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Parama Credit Union
August 14, 2019
8:52 am
ParamaPolly
West GTA, Ontario
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August 8, 2019
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Hi Peter, thanks for the opportunity to introduce Parama Credit Union.

Parama Credit Union’s philosophy is to give people a free everyday digital banking platform with an impressive array of free services – interac® e-transfers, cheques, unlimited transactions, no-minimum $0 account fees. We make credit decisions based on people and their story (vs. their credit score alone) and offer big bank beating rates with the occasional promotion when we need to build deposits.

We don’t indulge in ‘tricks’ such as unsustainable deposit rates that graduate into a mediocre rate. Our HISAs pay interest monthly on daily balances. If you just want great rates, no surprises and an extraordinary level of customer service (Google & Yelp 5*!) we are a great place to call home for your banking.

We have branches in the west end of Toronto and (at present - check as this is changing) you need to visit a branch to become a Member. Beyond that one-time visit, you can do all of your banking online/mobile … and utilize a Canada-wide network of ATMs available through the Exchange® Network – a network that challenges the individual networks of any of the big 5 banks. We don’t understand why anyone banks at a big bank.

Current Promotions (August 14, 2019):

1-Year GICs at 2.5% … 5bps with promo code HIGHINTERESTSAVINGS (that’s 2.55%!)

Current Posted Rates

Cheers! Great discussion forum!

ParamaPolly

ParamaPolly
Parama Credit Union

August 14, 2019
10:28 am
Loonie
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Sure sounds like advertising to me, complete with exaggerated claims for superiority.

I don't see that they are offering anything that makes them stand out. I live in Toronto and have been aware of them for some time but have not yet found a compelling reason to go there.

Savings rate is not competitive at 1.5%. Several other FIs seem to find 2.3 or 2.25 sustainable, and Motive has been sustaining 2.8 on its new account since it started, which I believe was last November.

August 14, 2019
10:41 am
GICinvestor
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Exactly!!

And GICs at Oaken and People’s Trust remain higher.
But unfortunately since Accelerates’ conversion they have lost their lustre.

And any one advertising here should provide services to the better part of Canada.

August 14, 2019
5:23 pm
Nehpets
Ontario
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December 20, 2016
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GICinvestor said
And GICs at Oaken and People’s Trust remain higher.
But unfortunately since Accelerates’ conversion they have lost their lustre.

And any one advertising here should provide services to the better part of Canada.  

It's true Parama is not competitive at all in the current market, though they had been offering competitive rates about a year ago, going neck and neck with their Lithuanian counterpart Resurrection CU.

Resurrection or their re-branded name RCU does offer online application which, for attracting business from GIC and HISA investors across Canada is an indisputable pre-requisite.

It's commendable that Polly has reached out to this Forum, but would respectfully submit that Parama update its intake procedures to comply with the kind of FI's that this market looks for...namely online application, electronic funds transfers digital processing of forms and communication...combined with competitive rates at the very least, but better than competitive rates to actually attract this investor's attention.

Keep in mind, Polly, the folks on this Forum monitor deposit rates across Canada, in a variety of financial institutions and from a variety of sources..direct and through brokers....so we know our rates, and at this time, Parama rates are not attractive.

Lets hope, Polly, that when Parama rates do become competitive, and you can offer online services to clients across Canada, you will keep us informed of your offerings.

Stephen

August 14, 2019
7:51 pm
Loonie
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I think I basically agree with Stephen, although I may be more blunt about it!

If you're going to come to this forum, representing a financial institution, and tell us about a good offer, we're going to be all ears. But if you come and try to tell us that your rate(s) is/are exceptional when they're not, then our BS detectors will be very active. Like everyone else here, your claims will be subject to close scrutiny and criticism.
Best to keep it to simple statements of fact, not claims of superiority. You can be sure we will notice if it is truly a competitive or superior rate. Check out our GIC and HISA charts to get a better idea of the competition before you decide to post.

I don't think it's important that offers be available to the entire country. I think it's fair to post local rates, provided you clearly specify that they are only available to a certain demographic and/or that one must appear in person in order to qualify.

Let us know when Parama becomes available for online sign-up. And we are always interested in good competitive or superior rates.

August 14, 2019
8:21 pm
GICinvestor
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Parama.....can you do this?

https://www.oaken.com/our-competitors-rates/

I don’t see you as a competitor.

Also before you jumped in with your pitiful rates, I think you should have familiarized this sites resources. Resources that many of us are very familiar with.

August 14, 2019
9:59 pm
Loonie
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October 21, 2013
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For future reference, a helpful post will include, at a minimum:
*rate,
*frequency of payout
*compounding arrangements
*method of calculating interest
*minimum deposit
*geographical limitations (if CU, closed or open bond?)
*availability for non-registered and registered accounts
*availability for joint accounts
*applicable deadlines
*maximum deposit
*is rate subject to change?
*new money required? - this one year rate does require new money
*any other restrictions, limitations or additional non-standard requirements not already noted which are found in the fine printf (e.g. in this case, the GIC does not qualify for annual member dividends).

