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New Member - Thanks For This Website
January 25, 2024
9:53 pm
Rick Condon
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January 25, 2024
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Hi! I’ve been checking this site for awhile and decided to create an account. I used to be with Tangerine, but when Scotiabank bought them out their rates turned to poop. I switched to EQ Bank in early 2021 and was happy until they were the first to start dropping GIC rates in November 2023. I saw all the great GIC rates listed on this site (from banks I never heard of before) and though maybe I should setup a new account at another bank with better rates.

First I tried Oaken Financial, but they were having technical glitches and I couldn’t setup an account. The CSR lady said she would call me back when it was fixed. She never did. [Strike one.] Then I setup an account at WealthONE. I read the bad reviews here about them maybe being a Chinese bank and all the Google Reviews about their terrible customer service. I contacted WealthONE and told them to cancel my application. [Strike two.] Then I decided that Motive Financial had everything I was looking for… HISA, TFSA Savings, and GICs. The online HISA application took me 5 minutes. Approved immediately. Yay! Then this is where EQ and Motive are different. Complete banking info to add external account, then send it to us. That took a few days to get setup by them. Then I transferred $12,000 over ($5k for HISA and $7k for TFSA 2024). Fine. Then I filled out the online form for TFSA. And I waited. In the couple of weeks I did all this, GIC rates dropped from 5.3% to 4.8% and then to 4.6%. I was furious. I was losing money because of their antiquated manual processes. Then I wanted their 120-day 5.75% GIC, but was told that offer is call in only. WTF? I lost it. I cancelled the TFSA application and moved the $7k over to EQ Bank. I kept the $5k in their HISA because of the 4.1% rate. Hard to beat that. [Strike three.]

I guess I’m just ranting, so thanks for listening. I feel like I’ve been through the “online bank” ringer. Oh, I also setup an account with Simplii Financial last year because they were giving away $350 for new customers. Their rates were horrible, so I closed the account as soon as I got the money. If all these online banks gave me the control to setup GICs in 1 minute, like EQ Bank does, they would have more customers. In the end, I chose lower rates and less frustration by keeping my money at EQ. Really, is the stress of emails and phone calls worth a slightly higher rate? Not in my opinion.

Love this site, keep up the great work!

January 26, 2024
8:57 am
Dean
Valhalla Mountains, British Columbia
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.
Maybe try Oaken again ... they seem to be running OK now. And now that they've Finally got Registered savings accounts, they're 'Top Drawer' in my book.

And Yes ... dealing with some of these online FIs can be quite frustrating at times. That's one of the reasons most of us here have accounts with several of them, and we pick & choose where our $$$ goes, as we see fit at the time.

Patience Pays sf-wink

    Dean

P.S.
Welcome to The Club ❗

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

January 26, 2024
9:28 am
Kirk
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Yeah, it would be convenient to have my money in one or two FIs but few (none it seems) of them have consistently competitive rates. Hence, I keep hopping around.
I regularly check this website for the latest news when it comes to rates. It has saved me a few bucks over the years.

BTW ... my tangerine HI savings promotion ends at the end of January - time to look for an alternative.

January 26, 2024
9:45 am
zgic
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I think ultimately how much lower rates can we tolerate for better tech or CSR is the question. I got lower rates with EQ and I kinda regret it now. So I guess 0.75% is max we can sacrifice, let's see what others have to say

January 26, 2024
10:51 am
Nirvana7734
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Rick Condon said
Hi! I’ve been checking this site for awhile and decided to create an account.

Welcome!

January 26, 2024
11:08 am
HermanH
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Rick Condon said
I feel like I’ve been through the “online bank” ringer.

I empathize with you. I find that most online bank service is crap and barely worth the slightly higher rates. If only one of these institutions could find a way to provide even semi-decent service, I think that they will attract all those frustrated folks like you and I. After all, it's not like a short or temporary inconvenience to get things like links set up and then smooth sailing; it's the ongoing nightmare problems they keep creating! sf-smile

January 26, 2024
11:10 am
Rick Condon
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January 25, 2024
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Dean said
.
Maybe try Oaken again ... they seem to be running OK now. And now that they've Finally got Registered savings accounts, they're 'Top Drawer' in my book.

And Yes ... dealing with some of these online FIs can be quite frustrating at times. That's one of the reasons most of us here have accounts with several of them, and we pick & choose where our $$$ goes, as we see fit at the time.

