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Add new entries to the forum for the following Banks/FIs
April 5, 2021
1:59 pm
Doug
British Columbia, Canada
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Alexandre said

Doug said

Concentra Bank has two HISA products paying the same interest rate, one is the Neo Savings Account offered through Neo Financial's web-based online and mobile platform and the other is its own in-house High Interest Savings Account product paying the same (currently) interest rate.

Do you have link to Concentra Bank HISA? When I visit their main web page, all I see is Mortgages and GIC.  

They don't have a product page, but it can be opened together with a GIC. So currently, we may not want to list the HISA product on the comparison chart, but we could list Concentra Bank's Neo Savings Account, then when they offer the HISA without a GIC at account opening, we'd add a second entry to the chart for their HISA (similar to where we used to have B2B Bank's and Laurentian Bank's HISAs, albeit in that instance, it was two separate FIs).

Cheers,
Doug

April 5, 2021
2:01 pm
Doug
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Nehpets said

At this time, according to Concentra CSRs, the rate for the HISA is not posted publicly. The HISA rate is only available to clients who currently hold a Concentra GIC.

Slight correction: The HISA rate is only available to clients who either (a) currently hold or (b) have held a Concentra Bank GIC in the past and have not closed out their customer profile or left their HISA with a zero balance as at the time their last GIC was collapsed.

The rate is posted in the "details" of the HISA, on the online access, in the same place one would view GIC details.

According to CSRs, if/when Concentra offers their own HISA to the public, the rate would be shown on the Concentra rate page.

Stephen  

Yeah.

April 5, 2021
4:48 pm
Alexandre
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Doug said

We could list Concentra Bank's Neo Savings Account, when they offer the HISA without a GIC at account opening...

I wonder if they will have an incentive of doing it themselves, now that they have Neo doing it for them.

Yet, we drifted from point I was trying to make: we should expect more entrants like Neo, where someone puts together smartphone app offering Credit Card and also Savings account held at FI behind the scenes.

April 6, 2021
3:23 pm
LK
British Columbia, Canada
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As a general update to my prior comments on this thread, I highly recommend that each person, when they want to query CDIC status, use the search field at the following link: https://www.cdic.ca/your-coverage/list-of-member-institutions/

Examples:

1. If you put "EQ" into the search field, you get three options. The details of each option are very helpful.

EQ BANK

EQ Bank is a trade name used by Equitable Bank, a CDIC member. Eligible deposits under EQ Bank are combined with deposits held at Equitable Bank for up to $100,000 of deposit protection, per category.

A “trade name” is a separate business name that is used by a member institution to market eligible deposit products. A trade name does not represent a unique CDIC member. Therefore, eligible deposits made under a trade name are aggregately protected with deposits held at the member institution for up to $100,000, per category, per depositor. Deposits made under a trade name do not benefit from additional deposit insurance coverage.

EQUITABLE BANK

Equitable Bank is a CDIC member institution. Eligible deposits are protected up to $100,000 per category.

EQUITABLE TRUST

Equitable Trust is a subsidiary of Equitable Bank and a CDIC member in its own right. Eligible deposits of up to $100,000 per category are protected separately from deposits at Equitable Bank.

Note: The sub-bullets in this list reflect trade names identified by CDIC member institutions. CDIC makes efforts to ensure that the information provided here about trade names is reliable and up to date, but cannot guarantee its accuracy, completeness or currency.

A “trade name” is a separate business name that is used by a member institution to market eligible deposit products. A trade name does not represent a unique CDIC member. Therefore, eligible deposits made under a trade name are aggregately protected with deposits held at the member institution for up to $100,000, per category, per depositor. Deposits made under a trade name do not benefit from additional deposit insurance coverage.

2. Simplii

SIMPLII FINANCIAL

Simplii Financial is a trade name used by Canadian Imperial Bank of Commerce, a CDIC member. Eligible deposits under Simplii Financial are combined with deposits held at Canadian Imperial Bank of Commerce for up to $100,000 of deposit protection, per category.

A “trade name” is a separate business name that is used by a member institution to market eligible deposit products. A trade name does not represent a unique CDIC member. Therefore, eligible deposits made under a trade name are aggregately protected with deposits held at the member institution for up to $100,000, per category, per depositor. Deposits made under a trade name do not benefit from additional deposit insurance coverage.

