and new members. Members who have or had an existing account in past 6 months are not eligible for this promo for the same type of account. Need to read terms and conditions.
1:42 pm
February 6, 2019
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Interesting how quickly they have another pomotional rate, as the previous one has just ended. I am not eligible, as I just closed an account. Maybe in 6 months... I have noticed that the 4.7% could go down during the 4 months (but still a very good rate).
10:43 am
November 1, 2025
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Thank you.
Note: Valid for only one account per member. Other terms...
https://www.meridiancu.ca/personal/chequing-and-savings-accounts/savings-accounts/earn-more-with-a-high-interest-savings-account/fall-2025-hisa-promotional-rate-terms-and-conditions
Non registered type account deposits are apparently insured up to $250,000 and registered type accounts are unlimited.
There is a conditional statement on the regulator web site:
"The liability of FSRA to insure deposits held at Ontario credit unions is limited to the assets of the Deposit Insurance Reserve Fund."
Does anyone know where a copy of the official document, balance sheet or otherwise, can be sourced to show the Deposit Insurance Reserve Fund balance? Just thinking... if a financial melt down scenario transpires, would the reserve fund balance cover all deposit claims made?
https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance
2:00 pm
January 1, 2018
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Thanks for posting this 'GR' ... definitely would be of interest to me, towards the end of the year; but wondering how likely is that 'open account by December 31st' date to continue, vs the promo getting pulled early ?
I currently have 2 active promos elsewhere ... both at 4.50% that end mid Jan, and mid Feb respectively, so would be wanting to get as much of the 4 months promo as possible @ 4.70 thus, the plan would be to open a Joint HISA around Dec 29/30 and start moving funds in Jan 2nd.
bottomline: anyone have past experience with Meridian pulling their promo start date early ? thanks
2:51 pm
April 21, 2022
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Jim Sherat said
bottomline: anyone have past experience with Meridian pulling their promo start date early ? thanks
4:09 pm
August 4, 2010
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someusername7 said
Non registered type account deposits are apparently insured up to $250,000 and registered type accounts are unlimited.There is a conditional statement on the regulator web site:
"The liability of FSRA to insure deposits held at Ontario credit unions is limited to the assets of the Deposit Insurance Reserve Fund."Does anyone know where a copy of the official document, balance sheet or otherwise, can be sourced to show the Deposit Insurance Reserve Fund balance? Just thinking... if a financial melt down scenario transpires, would the reserve fund balance cover all deposit claims made?
https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance
https://www.fsrao.ca/about-fsra/corporate-reporting/annual-reports-and-financial-statements
They seem to have something around $600M in the fund. From a quick look, it doesn't appear that there are current stats on what that represents as a percentage of insured deposits, or the amount of insured deposits. A few years back they were at about 80bps on that, and claiming there would be a gradual rise to 100bps (1%) of insured deposits around about now. Whether they have reached that or not I don't know. 100bps would be somewhat low compared to the big CU provinces out west, which target anywhere up to 160bps.
They do have what appears to be a $2 billion line of credit with the province, which would be a huge pot if they actually used it to supplement the actual DIRF assets in an extraordinary crisis. That looks a lot like an informal way of backing up the DIRF while they figure out how large it should be?
Remember, CUs have their own capital that can be eaten up in a crisis, FSRA can use smaller amounts to sweeten merger/sale to healthy institutions, a lot of load assets may be insured mortgages, and all sorts of other factors - a CUs total assets don't just vanish in a puff of smoke. There's really no good way to know how the guarantee resources would support the system in an unspecified "meltdown".
3:35 am
January 1, 2018
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JohnnyCash said
Thanks, that answers my question.
Interestingly, that promo period was initially 2 weeks longer than the current one ... and was pulled 2 weeks early.
So it comes down to 'how does one find out if the end date has changed, BEFORE it does ?' from this prior promo it seems the CSRs knew ahead of time, plus chatter on the Reddit thread dated to June 11th, so 2 days prior.
I may just call the branch Mgr in our area and ask if there is a notification mechanism in place. I'll be pleasantly surprised if there is.
Failing that, I'll plan to keep this thread active, and hope some sharp eyed member here, sees it and posts it, if this latest promo will end prematurely.
7:57 pm
November 1, 2025
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NorthernRaven said
https://www.fsrao.ca/about-fsra/corporate-reporting/annual-reports-and-financial-statements
They seem to have something around $600M in the fund. From a quick look, it doesn't appear that there are current stats on what that represents as a percentage of insured deposits, or the amount of insured deposits. A few years back they were at about 80bps on that, and claiming there would be a gradual rise to 100bps (1%) of insured deposits around about now. Whether they have reached that or not I don't know. 100bps would be somewhat low compared to the big CU provinces out west, which target anywhere up to 160bps.
They do have what appears to be a $2 billion line of credit with the province, which would be a huge pot if they actually used it to supplement the actual DIRF assets in an extraordinary crisis. That looks a lot like an informal way of backing up the DIRF while they figure out how large it should be?
Remember, CUs have their own capital that can be eaten up in a crisis, FSRA can use smaller amounts to sweeten merger/sale to healthy institutions, a lot of load assets may be insured mortgages, and all sorts of other factors - a CUs total assets don't just vanish in a puff of smoke. There's really no good way to know how the guarantee resources would support the system in an unspecified "meltdown".
Thank you for the particular details around the insurance backing of the CU in Ontario. It appears, as would be the case in other jurisdictions, that there would be an expectation of the province or feds stepping into situation where things went sideways including a "bank run" (witness California of a few years ago). More debt to pay off other liabilities as would be the case?
As an aside, I was once going through some credit union member agreements (west - BC) and found the very fine print... "should we (the CU) have cause to freeze the deposits in your account it will be at our sole discretion... the CU is the holder and keeper of the funds (perhaps permanently). " [or similar] I don't know if this is their language for a "bail-in" scenario. I suspect a very small percentage of people understand their legal grounds once a deposit is placed with the bounds (electronic or physical) of a financial institution. Let's hope we never see the test of this with CUs, or any other FI, in Canada.
7:39 am
March 15, 2019
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No gurantees but I've seen troubled CI's merge with a healthy CU or bought by another financial institution.
A bunch of trust companies ran into trouble in the 1990's and I think everything got resolved and no depositors lost money. Home Trust is the best example.
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