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Email this5:34 am
December 20, 2019
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By now it's no secret that I have chosen SAVEN to be my SAVINGS vehicle.
Let me clarify... I use them only for funds I have sitting in longer term savings. I keep accounts at other institutions for daily banking and regular savings.
That said SAVEN consistently gives me 4 month rates that are at the highest on the charts. Currently my 4 month term matured at 5% and am about to lock in for 4 more months at 3.75% which is still among the very highest on the chart. The highest I can find on the 1 year GIC chart is 3.7%.
Since I have been using the 4 month term on a consistent basis I almost compare it to the old Quarterly Hubert GIC that I loved so much. We know Huberts days are numbered as a top contender so I have chosen SAVEN to be my new fave.
I no longer have to keep moving funds from institution to institution, I just sign up for a 4 month term and I get the best rate.
The only thing that sucks is it takes a week to get your money out and you can only push and not pull. Considering I have taken that into consideration on 4 month terms I have come to be at peace with it. The nice rate makes up for any inconvenience.
So if you don't need super quick access to your cash and only want to tie it up for 4 months at the absolute top rate then I will whole heartily recommend saven for you.
PS. There are no push limits, you can push out a hundred or a million, it works on the same time frame.
12:55 pm
December 20, 2019
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Big news here
I pushed 100k from saven yesterday and it ended up in my bank the next day so it appears I was mistaken and it does not take a week to push the funds. It is exactly as fast as when I push at simplii, it lands in the receiving account the next day.
The reason my other pushes took a week is because the funds were not in my account long enough. Turns out if you want to push a GIC that has matured out you can basically do it the next day.
Wow... the best rates and a fast push, I think I love saven.
PS. Got my notification today that Hubert is going down once more.
1:39 pm
August 30, 2023
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KamWest said
Big news here
The reason my other pushes took a week is because the funds were not in my account long enough. Turns out if you want to push a GIC that has matured out you can basically do it the next day.PS. Got my notification today that Hubert is going down once more.
1. Is this something new which has happened at Saven this week? So now if we push from Saven it gets to the other account next day? This must be a big change as people were absolutely NOT happy with the 10 days.
2. What is this you are talking about funds to be in Saven for a certain number of days? So are you saying that the new option in point#1 is available only if you had the funds locked in a GIC before at Saven?
Are these new changes mentioned in a new communication by Saven, because many people might not be using Saven due to the 10 days policy.
Thanks for your info.
1:47 pm
August 1, 2015
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3 weeks ago there was a GIC email from Saven and at the bottom was:
We're excited to announce that we've significantly reduced our fund transfer times! Fund transfers from other financial institutions will now be completed in just one business day. This means you can start growing your savings with Saven Financial even faster.
While it states "Fund transfers from", perhaps it means all fund transfers.
1:56 pm
December 20, 2019
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All I can say for sure is my funds ended up at Meridian over night.
I did the same at simplii and initiated a push and it arrived at meridian the next day as well so both saven and simplii worked at the same pace.
My pushes from motus still take about 3 days to start, I've been clearing that out since the wind down announcement. Meridian is the same on a push, it takes about 3 business days to initiate but I can get around that in a heart beat by pulling from simply in one day.
You cannot pull out of saven, you can only push which had me a bit worried but you can link most anything in seconds with their online system. What is unique is I can link both chequing and savings accounts so I was able to push from saven right into my meridian savings account. With simplii (because they require a void cheque to set up) you can only push to a chequing account.
2:49 pm
September 7, 2018
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file said
3 weeks ago there was a GIC email from Saven and at the bottom was:We're excited to announce that we've significantly reduced our fund transfer times! Fund transfers from other financial institutions will now be completed in just one business day. This means you can start growing your savings with Saven Financial even faster.
While it states "Fund transfers from", perhaps it means all fund transfers.
I was unaware as I do not remember receiving such a GIC email from Saven - perhaps I missed that sentence and deleted the email--however, I just checked the Saven website - it does say that transfers can take up to 2 days - so that is a big improvement.
2:59 pm
September 7, 2018
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KamWest said
You cannot pull out of saven, you can only push which had me a bit worried but you can link most anything in seconds with their online system. What is unique is I can link both chequing and savings accounts so I was able to push from saven right into my meridian savings account. With simplii (because they require a void cheque to set up) you can only push to a chequing account.