3. Canadian Western

CANADIAN WESTERN BANK

Canadian Western Bank is a CDIC member institution. Eligible deposits are protected up to $100,000 per category.

CANADIAN WESTERN TRUST

Canadian Western Trust is a trade name used by Canadian Western Trust Company, a CDIC member. Eligible deposits under Canadian Western Trust are combined with deposits held at Canadian Western Trust Company for up to $100,000 of deposit protection, per category.

A “trade name” is a separate business name that is used by a member institution to market eligible deposit products. A trade name does not represent a unique CDIC member. Therefore, eligible deposits made under a trade name are aggregately protected with deposits held at the member institution for up to $100,000, per category, per depositor. Deposits made under a trade name do not benefit from additional deposit insurance coverage.

CANADIAN WESTERN TRUST COMPANY

Canadian Western Trust Company is a subsidiary of Canadian Western Bank and a CDIC member in its own right. Eligible deposits of up to $100,000 per category are protected separately from deposits at Canadian Western Bank.

ETC... The search function on the CDIC is very helpful and informative, and if anyone wants to assess CDIC status, I recommend such as the definitive source. While CDIC states "CDIC makes efforts to ensure that the information provided here about trade names is reliable and up to date, but cannot guarantee its accuracy, completeness or currency", I doubt that there is a more definitive source in terms of accuracy and reliance.

April 6, 2021
3:51 pm
LK
British Columbia, Canada
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RE Concentra, CDIC search page says...

Concentra Bank is a CDIC member institution. Eligible deposits are protected up to $100,000 per category.

Concentra Trust is a subsidiary of Concentra Bank and a CDIC member in its own right. Eligible deposits of up to $100,000 per category are protected separately from deposits at Concentra Bank.

April 6, 2021
3:56 pm
Bill
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Good link, LK, thanks.

Also note the disclaimer: CDIC makes efforts to ensure that the information provided here about trade names is reliable and up to date, but cannot guarantee its accuracy, completeness or currency.

April 6, 2021
4:00 pm
LK
British Columbia, Canada
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Bill said
Good link, LK, thanks.

Also note the disclaimer: CDIC makes efforts to ensure that the information provided here about trade names is reliable and up to date, but cannot guarantee its accuracy, completeness or currency.  

Correct. But I doubt that there is a better source for accuracy and reliance than the CDIC. That disclaimer reads like "CYA" to me from a litigation and liability perspective, when in fact, I suspect that there is not a more definitive source for CDIC info than the CDIC itself. Makes me wonder if the CDIC "doth protest too much"?! sf-wink

April 6, 2021
7:21 pm
Loonie
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Thanks, LK. It's helpful to know this info can be accessed somehow at CDIC.
It would be good if they would put it in the Members List or provide a link to more detailed info. It deserves more prominence. Fine print matters!

April 6, 2021
10:08 pm
Peter
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Thanks everybody for your input so far. Neo Financial has been added to the savings account comparison chart with a note that it only has a mobile app. The "Bank Name" column has been renamed to "Brand" and Neo Financial is listed there. The affiliation with Concentra Bank and CDIC coverage consequence is noted on Neo Financial's profile page.

April 7, 2021
9:19 am
Doug
British Columbia, Canada
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Peter said
Thanks everybody for your input so far. Neo Financial has been added to the savings account comparison chart with a note that it only has a mobile app. The "Bank Name" column has been renamed to "Brand" and Neo Financial is listed there. The affiliation with Concentra Bank and CDIC coverage consequence is noted on Neo Financial's profile page.  

This sets a dangerous precedent as Neo Financial, nor its parent company, is not a regulated federal or provincial credit union. Please update the financial institution name to the following:

"Concentra Bank"

Or, alternatively, "Neo Financial, a division of Concentra Bank." Though Neo Financial Inc. is not a division of Concentra Bank, it is reasonable to say that Concentra Bank operates under either the "Neo" or "Neo Financial" brand name under a licensing arrangement with Neo Financial Inc. You would then update the parent company in the profile page to Concentra Bank.

