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Add Concentra Bank
February 8, 2021
2:03 pm
webster1000
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Why not add Concentra Bank to the list of HISAs ?

February 8, 2021
2:20 pm
Peter
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As far as I understand, you can't yet open their savings account without having a GIC with them, right? In other words, the savings account is just there so that when a GIC matures, the funds can go to the savings account?

February 8, 2021
2:40 pm
Dean
Valhalla Mountains, British Columbia
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webster1000 said

Why not add Concentra Bank to the list of HISAs ?  

I think their main 'Modus Operandi' is providing wholesale banking and trust services to Credit Unions across Canada (except Quebec).

Link https://concentrabank.ca/about-us

    Dean

sf-cool " Live Long And Prosper " sf-cool

February 8, 2021
3:35 pm
Nehpets
Ontario
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Peter said
As far as I understand, you can't yet open their savings account without having a GIC with them, right? In other words, the savings account is just there so that when a GIC matures, the funds can go to the savings account?  

The HISA at 1.55% is currently only available to existing GIC clients. Funds can be pulled into one's Concentra HISA once Concentra's High Interest Acct External Account Link Authorization form has been submitted to activate the Me2Me banking interface.

Originally the savings account was created when a GIC was purchased solely to receive matured funds, but the savings account was recently expanded to allow routine HISA banking, initially by existing GIC clients.

I was told by the CSR their plan is to eventually invite the public to use their HISA, and at that time, the HISA interest rate would be posted on their rate page.

Until then, the HISA rate can only be seen by existing GIC clients who log into their online account access.

Stephen

February 8, 2021
3:44 pm
webster1000
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That's correct. At Concentra Bank, you would need to open a GIC first. After that point, they would open a High Interest Savings account for you and you can make use of it at any time after the GIC deposit.

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