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Snags in funding the account
August 9, 2021
5:54 pm
canadian.100
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Figured I would try Saven - I like online/digital and the present interest rate (1.55%) is better than others. (at least for now.)
Opening the acct was easy. However I ran into some snags in funding the acct.
1. Could not create links to some smaller FIs other than more mainstream ones.
2. Could not deposit a cheque from another account using the Saven APP. I contacted Saven and I was advised that they have learned that their APP will not accept cheques from several FIs. I asked them to advise me which FIs' cheques their APP would not accept and process. (I do not want to waste my time and my blank cheques.) I did find the Deposit function using their APP is not as user friendly or state of the art compared to other FI APPS I use.
3. When you do a funds pull from a linked acct, the transfer did not show for about a week. So you need to keep a record of pending transfers until the transfer arrives.
4. It is not easy to reach an agent by phone and they did not answer an email outlining my concerns.
Has anyone else had any issues with their Saven account?
I am not off to a good start with this CU. The technology should be a lot better than this for a brand new online FI. Ease of use is a factor to me - not just the interest rate. Simplii, Tangerine, EQ are far superior in being user friendly, ease of fund transfers and use of APP compared to Saven. There is a good chance that I will be shortly an ex-customer of this online CU.

I have now read earlier postings about Saven Financial and I note there are some negative comments about the parent First Ontario Credit Union - appear to have some truth.

August 9, 2021
6:13 pm
KamWest
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HaHa...

Even worse, they only have a small amount of banks they deal with so I asked them how I could get money from Motive to them. They said cheque only and I asked them what the deposit limits were.

They said none so I said I would start the account of with a couple hundred thousand to try it out. No No she said, the maximum cheque I can deposit is 25,000 so I would have to deposit 8 cheques.

Seriously????? - I pretty well stopped dead in my tracks.

How do I get it back into motive if I decide to write 8 cheques.... well you have to transfer to another bank thats on the list like simplii and then to motive.

Really.... WOW

One a good note, I used the chat feature and got right through, she was actually a nice lady. That was the only plus other than setting up the account was super easy.

August 9, 2021
6:31 pm
HermanH
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KamWest said

They said none so I said I would start the account of with a couple hundred thousand to try it out. No No she said, the maximum cheque I can deposit is 25,000 so I would have to deposit 8 cheques.

Seriously????? - I pretty well stopped dead in my tracks.

How do I get it back into motive if I decide to write 8 cheques.... well you have to transfer to another bank thats on the list like simplii and then to motive.

Maybe there should be a Hall of Fame section for zingers like this one. 😀

August 11, 2021
4:40 am
canadian.100
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I did get to speak to a very nice lady at Saven (she was actually with First Ontario CU) dealing with feedback from Saven customers and providing assistance if she could.
I went over the snags I ran into re funding my Saven acct. She agreed the manner of showing in process transfers is not useful when it looks like your funds are in limbo (in the cloud?) not showing anywhere not even as "in process" until the funds ultimately show up in your account about a week later. We had a good conversation about the APP function for depositing cheques. She acknowledged that the Saven APP does not accept a number of other FI cheques and that the functionality is not as good as with some other FIs I mentioned eg Simplii, Tangerine, EQ, & Big Banks. She will be presenting my points (as well as input she is receiving from others) to the applicable unit(s) at Saven/First Ontario CU - she was honest and said the issues may or may not get rectified or it may take a long time. I was honest and said I was patient and will give it time and will decide at one point whether I will maintain the account at Saven or close it.
When I decided to sign up with Saven, I was looking for a user-friendly, state of the art, online digital account with a attractive interest rate. (Objectives not fully met!)
Competence of the FI related to its HISA product was first on my "expectation list".
P.S. The ethics of the CU was a non-issue as a criterion in my selection of Saven's HISA. As with most of the posters/readers in this blog, it was the better than avg interest rate that attracted me.

August 11, 2021
2:20 pm
COIN
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"until the funds ultimately show up in your account about a week later."

A week is a really long time. Do you earn interest during the "in transit"period?

Canadian Tire Bank credits your account the same day regardless of when the funds actually arrive.

With Manulife Bank, you can actually deposit a cheque to your savings account at an ATM so it is credited real time.

August 11, 2021
3:17 pm
canadian.100
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COIN said
"until the funds ultimately show up in your account about a week later."

A week is a really long time. Do you earn interest during the "in transit"period?