You CAN do pulls out of Saven pulling from certain external linked accounts where Flinks/Plaid is used. I have done it. I did a test and it worked perfectly.
Obviously you cannot link with Saven using a void cheque because Saven has no void cheque to provide to the external institution. I think I actually obtained the coding in advance from Saven agent so I would be using the correct Institution and Transit numbers when I used Flinks/Plaid to do the linking.
2:59 pm
August 1, 2015
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The email subject was "Secure and grow: Explore GIC laddering with Saven Financial"
They probably shouldn't have added in the transfer text at the bottom of it, would have been better to make it a more generic email so people didn't just skip over it if they didn't care about GICs.
3:03 pm
December 20, 2019
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canadian.100 said
You CAN do pulls out of Saven pulling from certain external linked accounts where Flinks/Plaid is used. I have done it. I did a test and it worked perfectly.
Obviously you cannot link with Saven using a void cheque because Saven has no void cheque to provide to the external institution. I think I actually obtained the coding in advance from Saven agent so I would be using the correct Institution and Transit numbers when I used Flinks/Plaid to do the linking.
I contacted saven and they said you cannot pull.
Do you have the pull information? I would love to give it a try.
Meridian uses Flinks and I cannot see saven listed even in the miscellaneous institutions which means they have to get linked manually.
3:30 pm
September 7, 2018
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KamWest said
I contacted saven and they said you cannot pull.
Do you have the pull information? I would love to give it a try.
Meridian uses Flinks and I cannot see saven listed even in the miscellaneous institutions which means they have to get linked manually.
Yes - when I called the first time, the agent also said that "you cannot do it". Incorrect information! Anyways I got a more accommodating agent on a later call and she gave me the coding - Institution 828 Transit 65022. It worked for me and trust it will work for you. Yes - Saven is not listed - search First Ontario Credit Union. Saven is really just a division of First Ontario Credit Union so with the correct coding it works fine. Did u notice that the T5 you received has issuer First Ontario Credit Union (not Saven) on it. Similarly, if you have Simplii, the T5 shows CIBC as the issuer (not Simplii).
4:06 pm
December 20, 2019
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canadian.100 said
Yes - when I called the first time, the agent also said that "you cannot do it". Incorrect information! Anyways I got a more accommodating agent on a later call and she gave me the coding - Institution 828 Transit 65022. It worked for me and trust it will work for you. Yes - Saven is not listed - search First Ontario Credit Union. Saven is really just a division of First Ontario Credit Union so with the correct coding it works fine. Did u notice that the T5 you received has issuer First Ontario Credit Union (not Saven) on it. Similarly, if you have Simplii, the T5 shows CIBC as the issuer (not Simplii).
Yes i am aware of the names on the T5's and i assumed the agent knew what he was talking about with the pulls, obviously not.
Thank you for the info, i am eager to try it.
5:19 pm
November 18, 2017
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zgic and KamWest: Sounds to me like the transfer would be okay and quick, but that there was a hold on your funds. That would explain the "not in the account long enough," no?
RetirEd
7:44 pm
November 6, 2018
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KamWest said
Yes i am aware of the names on the T5's and i assumed the agent knew what he was talking about with the pulls, obviously not.
Thank you for the info, i am eager to try it.
I have found that a lot of CSRs and agents from many institutions do not understand the meaning of the terms Push, Pull or EFT.
7:55 pm
December 20, 2019
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RetirEd said
zgic and KamWest: Sounds to me like the transfer would be okay and quick, but that there was a hold on your funds. That would explain the "not in the account long enough," no?
I'm not certain, I mostly left my stuff at saven because there were always good rates, I was originally told a week to initiate a transfer and that was the case when I tried.
This time when it happened overnight I assumed it was because my funds were there for four months and had long cleared but from what I read above there has been a policy change to 1-2 days and for me it happened overnight.
4:16 am
December 20, 2019
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Was not able to link into SAVEN for a pull yet, gonna keep trying.
Was able to send out another test push, again cleared overnight.
Also transferred in a TSFA from Motus, went smooth as silk and the account actually draws interest now.
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