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Saven Financial, Division of First Ontario Credit Union (Ont. residents only)
April 25, 2021
1:25 pm
balanced_gic_porfolio
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GR said
Seems like a new online division of an established credit union for Ontario residents.
HISA 1.55%
GICs 1 to 5 yrs. ranging from 1.55% to 2.05%
No registered accounts; no joint accounts.

https://savenfinancial.ca/en/on-Home  

I am keeping an eye on this one. Thanks.

FirstOntario has 126,000 members and have been operating as a credit union since 1939 (as then, Stelco Employees Credit Union) so it is established. Since their HISA is currently on par with CTFS, if their 1.55% HISA rate proves stable I may open up an account with them in the future in an amount to fall within the DICO/250K FSRA limits.

July 19, 2021
6:44 pm
KamWest
Toronto
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Since CTF has now fallen to 1.25% I am still trying to figure out if there is a ceiling on the rate.

IE max account balance of 250K or if there is no limit with the same interest rate.

Funny that is not mentioned anywhere.

July 19, 2021
7:07 pm
smayer97
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IIRC they have no limit.

July 20, 2021
8:40 am
Pythagoras
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October 27, 2020
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Is there a reason why Saven Financial is not listed neither in the HISA chart nor the GIC chart?

July 20, 2021
8:42 am
KamWest
Toronto
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Pythagoras said
Is there a reason why Saven Financial is not listed neither in the HISA chart nor the GIC chart?  

Ontario only so it does not make the Canadian lists

July 20, 2021
8:43 am
KamWest
Toronto
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I am really sitting on the fence with this one, now that CTF is down to 1.25% the 1.55% is very attractive but with Saven being the last hold out by the time I do my paperwork and move my money they will probably hit 1.25% as well.

Hmm, I wish I had a crystal ball

July 20, 2021
8:59 am
HermanH
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April 14, 2021
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I am in the same situation with Wealth1. By the time I set up the TFSA transfer for 1.5%, it will likely be down with all the others. 🙁

July 20, 2021
12:43 pm
Alexandre
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I wanted to try Saven, but their app is not compatible with my Android 9 smartphone. I'll pass.

July 20, 2021
12:48 pm
KamWest
Toronto
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Works with Android 11 on my Pixel 3 phone.

December 12, 2021
6:52 am
savemoresaveoften
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What are the general consensus for Safen now that they have been around close to 1 year ? Whats the limit for EFT esp outgoing and truly no fee ? Certainly dont want to wait for days to move $100k or more when needed.
I like the fact its if FirstOntario which looks like a decent size CU.
The current HISA rate of 1.5% or 1y GIC at 1.7% looks fairly attractive.

December 12, 2021
7:30 am
Nehpets
Ontario
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Unless things have changed, they have no joint account and inordinate lag time to process incoming and outgoing EFTs, not to mention apathetic customer service.

December 12, 2021
1:26 pm
savemoresaveoften
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Nehpets said
Unless things have changed, they have no joint account and inordinate lag time to process incoming and outgoing EFTs, not to mention apathetic customer service.  

yeah if it takes 1 week for my fund to go in, and then another week to get it back at withdrawal, thats 2 out of 52 = ~4% haircut. Thats 4bps on a 1% rate. Kind of make them irrelevant when their rate is at most 20-30bps higher than the rest. I wont go into hassle squeezing another 15-20 bps and give them my business unfortunately.

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