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Email this1:45 pm
March 1, 2023
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I've given Saven a try and I don't like them, so I'm pulling out and closing my accounts. Here's why:
1. In order to deal with them online you must have a cell phone and download their silly app. Not just a cell phone, but your very own cellphone. Thus my wife and I cannot share one cellphone, we must each have our own unique cellphone or we will not be able to sign into the online app.
2. In order to sign into the app not only must you have a username, they also require you to do a "swipe". They don't define what they mean by a "swipe" and my phone (IPhone 15) has at least 3 different "swipes" that I am aware of. Why do they require this? Why not just have a text message or email confirmation code procedure like everybody else?!
3. I don't like cellphone apps. I much prefer dealing with my financial institution on a PC computer. They do have a online website accessible from a PC, but ONLY IF you ALSO have a cellphone with their app as well. In order to login to their website from a PC you must FIRST go get your cellphone, login to their cellphone app using the "swipe" procedure, then open their website portal on your PC, initiate another login there, and then go back to your cellphone app to do another "swipe" confirming that is what you want to do. Why? Surely this can be made simpler.
4. If you want to transfer a TFSA out of Saven it will cost you $50 for each and every transfer. So, if you have say 3 different TFSA GIC's and you want to transfer them to a different intstitution it will cost you $50 for each transfer. Most other places I deal with it's free.
5. Every time that I've called their customer support I had to wait on hold for 30-45 min listening to their annoying "music?" and repetitive messages that falsely alert me that someone might be there. Please give me a choice for silence.
I have mentioned these issues to Saven customer support agents on numerous times. Deaf ears I'm afraid.
So, I'm done with Saven and I definitely do NOT give them a positive recommendation. In fact just the opposite. I recommend that you avoid them.
2:23 pm
January 12, 2019
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- Hey Joe ⬆️
I'm not sure, but this may help . . .
Dean
" Live Long, Healthy ... And Prosper ! "
6:25 am
August 10, 2022
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I was considering Saven but after reading all the posts I have decided to stick with WealthOne. Doing the biometrics scan is a non-starter for me and having to use an app has zero appeal. Not sure why they are an outlier with respect to these two items. Maybe if they are monitoring these forums they might reconsider but not likely. To compensate for the .25% interest difference in HISA's between Saven and W1 I just put more of my $ into 1 year GIC's with W1, which offer the best 1 year GIC rates right now.
8:45 am
January 12, 2019
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Kirk said
I like that Saven has state of the art security, using biometrics for signing in. Also, unlike some institutions they allow more than 3 links to other banks, plus their interest rates are in the top echelon.
I do All my online banking with a securely protected Desktop (never on a cell phone).
I take it that with Saven's 'Biometric Security', by not using a cell phone for financial purposes, I wouldn't be able to setup and use an account with
them ... No❓
- Dean
" Live Long, Healthy ... And Prosper ! "
5:29 am
September 7, 2018
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Dean said
I take it that with Saven's 'Biometric Security', by not using a cell phone for financial purposes, I wouldn't be able to setup and use an account with
them ... No❓
Dean
That is correct - if you don't use the app, then you cannot have account with Saven.
The sign in process with Saven is definitely clunky.
6:43 am
December 20, 2016
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The absence of joint accounts is the biggest negative of Saven, in addition to the overall clunky procedures that are a reflection of corporate policies of its parent, First Ontario.
Saven is on my avoid list.
Stephen
7:13 am
May 21, 2018
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I'm looking at Saven for a savings account and I hope people can help answer a few questions
- What the EFT limits in/out of Saven - Not interac but EFT
- Are there any limits on the number of EFTs you can do in a month eg 1, 2 ?
- How easy is it to link an external bank ?
- Is there a transaction download to csv, quicken or msmoney from the website ?
7:58 pm
February 15, 2023
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I picked Saven as a replacement for Motive. So far, so good - no real complaints. Although it's possible to do your transactions on a PC you still need the mobile app for identity verification, so I just use the mobile app. Some members of this forum don't like the "swipe" and biometrics requirements that Saven have chosen for identity verification (instead of name/password/2FA), but it's really not a big issue for me.
As far as your questions go I'm not aware of any limits on either dollar amounts or number of transactions for moving money in/out from external linked accounts. For any transactions I've done the money shows up the day after the transaction was requested. I've linked a number of external accounts with no problem (although I can't remember the process...maybe FLinks).
I don't believe that there is currently a way to download transactions from their website. With that being said I did receive a few days ago an email from them advising of the launch of an updated mobile app and changes to their website. Maybe that's something they'll be adding (???). I was also told that their mobile app development/support was being brought in-house. Launch expected "this fall".
8:28 am
September 5, 2026
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The biometrics authentication is such that any security alert at TransUnion disallows opening an account. Saven's Help Line civilly advises that any, even remote, security alert (e.g. re a remote wallet theft reported to TransUnion) will be what she calls "a hard no" for opening a Saven account. She explains that since it is all virtual, with no human staff, that is absolute, unless the security alert is removed, regardless of the credit rating. Worth knowing.