August 14, 2019
11:01 pm
Kidd
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February 27, 2018
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Wow... talk about a harsh reception. Reminds me of the time when someone parked their Japanese car in the GM parking lot. I, even back then believed... to each their own. (i almost got into a fist fight with a union rep over that issue. Though, i did detest the union as much as GM management. Those were the happiest 30 years of my life).

The simplest answer to Polly is/was. No thank you or... if "x" are offering this? Could you possibly match their rate? If you look at our gic rate page... 2.55% for a 1 year gic ranks 4th out of 19 with 2.56% being 3rd and 2.6% being 1st.

I was curious about the name, Parama Polly? I remember a Punxsutawney Pete... ah Pete, his bite was worse than his whistle. Did i ever mention, i drink rye and i don't sleep well at night? I use that as my excuse.

August 15, 2019
3:28 am
Loonie
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It may seem harsh, but we've had this problem before with people representing financial institutions advertising in this space.
Since Peter appears to support this idea by suggesting it belongs in "New Members", I'm offering some guidelines as to how it could be done in a way that is more informative than annoying. For me, it's a compromise.

I may be wasting my time.

I think "Polly" needs to realize that the competition for members of this forum is not the Big Banks, but their smaller competitors, of whom there are quite a number. It's the latter they have to match or exceed.

August 15, 2019
6:55 am
Kidd
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February 27, 2018
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Oaken Financial

Nehpets said
From email received this morning:

Please note that effective Thursday, August 22, 2019, we will be decreasing the interest rates for some of our long-term GICs (registered and non-registered) as follows:
• 1 Year GIC – 2.55% (currently 2.60%)
• 18 Month GIC – 2.70% (currently 2.75%)
• 2 Year GIC – 2.75% (currently 2.85%)
• 3 Year GIC – 2.80% (currently 2.90%)
• 4 Year GIC – 2.90% (currently 3.00%)

Stephen

----------------------------
Kidd said, Parama Polly's offer is looking pretty pretty right now.

August 21, 2019
2:32 pm
ParamaPolly
West GTA, Ontario
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Forum Posts: 16
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August 8, 2019
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Peace! We are honest and represent ourselves instead of using an alias or having a media firm pose as a consumer. But that's just how we roll 😉 I will only mention very special offers - the only people I can imagine objecting are competitors. We are grateful that we have 5* ratings from our Members - an endorsement we value highly!

Peace Offering! This attached deal goes live tomorrow afternoon, and will likely be shut down early next week as we expect to raise investment quickly. A gift to the kind readers of HighInterestSavings. 2.75% for 90-days. $10k minimum.

Loonie said
It may seem harsh, but we've had this problem before with people representing financial institutions advertising in this space.
Since Peter appears to support this idea by suggesting it belongs in "New Members", I'm offering some guidelines as to how it could be done in a way that is more informative than annoying. For me, it's a compromise.

I may be wasting my time.

I think "Polly" needs to realize that the competition for members of this forum is not the Big Banks, but their smaller competitors, of whom there are quite a number. It's the latter they have to match or exceed.  

ParamaPolly
Parama Credit Union

August 21, 2019
2:37 pm
ParamaPolly
West GTA, Ontario
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August 8, 2019
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Thanks for the back-up, bro! Not a groundhog & no shadow as I never leave the office. To add to the intrigue... I am Parama Polly from Parkdale!

Kidd said
Wow... talk about a harsh reception. Reminds me of the time when someone parked their Japanese car in the GM parking lot. I, even back then believed... to each their own. (i almost got into a fist fight with a union rep over that issue. Though, i did detest the union as much as GM management. Those were the happiest 30 years of my life).

The simplest answer to Polly is/was. No thank you or... if "x" are offering this? Could you possibly match their rate? If you look at our gic rate page... 2.55% for a 1 year gic ranks 4th out of 19 with 2.56% being 3rd and 2.6% being 1st.

I was curious about the name, Parama Polly? I remember a Punxsutawney Pete... ah Pete, his bite was worse than his whistle. Did i ever mention, i drink rye and i don't sleep well at night? I use that as my excuse.  

ParamaPolly
Parama Credit Union

August 21, 2019
3:41 pm
ParamaPolly
West GTA, Ontario
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Forum Posts: 16
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August 8, 2019
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Hi Looney, we're transparent and think we answered alot of this in the OP. Be assured that any limiting factors will be disclosed with any offer we share with the kind readers of HighInterestSavings. Standard GIC offer, no monkey business - the rate is the rate.
---------

Loonie said
For future reference, a helpful post will include, at a minimum:
*rate,
*frequency of payout
*compounding arrangements
*method of calculating interest
*minimum deposit
*geographical limitations (if CU, closed or open bond?)
*availability for non-registered and registered accounts
*availability for joint accounts
*applicable deadlines
*maximum deposit
*is rate subject to change?
*new money required? - this one year rate does require new money
*any other restrictions, limitations or additional non-standard requirements not already noted which are found in the fine printf (e.g. in this case, the GIC does not qualify for annual member dividends).  

