National Bank 2.75% on new deposits between Oct 1 and Dec 30, 2019 | National Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
National Bank 2.75% on new deposits between Oct 1 and Dec 30, 2019
October 2, 2019
7:03 am
hwyc
GTA
Member
Members
Forum Posts: 1271
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Looks like the promotional rate is offered again on *new money* between Oct 1 and Dec 30, 2019 ... https://www.nbc.ca/personal/savings-investments/accounts/high-interest.html

7. The 2.75% promotional rate is offered until December 30, 2019. This rate is offered to anyone who has or opens a National Bank High Interest Savings Account during the promotion period and makes deposits. The promotional rate applies up to a maximum of $999,999.00 in deposits. The funds deposited cannot originate from a National Bank savings, investment or registered account. The 2.75% promotional rate is the variable annual rate (currently 1%) plus an additional 1.75%. After December 30, 2019, the rate will be the variable annual rate in effect. Interest is calculated at the end of each day on net deposits and credited to the account monthly. Net deposits are the difference between the total deposits and total withdrawals. For clients who already have a National Bank High Interest Savings Account at the start of the promotion, the promotional rate will only apply to amounts deposited after October 1, 2019. Amounts deposited to the account before the start of the promotion period will continue to earn interest at the variable annual rate. Interest is calculated at the end of each day on net deposits. The applicable rate depends on the date that the deposits were made. For example, the account balance was $5,000 when the promotion period started. The client then deposited $5,000 and withdrew $2,000. The first $5,000 would earn interest at 1% and the remaining $3,000 would earn interest at 2.75%. After December 30, 2019, the interest rate on the whole account balance will be the variable annual rate in effect. National Bank reserves the right to end this promotion at any time and rates may change without notice. Clients can benefit from this promotion on only one National Bank High Interest Savings Account.

Previous promo expired September 5.

October 3, 2019
4:57 am
Good
Member
Banned
Forum Posts: 98
Member Since:
September 18, 2018
sp_UserOfflineSmall Offline

No good because of fees You are allowed one then 5.00. Keep it.

Free transfers

1 withdrawal/month

Transactions2
Online, mobile and telephone banking transactions

Transfers between your National Bank accounts2 free of charge
Transfers to other National Bank clients2: $5/transfer
Interac e-Transfers®: $5/transfer plus a transfer fee of $1/transfer
Bill payments2: $5/payment
Account inquiries: balances, transaction history, etc.
eStatements
In stores and at the ABM

Debit card purchases3: $5/transaction
Withdrawals and withdrawals for bill payment3: $5/transaction
List of transactions3:
$0.75/request
$1/month

October 22, 2019
9:56 am
pebbles
Member
Members
Forum Posts: 32
Member Since:
August 19, 2011
sp_UserOfflineSmall Offline

Anyone has any experience with them? Online application for a new account looks easy.

October 22, 2019
5:03 pm
gicjunkie
Ontario
Member
Members
Forum Posts: 658
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

I do not understand why anyone would be interested in going through the effort of applying for one of these accounts and transferring funds over, for only a 2 month period, only to have the rate revert back to a 1% rate, well below the offerings of numerous other institutions.

October 22, 2019
6:29 pm
Bud
Member
Banned
Forum Posts: 1375
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

gicjunkie said
I do not understand why anyone would be interested in going through the effort of applying for one of these accounts and transferring funds over, for only a 2 month period, only to have the rate revert back to a 1% rate, well below the offerings of numerous other institutions.  

Larger investors after they've diversified looking for a secure decent rate till they find a better return for their funds.

October 22, 2019
7:57 pm
gicjunkie
Ontario
Member
Members
Forum Posts: 658
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

Bud said

Larger investors after they've diversified looking for a secure decent rate till they find a better return for their funds.  

Sorry, but the after tax benefit on a very large investment for only 2 months doesn't seem worth the effort of opening a new account to me. You may not ultimately find a better secure rate in these declining market conditions after the 2 months and just end up moving the deposit again anyway to one of the institutions mentioned in the HISA Chart listings. And then you either close the new account or add it to your growing collection of dormant ones.

October 22, 2019
10:10 pm
Loonie
Member
Members
Forum Posts: 9391
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

. . . and then there are early closing fees (less than 91 days usually), dormancy fees for not using the account, and loss of interest while money is being moved around, as further considerations.

I wouldn't bother with it either.
My analysis of my transactions for last year showed that I would have been better off in most cases to have moved money less frequently, even if getting a somewhat lower rate. This was not the result I expected, but it has made me think twice going forward.

It's also less work to stay put and decreases stress. I call it the ROTI factor. No, it's not a spicy wrapsf-wink; it's "Return on Time Invested".
If I were an economist, I would have quantified this and squeezed it into a value equation. But I'm not. So I'll just leave it as a subjective caution to throw into the decision-making stew.

October 23, 2019
8:23 am
Bud
Member
Banned
Forum Posts: 1375
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Loon.,
Typically Gic matures pic up draft from bank reinvest in another same day no time loss,or, the extra yield on a new term usually makes up for loss of interest while in transit

October 23, 2019
10:06 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2151
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

gicjunkie said

I do not understand why anyone would be interested in going through the effort of applying for one of these accounts and transferring funds over, for only a 2 month period, only to have the rate revert back to a 1% rate, well below the offerings of numerous other institutions.  

Ditto ⬆

Some people go Absolutely Nuts about this stuff (short term 'bate' offerings).

Go Figure sf-confused

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 24, 2019
7:38 am
Loonie
Member
Members
Forum Posts: 9391
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Bud said
Loon.,
Typically Gic matures pic up draft from bank reinvest in another same day no time loss,or, the extra yield on a new term usually makes up for loss of interest while in transit  

It doesn't always work out this way for various reasons.
Who wants to run around chasing down bank drafts all over the country and running them over to another FI every couple of months? Not me.

Best is to have everything, or as much as possible, linked through a hub with generous number of links allowed. But it's still a nuisance if you have to do it too often, and you will lose interest on pulls. And every time you open another bank account, you have to set it up all over again.
I find I have enough to do without chasing deals of such limited duration. But if that's what you want to do, by all means...

Please write your comments in the forum.