National Bank HISA promo - earn 4.25% until Dec 13, 2022 | Page 2 | National Bank | Discussion forum

I just opened my savings acct, too. I would suggest that your Chq account is not needed, if you can survive with a single free withdrawal each month, allocated to each Sav acct.

The $4500 in your chequing will earn virtually zero interest. For purposes of this discussion, let's must call it zero interest. It will earn $300 in promo cash.

That same $4500 could earn 4.25% interest for the next 84 days (duration of the promo). 4500 * 0.0425 / 365 * 84 = $44

Once the HISA promo ends, the $4500 goes back to 1.25% for about 40 days. 4500 * 0.0125 / 365 * 40 = $6.16

I think that the $300 promo cash is better than the potential use of the $4500 earning $44 + $6.16 in the HISA promo.

I express it as an opinion because I may have missed something and someone else might have a different calculation. That's why I show my work, as well.

Does anyone actually "see" the 4.25% on their HISA account
I don't
The email I got from says the current rate is 0.80%

I don't see 4.25% either.
Tried to receive an interac e-transfer sent from Tang, it said technical issue please try again later. I give it a few days for them to set it up...

It

mustang said
Does anyone actually "see" the 4.25% on their HISA account
I don't
The email I got from says the current rate is 0.80%  

I logged into the national Bank app, and I don't see any indication of an interest rate. I have a checking account and the high interest savings account. And there is no percentage value anywhere that I have checked

That's pretty interesting-- thanks for posting
Since I can't see the 4.25% anywhere, I thought I would just see the interest posted on Oct 1, and calculate backwards
As you noted-- nothing posted
So, like you, I guess I have to wait until after mid-month

I'll share my ordeal with National.

Sept 16 saw the promo announcement, but could not join, due to the weekend

Sept 19 called to join, but was told that I had to do it in person. I can't remember if it was an ID problem or some other such requirement. Of course, they can't get me in that day, so appointment made next day. Have to run downtown to their branch. Another day of the promo lost.

Sept 20 brought my Federal ID to open account. All manners of difficulty trying to get their system to accept Gov't of Canada issued ID. CSR finally got through and account started. Deposited large Tang chq and was told it would be held 10 days, due to amount. I was going to complain about it only requiring 5d, but did not, since I did not need the money at that time. Was told that interest should still be earned while money is on hold.

Oct 6 After 12 days, money still not available. Called CSR and was told it should be avail.

Oct 10 Called CSR. Evidently, she has no phone due to tech difficulties. So, I have to send e-mail and then she calls me back. Still no access to money. I spent the whole day monitoring the phone waiting for return call.

Oct 11 Chased CSR all day. Calling every single hour for update. Finally received return call near end of business and she said that the hold was lifted. I told her that the long delay meant that I desperately needed access. She assured me that the hold had been lifted. Made transfer to Tang via Tang link.

Got home and checked online. No access. I send several urgent e-mail messages for call-back. None received.

Oct 12 I'm freaking out because I have initiated transfers/payments due to her assurance that money is available only to find that it is still on hold. I'm worried about bounces and NSF penalties, plus I'm potentially missing out on a GIC purchase from all the delays.

1500h got call from the branch manager and told the hold was still active. They want to confirm something and asked me to come in to verify funds. I had to run across town to get in before 1700h end of business. I rush over and try to verify that the funds had indeed left the chequing acct and cleared into National. All manner of problems trying to prove that the funds were out of my chq acct. Nearly impossible to verify my identity, while away from my home computer.

Finally, she released my funds and immediately, the Tang transfer went through and money went back to Tang. Just in time.

She asked me what I intended to do, after the promo ended. I told her that I was downright furious with NatB and fully planned to leave ASAP. I cannot ever remember being treated so badly by a bank and would never want to deal with her bank, again. Twice, they made me run across the city to satisfy their petty desires, when every other bank has always accepted electronic transfers and cleared cheques within 5 days. I suspect they would have held my funds until the end of the Promo, Dec 13, if I had not been so insistent.

And, to think that their CSR promised me repeatedly that my funds were free and clear. Only my continued persistence saved me from penalties. I may still miss out on a GIC promo because of their bungling. I told them they acted childishly and ridiculously, especially since payments Canada cleared the cheque.

Just making sure that everyone knows what a horrible institution they are and should avoid their Mickey Mouse nonsense. I better check the interest calculations carefully. It they can bungle simple things like this, I have no faith in their interest calcs.