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Saven HISA rate changed
November 16, 2022
6:49 am
hwyc
GTA
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HISA now 3.75% (was 3.50%)

... please keep this thread informational only

November 18, 2022
6:35 am
Canadianbull
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Does this FI only accept people from Ontario?

November 18, 2022
8:42 am
Norman1
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Their FAQ, under Membership, says one has to live in Ontario:

Can anyone become a Saven member?

If you live in Ontario, are at least 18 years old, agree to our terms and conditions and invest $25 in a membership share to become a Saven member, then you’re in!

November 18, 2022
9:40 am
TommyT
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March 18, 2021
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Norman1 said
Their FAQ, under Membership, says one has to live in Ontario:

Can anyone become a Saven member?

If you live in Ontario, are at least 18 years old, agree to our terms and conditions and invest $25 in a membership share to become a Saven member, then you’re in!

  

I live in Ontario, can you ever get your money out of Saven on a GIC or savings account? I'm praying Oaken raises their daily interest rate. I wish they'd increase the CDIC insurance from 100 thousand to something more like a quarter million like in America. Oaken will end up like before if interest rates go higher. Who knows what Buffet will do? At least Trudeau is the Prime Minister and might step in if Home Capital goes tits up for real this time.

November 18, 2022
9:44 am
TommyT
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Norman1 said
Their FAQ, under Membership, says one has to live in Ontario:

Can anyone become a Saven member?

If you live in Ontario, are at least 18 years old, agree to our terms and conditions and invest $25 in a membership share to become a Saven member, then you’re in!

  

I see Saven is actually a credit union so $250,000 maximum. I'll have to find locations. I misspelled Buffett's name.

May 2, 2023
6:58 am
hwyc
GTA
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HISA now 3.60% (was 3.75%)

... please keep this thread informational only

May 16, 2023
5:07 am
hwyc
GTA
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HISA now 3.50% (was 3.60%)

... please keep this thread informational only

August 2, 2023
6:42 am
hwyc
GTA
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HISA now 3.60% (was 3.50%)

August 2, 2023
7:03 am
gicjunkie
Ontario
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Still do not allow joint accounts!

August 2, 2023
8:01 am
Peter
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There's now a banner at the top of their website that says: "Saven Financial is launching another way to save with a Tax-Free Savings Account. Full details are coming soon!"

August 11, 2023
3:02 pm
hwyc
GTA
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Peter, I just noticed a higher rate for TFSA High Interest Savings Account, 4.00% on their page

August 11, 2023
9:49 pm
Peter
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May 15, 2007
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Nice catch; thanks! I've added their new TFSA and rate to the chart now.

September 13, 2023
6:25 am
hwyc
GTA
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HISA now 3.70% (was 3.60%)

January 2, 2024
10:22 am
savenfinancial
Ontario, Canada
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We've raised our HISA to 4.15% along with our TFSA.
Visit https://savenfinancial.ca/en/on-rates for our current rates.

January 2, 2024
3:56 pm
canadian.100
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Saven has a bizarre feature when one wants to transfer funds in from an external linked account. One initiates the transfer on the Saven site. The funds are not recorded as a deposit at that time in the account (or recorded anywhere, say as a pending deposit) - the funds only get posted as a deposit-in when they show up about 5 days later in the account - So in the interim 5 days there is no entry nor posting nor record or documentation in one's account that one can see that indicates a new transfer-in is "in process" or "pending". Saven - would it not be better to show the deposit at the time of initializing the transfer and just put a hold or freeze on it until the required period is over? I am unaware of any other Bank or CU that handles deposits this way - ie not recording/or showing in some manner the pending deposit at all until it actually arrives in the account.

January 3, 2024
7:52 am
savenfinancial
Ontario, Canada
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canadian.100 said
Saven has a bizarre feature when one wants to transfer funds in from an external linked account. One initiates the transfer on the Saven site. The funds are not recorded as a deposit at that time in the account (or recorded anywhere, say as a pending deposit) - the funds only get posted as a deposit-in when they show up about 5 days later in the account - So in the interim 5 days there is no entry nor posting nor record or documentation in one's account that one can see that indicates a new transfer-in is "in process" or "pending". Saven - would it not be better to show the deposit at the time of initializing the transfer and just put a hold or freeze on it until the required period is over? I am unaware of any other Bank or CU that handles deposits this way - ie not recording/or showing in some manner the pending deposit at all until it actually arrives in the account.  

Thank you for sharing your experience and feedback. Your concerns have echoed with feedback we've received from other members. In response to this, in August, we updated our platform to include a dedicated section that displays pending transfers. This change is aimed at providing greater transparency during the transfer process.

January 3, 2024
8:37 am
zgic
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Yes canadian.100 you are absolutely correct. I am also very much reluctant to do any transfer as I do NOT know where my money is for like 7 days. This is absolutely bizarre and I cannot understand it. So I held up putting more money into Saven yesterday because of this very reason.

January 3, 2024
9:57 am
canadian.100
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savenfinancial said

Thank you for sharing your experience and feedback. Your concerns have echoed with feedback we've received from other members. In response to this, in August, we updated our platform to include a dedicated section that displays pending transfers. This change is aimed at providing greater transparency during the transfer process.  

That is interesting - I was unaware of such update. What precisely is indicated in the dedicated section that displays pending transfers? Does it display the dates (eg initiation of the transfer and the ultimate/expected transfer date as well as the amount of the transfer?) Does it indicate what external FI the transfer will be coming from? Obviously all useful info for effective monitoring of one's Saven "digital" account.

January 3, 2024
10:06 am
zgic
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savenfinancial said

Thank you for sharing your experience and feedback. Your concerns have echoed with feedback we've received from other members. In response to this, in August, we updated our platform to include a dedicated section that displays pending transfers. This change is aimed at providing greater transparency during the transfer process.  

Is this something new? I thought the Pending transfers was there before and would show the transfer for a very short amount of time like 1 day before disappearing. Will the Pending transfers show the amount till it is available for creating a new GIC? How long will it be in pending state and how long till I can create a new GIC? Will I be able to see my money till I create a new GIC? Basically it should NOT disappear.

January 3, 2024
10:36 am
canadian.100
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zgic said

Is this something new? I thought the Pending transfers was there before and would show the transfer for a very short amount of time like 1 day before disappearing. Will the Pending transfers show the amount till it is available for creating a new GIC? How long will it be in pending state and how long till I can create a new GIC? Will I be able to see my money till I create a new GIC? Basically it should NOT disappear.  

You may be right - the information on the pending transfers did just disappear and if that is still the case, then the response we received has not addressed our concerns. It is the disappearance of the info that was our issue. The info must remain for the full 5 or 6 days in the "Pending" tab until the transfer-in actually shows up in the HISA transactions and balance.

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