Canadian Tire Bank credits your account the same day regardless of when the funds actually arrive.

With Manulife Bank, you can actually deposit a cheque to your savings account at an ATM so it is credited real time.  

I don't know as yet if one earns interest during the in-transit period. I initiated my first electronic transfer on Aug 8 - once it arrives into my Saven acct I will look to see if it is dated the date I initiated the transfer (Aug 8) or the date it enters my Saven acct (Aug 14/15) and also compare to what date it shows as coming out of the linked external account. Then I will see if there is a lag in the dates and an actual loss of interest.

Yes - most FIs do credit your account the date u deposit a cheque or initiate an electronic transfer. But I am not sure yet if Saven operates that way since I was unable to deposit a cheque using the APP as I have detailed earlier.

Since Saven is only online/digital there is no ability to deposit a cheque by ATM - so you cannot compare Saven to Manulife. I have dealt with Manulife Advantage Acct and it works very well - as u say, you can deposit a cheque by ATM and have your acct updated immediately. Manulife also has a dependable/efficient APP for cheque deposits. (I like the Manulife Advantage Acct - a combined chequing and savings acct - but the downside is the interest rate is low - on the other hand there are no service charges if you keep $1K on deposit.) It is obvious that the Saven acct has some glitches that may or may not get corrected. So, once my electronic transfer come through, and I compare the dates re deposit to Saven and withdrawal date from the external acct (to see if there a loss of interest) then I will know if I want to keep this acct.

August 12, 2021
11:16 am
COIN
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If it takes 7 days for the inbound credit to show up in your Saven account that is 7 days of lost interest. The next question is how long does it take to get money out (hopefully a lot sooner than 7 or more days)?

BTW: I ran into this problem when I transferred RRSP cash from one institution to another institution. It took 30 days for the cash transfer to be completed. When I complained, the transferor institution said they are legally allowed up to 30 days to do the transfer.

August 12, 2021
3:11 pm
canadian.100
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COIN said
If it takes 7 days for the inbound credit to show up in your Saven account that is 7 days of lost interest. The next question is how long does it take to get money out (hopefully a lot sooner than 7 or more days)? 

My incoming transfer to Saven has shown up today Aug 12. It was initiated Aug 8 so that took 5 days if you count initiation day and arrival day. The funds came out of the linked external acct today also - so there was really no lost interest since the incoming entry and the outgoing entry are the same. However, the incoming transfer at Saven is now subject to a 7 day HOLD. (interest will be earned during the hold period.) So you have to be prepared not to need your newly transferred funds for about a week and a half if it takes 5 days for the money to move in and then is frozen by the hold for another week. When you decide to make a transfer out of Saven it will similarly take 4/5 days before you will see the funds in your external linked acct.

August 12, 2021
5:50 pm
COIN
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"My incoming transfer to Saven has shown up today Aug 12. It was initiated Aug 8 so that took 5 days if you count initiation day and arrival day. The funds came out of the linked external acct today also"

Was your linked external account interest bearing or was it a non-interest bearing chequing account?

August 12, 2021
7:47 pm
canadian.100
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COIN said

Was your linked external account interest bearing or was it a non-interest bearing chequing account?  

That linked external acct was interest bearing. The second linked acct I have set up is non-interest chequing acct.

August 13, 2021
6:53 am
COIN
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canadian.100 said

That linked external acct was interest bearing.   

That is great planning by you as you lost no interest credit (except maybe a bit due to a rate differential).

Does that mean it is possible to link from Saven to an external interest bearing savings account?

P.S. The next question is how long does it take to move money out of Saven to an external account?

August 13, 2021
10:15 am
canadian.100
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COIN said
1. Does that mean it is possible to link from Saven to an external interest bearing savings account?
2. The next question is how long does it take to move money out of Saven to an external account?  

1. Yes - you can link from Saven to an external savings acct.
2. I understand it takes approx 5 days from initiation to when u see it in your external acct - same as the transfer time for incoming funds transfers from external acct to Saven.

August 25, 2021
12:15 pm
ValueTime
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I gave Saven a try but as others have noted there is a significant delay between initial transfer execution and having the funds in the Saven account so one might purchase a GIC. Additionally I found trying to log in through my PC required an acknowledgement from the APP on my iPhone. TOO MUCH OF A HASSLE!

I'm sending the $25,000 back to my Simplii account and I'll say goodbye to Saven.

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