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Earn 3.30% (was 3.00% or 2.75%) on first savings account for 122 days
May 20, 2022
1:31 pm
hwyc
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Here it goes again Savings Account Bonus Interest Rate Offer

T&C here

... Currently there is a similar (2.75%) but longer (8 months) offer from Meridian CU discussed here. Yet Meridian is not a CDIC member.

May 20, 2022
2:17 pm
GR
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It's important to note, in the terms and conditions, that only "HUMAN PERSONS" are eligible for this promo!

An Eligible Member is:
an individual human person.....

Wow! How much do they pay lawyers to draft terms and conditions?

May 20, 2022
2:27 pm
hwyc
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We don't know that lawyers are being consulted.

May 20, 2022
8:42 pm
Loonie
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No "monkey business" at Meridian!sf-laugh

More seriously, I believe this language exists because some court somewhere declared very unwisely that corporations can be "persons", so it becomes necessary to distinguish human ones from corporate ones. Shorthand: no business accounts.

May 20, 2022
9:48 pm
Norman1
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Corporate personhood is granted in places like Canada Business Corporations Act subsection 15(1):

Capacity of a corporation

15 (1) A corporation has the capacity and, subject to this Act, the rights, powers and privileges of a natural person.

May 21, 2022
8:13 am
RetirEd
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HWYC: I would never doubt that lawyers are consulted before banks open their bitstreams! sf-smile
RetirEd

May 22, 2022
3:36 pm
annie
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hwyc said
Here it goes again Savings Account Bonus Interest Rate Offer

T&C here

... Currently there is a similar (2.75%) but longer (8 months) offer from Meridian CU discussed here. Yet Meridian is not a CDIC member.  

Although not CDIC.. but covered by FSRA 250,000sf-cool

May 22, 2022
5:03 pm
Bill
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The distinction between natural persons (humans) and legal persons goes way back, and in various societies. Wikipedia article begins with "India, as early as 800 BC, granted legal personhood to guild-like śreṇī that operated in the public interest. The late Roman Republic granted legal personhood to municipalities, public works companies that managed public services......" And so on right up to today.

May 22, 2022
11:04 pm
Loonie
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There is a huge difference between organizations that operate in the public interest and modern global corporations that do not, just as there is between 2 or 3 thousand years ago and the current context. No comparison.

May 23, 2022
1:44 pm
Bill
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No comparison indeed, I'd say the historically unprecedented affluence we 1st worlders all enjoy that has resulted directly from the rise of large corporations in modern times vs the general poverty still experienced in societies run by "public interest" outfits (like governments) that forbid large multinationals (and we won't even mention the errors of "charities", etc like our own WE) makes the idea of what's best for "public interest" a little more nuanced and layered than the cliched "corporations bad, governments good" foolishness.

May 23, 2022
2:09 pm
Oscar
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Proposed revised definition by someone with no legal or business training and 2 eyes and ears.

<

Capacity of a corporation

15 (1) A corporation has the capacity and, subject to this Act, the rights, powers and privileges of a natural person( and a whole lot more, with preferential tax rates to boot).

  

May 23, 2022
2:22 pm
Loonie
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That's a very misleading and simplistic understanding of the issue. Reality is considerably more complex and threatens the human liberty which you usually value very highly.

If anyone here genuinely wants to know more, they can PM me and I'll try to find my resources on this topic, or they can do their own research. I'm not going to spend time debating with someone who is just trotting out the ideological arguments he applies to so many situations, and it doesn't belong here anyway.

May 23, 2022
5:03 pm
GR
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Let's get back on topic for this thread about Motus interest promo. In post 2, I merely wanted to indicate how ridiculous the fine print is on so many of the terms and conditions for the financial institutions. Instead, the wording should be brief and simple to read and understand. (poor examples include Simplii, Scotiabank, etc.)

May 23, 2022
6:03 pm
AllanB
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Motus 5 day hold on withdrawals unacceptable

May 23, 2022
8:51 pm
Loonie
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If you are going to deal with motus, I recommend getting a chequing account too. You can move money out by writing a cheque and depositing it elsewhere. There will be a hold at the other end, of course, but you will secure whatever deal you were after.

The availability of cheques for quick transfers is one of the reasons (along with higher insurance) that I tend to favour Ontario CUs. As far as I know, they all offer chequing, as do motusbank and Alterna Bank, both owned by CUs. Motive, Simplii, Tangerine also offer chequing.

You can't get your money out of Oaken, WealthOne, Peoples, EQ by cheque; you have to wait for an "electronic" transfer to somewhere else. Apparently some electrons move faster than others! sf-surprised

June 9, 2022
5:40 pm
hwyc
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If you follow the May 20th link in #1 today, you will land on a "Bonus Interest Rate Offer" of 3% ... but I don't know if it is retroactive or not. T&C now says June 9th. It will be so unfair to people opened one just a few days earlier.

OTR - base rate is still 1.55%

... there is a similar rate change on the Meridian new client promo thread as well.

June 9, 2022
5:59 pm
annie
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hwyc said
If you follow the May 20th link in #1 today, you will land on a "Bonus Interest Rate Offer" of 3% ... but I don't know if it is retroactive or not. T&C now says June 9th. It will be so unfair to people opened one just a few days earlier.

OTR - base rate is still 1.55%   

Go into the account to check that the interest rate has been increased~ keep up with 3%sf-laugh

June 10, 2022
8:08 am
hwyc
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Oops. The base rate 1.55% is new too.
It was 1.50% before June 9 ... according to HISA chart rate history.

May 20th, 1.50%(regular) + 1.25% (bonus) = 2.75%
Currently, 1.55%(regular) + 1.45% (bonus) = 3.00%

T&C
9. ... Any change to the Posted Rate will result in a corresponding change to the combined rate of interest for Eligible Deposited Funds. The Bonus Interest Rate and the Posted Rate may change at any time without prior notice.

What hasn't changed is the 122 days promo period started when the account is opened.

July 5, 2022
4:34 pm
NESASK
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The fact that you can only transfer out a maximum of $10,000 per day is a no-go for me. I don't even understand how banking laws allow a bank to refuse to release any sum of money that you may be holding in an account. If you also open a chequing account, I wonder if you could transfer a sum (for example $200,000) from your high interest savings to your chequing account and then deposit it by cheque to another institution.

July 27, 2022
6:17 am
hwyc
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As of July 26, 2022, the combined rate would be 3.30% for Eligible Deposited Funds (Posted Rate of 1.85% (was 1.55%) + Bonus Rate of 1.45%).

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