Patience Pays sf-wink

    Dean

P.S.
Welcome to The Club ❗  

Thanks, Dean (and everyone else), for the warm welcome. Rates at Oaken are pretty much in line with EQ now so I'll have to think about it. Reading your comments about WEALTH ONE helped my decision about avoiding them. Didn't know their financials were so bad and my experience with their customer service mirrors what I've read from others. Avoiding like the plague. Do you have stock in this site? You seem to be everywhere. LOL.

January 26, 2024
11:25 am
smayer97
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September 29, 2017
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Keep in mind that several banks have rate-hold and look-back policies. So learn about them and take advantage of them. Useful when things take a long time to execute.

I believe Oaken has the longest one... up to 30 days look-back for registered accounts. Motive is 15 days. Non-registered is usually much shorter but still useful.

January 26, 2024
11:51 am
HermanH
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Rick Condon said

Reading your comments about WEALTH ONE helped my decision about avoiding them. Didn't know their financials were so bad and my experience with their customer service mirrors what I've read from others. Avoiding like the plague.

I deal with WealthOne, but have not had the same level of problems. While I do have phone contact delays and problems, I find that an e-mail request is usually answered and completed within a day. Unfortunately, not all functions can be handled via e-mail. I keep my accounts below CDIC thresholds, to be on the safe side.

January 26, 2024
11:57 am
Alexandre
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zgic said
I think ultimately how much lower rates can we tolerate for better tech or CSR is the question ... So I guess 0.75% is max we can sacrifice, let's see what others have to say  

I call that "fee for convenience," which I am willing to pay. My preference is FI that is CDIC insured (not Credit Unions) and allows me to manage my GIC completely online. Oaken, Tangerine and EQ bank are on my list of favorites.

As for tolerance level, for me 0.5% is "definite yes," and 1% is "perhaps." Right now the difference between 1yr Oaken GIC and top contender is 0.4%, well within my tolerance range.
One of my GICs at another FI matures soon, these funds will go to Oaken.

An extra bonus of Oaken is getting interest payouts monthly. That will cost a bit in interest rate, but resulting %% still way better than any non-promo HISA. If you don't need to access principal but want to use interest to cover monthly expenses, Oaken offers that option.

January 27, 2024
2:51 am
RetirEd
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Rick Condon: Oaken is limited in what they offer - though they at last seem to be adding things - but they have very few staff here in Vancouver and I can't figure out when and why I get local or Toronto folks. The rate hold is good, the cash hold not so great.

I have been most happy with Peoples Bank/Trust. They sometimes have long phone holds but not that often, and their 800 line is open from their Toronto hours, allowing those of us further west to "beat the rush" before all the locals wake up. Their transfers are quick, their rate holds non-existent and they will provide printed statements and documents. Alas, they seem to have stopped allowing phone-in GIC openings; I mail in or visit the convenient (to me) Vancouver office.

I'm among those who quit Wealth One. The GIC was rate-leading, the service chaotic. No others I have anything special to say about.

RetirEd

January 27, 2024
1:05 pm
Dean
Valhalla Mountains, British Columbia
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Rick Condon said

Thanks, Dean (and everyone else), for the warm welcome. Rates at Oaken are pretty much in line with EQ now so I'll have to think about it. Reading your comments about WEALTH ONE helped my decision about avoiding them. Didn't know their financials were so bad and my experience with their customer service mirrors what I've read from others. Avoiding like the plague. Do you have stock in this site? You seem to be everywhere. LOL.  

Nope ... I have no stock in this site, but I often make it part of my daily
Interweb travels.

And 'Be Warned' ... I'm Not one of the more knowledgeable ones here.
I'm just an Average Joe. sf-smile

    Dean

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

January 29, 2024
10:32 am
Kirk
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I probably should have started a new thread for this but I was just wondering what others have found to be the most useful information they’ve found on this website.

For me, several times I have found better interest rates without extensive searches and other useful info; But the big one was the discovery that I could pay certain bills, including my house taxes, with my Canadian Tire credit card. Up to that point I had always paid via my chequing account. Now I collect CT points each time I pay a bill. 🙂

January 29, 2024
12:14 pm
Dean
Valhalla Mountains, British Columbia
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.
'Great' Idea , Kirk ❗

And it Definitely deserves it's own thread/topic.

We'll be watching for it. sf-smile

    Dean

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

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