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

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National Bank HISA promo - earn 4.25% until Dec 13, 2022
September 20, 2022
2:03 pm
HermanH
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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.

September 21, 2022
4:34 pm
piggybank
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Let's say you have $100,000 in available cash.

There are two National Bank promos:
1. An interest rate of 4.25% in savings account
2. A $300 cashback promo in 120 days (January 19 2023 if you open the account today Sept 21 2022). but you need to park $4,500 in the "Connected" checking account to get the $15.95 monthly fee waived.

Should you do just Promo1 (all $100,000 in the savings account), or both Promo1 and Promo2 ( $4,500 in Connected checking for 4 months, and $95,000 in the 4.25% savings account)?

Please help me with my math homework. Lol

September 21, 2022
4:45 pm
HermanH
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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.

September 21, 2022
4:50 pm
piggybank
British Columbia
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HermanH said
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.  

Dear HermanH,
Thank you for your clear response.
I'm curious, though... Why did you end your reply with "I think that the $300 promo cash is better". How come you did not say "I'm sure[...]"?

Thank you.

September 21, 2022
5:59 pm
HermanH
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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.sf-smile

September 21, 2022
7:18 pm
HISAhopper
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HermanH said
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.  

Thanks, I thought only ABM withdrawal is free one per month.
With pre-authorized debit also free 1/month the pull from Tang will do for large withdrawal at the end of the promo.
Not sure the start of a month is counted from the 1st of each month or counted from the last withdrawal date. will have to check this with the advisor.

September 22, 2022
1:21 pm
mustang
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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%

September 22, 2022
1:42 pm
frencols
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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%  

Curious why they say it's 0.80% because that's not even on their website's fine print.

You will benefit from an annual interest rate of 4.25% on eligible deposits made during the promotion period. As of September 15, 2022, the regular annual interest rate in effect is 1.25%, which translates to an increase of 3%

https://www.nbc.ca/personal/savings-investments/accounts/high-interest.html#notes-item-85d680aa59

September 22, 2022
6:22 pm
HISAhopper
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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...

September 22, 2022
6:36 pm
piggybank
British Columbia
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I had no problems sending an e transfer from my tangerine account to my national Bank Savings account. I have auto deposit set up for my national Bank Savings account and the money was there in no time. And just for the record, I also opened up a connected checking account to get the $300 promo

September 22, 2022
6:43 pm
piggybank
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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

October 4, 2022
12:22 pm
HermanH
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Here's another NatlBank anomaly.

I started an acct on 9-20 for the HISA promo. Most banks pay interest at the end of each month, along with the monthly statement. I didn't see any interest on Oct 1, so chased NBC around and was told that interest and a statement would be generated according to my date of birth. So, I have to wait until mid-month to see any results.

The only other bank that seemed to have non-calendar-month cut-off periods was HSBC.

October 4, 2022
6:12 pm
mustang
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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

October 13, 2022
11:45 am
Peter
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Sharing an experience someone emailed me today:

Tried 2 times to sign up. 1 time with Chrome and one time with Edge.

This is the error I got both times:

"The service is currently unavailable. A technical problem prevents us from processing your request. Please restart your application to open an account."

Lovely.

I thought I would call them to see if they could get me going over the phone.

The computer voice said the wait time is between 12 and 17 minutes.

I have now been waiting 25 minutes listening to computer music and useless information. From them.

I have had it.

Good bye

October 13, 2022
12:20 pm
HermanH
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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.

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