ParamaPolly
Parama Credit Union

August 21, 2019
4:00 pm
ParamaPolly
West GTA, Ontario
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August 8, 2019
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Tough crowd! How's this: 2.75% 90-day GIC. $10k minimum. Offer is released late Thursday (tomorrow) and we won't need to keep this rate going for many days. It's not going on the website. Some of the provided comps are term rates and not GICs but it's what they have on offer for 90-days. Compiled this on the 20th. Our special offer for kind readers on HighInterestSavings. So not for you, GICInvestor or Looney.
Comps-on-90-day.png

ParamaPolly
Parama Credit Union

August 21, 2019
4:21 pm
Doug
British Columbia, Canada
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December 12, 2009
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ParamaPolly said
Tough crowd! How's this: 2.75% 90-day GIC. $10k minimum. Offer is released late Thursday (tomorrow) and we won't need to keep this rate going for many days. It's not going on the website. Some of the provided comps are term rates and not GICs but it's what they have on offer for 90-days. Compiled this on the 20th. Our special offer for kind readers on HighInterestSavings. So not for you, GICInvestor or Looney.
Comps-on-90-day.png  

It's a fine offer, Polly, and I like that you're very responsive to members and potential members in adapting your GIC offer (or launching a modified GIC offer) based on forum members' feedback.

I would take you up on it, but two problems preclude that:
- I'm in B.C.; and,
- You don't currently have an all-digital membership opening application form.

I might suggest you implement Central 1's OpenAnywhere™ technology or the Cumulus system that Omnia Direct (part of Windsor Family Credit Union) are offering.

As well, I would recommend you make a presentation to the PARAMA board of directors about expanding the bond of association of PARAMA to include any Canadian permanent resident to opening an account. Meridian Credit Union has done that in 2015 and, indeed, any Canadian can establish memberships with them. You could either create a special Contact Centre branch transit to sign up members, or allocate them to a branch. I don't imagine it'd be especially troublesome for you. As well, you save the added expense of trying to incorporate a bank subsidiary, which Meridian has had a rocky start with its Motus Bank subsidiary.

Cheers,
Doug

August 21, 2019
5:23 pm
Nehpets
Ontario
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December 20, 2016
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I'm liking Polly's adapting Parama's offerings to suit this eager group of potential GIC investors....my problem is the same as what Doug has alluded to.

I'm in Ottawa so it's certainly not convenient to drive to Toronto to book a GIC. If / when Parama implements online signup and administration of funds like Omnia Direct has done, for example, then count me in as a potential member.

I like working with smaller FI's and credit unions, especially Ontario based institutions, so perhaps some of Doug's suggestions might find a receptive ear.

Stephen

August 21, 2019
5:57 pm
GICinvestor
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I too am from BC. But let’s all get real here!! Who is going to go through the sign up process for a flash in the pan offer. What history do they have that shows an exemplary history against some of the other proven leaders? For only 90 days @ 2.75% or Motive savings for an undetermined time for 2.8%. And who has $10,000 that is free and clear? Like I say this is flash in the pan and very restrictive offer.

August 21, 2019
10:31 pm
Loonie
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Stephen, since you like small ON CUs in principle, next time you visit TO, maybe worth your while to spend an afternoon going around and signing up with all the CUs of interest. Then you'll be all set for any future deals that appeal to you.sf-cool

For me, it's only a half hour or so to get to almost all of them, but I haven't found it compelling yet.

I have a fantasy of doing a whistle stop tour of MB, stopping at every town that has a CU and joining all of them!sf-wink
I'd probably give Equifax a breakdown!sf-laugh

September 13, 2019
12:48 pm
ParamaPolly
West GTA, Ontario
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Quick note to advise that the "Parama Polly" 2.75% 3-month GIC rate ends as of today. I'm advising tellers to honour it until end of day Monday. Many thanks to those who dropped in, wish I could have met you all!

ParamaPolly
Parama Credit Union

September 13, 2019
1:33 pm
Doug
British Columbia, Canada
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ParamaPolly said
Quick note to advise that the "Parama Polly" 2.75% 3-month GIC rate ends as of today. I'm advising tellers to honour it until end of day Monday. Many thanks to those who dropped in, wish I could have met you all!  

Thanks for stopping by and thinking of us, Polly, and for letting us know this promo is ending. Look forward to future promos! sf-cool

Will try and reply to your PM as soon as I can.

Cheers,
Doug

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