Thanks,
Doug

April 7, 2021
11:14 am
LK
British Columbia, Canada
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Doug said

Or, alternatively, "Neo Financial, a division of Concentra Bank." Though Neo Financial Inc. is not a division of Concentra Bank, it is reasonable to say that Concentra Bank operates under either the "Neo" or "Neo Financial" brand name under a licensing arrangement with Neo Financial Inc. You would then update the parent company in the profile page to Concentra Bank.

Thanks,
Doug  

Agreed. It appears that Neo is not a division of Concentra, and that it is simply a contractual arrangement between Neo and Concentra, where Concentra provides a "Neo Savings Account" (the name of the savings account). The fine print in the "Savings Account" Agreement is here: https://www.neofinancial.com/savings-agreement .

From the Agreement:

~ Account - the Neo Savings Account, a digital personal bank account earning daily interest on the closing balance.

~ Bank - Concentra Bank and its subsidiaries and affiliates.

~ Neo Platform - the digital banking platform developed by Neo (including mobile applications and online portals) that provides the Services.

~ Services - the services that may be provided by the Bank though the Neo Platform, and may include Remote Deposit Capture, Bill Pay, INTERAC® e-Transfer, electronic transfer and any other service provided by Neo through the Neo Platform from time to time.

~ We, us and our - refers to the Bank.

~ 1. To open and maintain an Account with us, you must be a Canadian resident with a permanent Canadian address, and you must be at least 18 years of age. Residents of Quebec are not currently eligible for an Account. (emphasis added)

Also see the footer bar on the Neo site: "The Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Savings accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor."

So, the account is just named the "Neo Savings Account" but is really an account with Concentra Bank. The fact that Neo hosts the platform (and has the branding) makes it potentially quite confusing to customers.

I do not think that Neo should have its own listing on this Forum. It is not a bank or credit union, nor does it appear to be a division of one (like Motive is re Canadian Western Bank, etc). Concentra Bank should be listed as having the "Neo Savings Account"??

Specifically, on the HISA page (https://www.highinterestsavings.ca/chart/ ), it should state "Concerta Bank" and the name of the account is "Neo Savings Account". It should not state "Neo Financial", even as the "Brand". The legal relationship between Concentra Bank and Neo Financial appears to be contractual only, rather than the other "Brands" like Motive, Simplii, etc...

April 7, 2021
11:29 am
Nehpets
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LK said .........I do not think that Neo should have its own listing on this Forum. .....  

As an appreciative user of this Forum, I am grateful for the information that Peter makes available for the sources where we have options for high interest savings, the theme of this Forum.

This discussion has outlined the concerns about the relationship between Neo and Concentra, and that's a good thing for interested users to make their decision.

I am not sure if every listing requires this degree of scrutiny as to its legal status, as long as this information is noted within the Forum.

I see this wonderful Forum as one source of information that I can combine with other sources.

In the final analysis, the format and content of the Forum lies in the hands of the Forum admin and owner...Peter, and from my perspective, the way the HISA chart has been structured serves my purposes just fine.

Stephen

April 7, 2021
11:32 am
LK
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Thank you, Stephen. Agreed. And I just wanted to provide input for general consideration, including Peter's. I offered my recommendation re same, following Doug's. sf-laugh

April 7, 2021
11:43 am
hwyc
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  • "N*" in the OB column is a bit of irony for a virtual brandsf-smile What is Online Banking means anyways?
  • It appears to me the intent of the CU column is to indicate deposit insurance provider for the brand. IMO it is underused with only MB or blank to imply CDIC coverage. On that note, new values may be introduced to further enrich this column.

... my two cents

April 7, 2021
11:49 am
LK
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On the HISA chart page, I recommend "Bank", then "Brand", then "Account"; that is add bank as a column to the left. https://www.highinterestsavings.ca/chart/

For example:
BANK> BRAND> ACCOUNT
Concerta> Neo Financial> Neo Savings Account
Canadian Western Bank> Motive> Savvy Savings
Equitable Bank> EQ Bank> Savings Plus
Canadian Tire Bank> Canadian Tire Bank> High Interest Savings
Home Bank / Trust> Oaken Financial> Oaken Savings

(In some cases, the Bank and the Brand will be the same; in some cases not.)

April 7, 2021
1:15 pm
Norman1
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"Brand" is more important and information should be organized by brand.

People are going look for Neo Financial products under Neo Financial and not under Concentra Bank or Concentra Trust.

The column is now "Brand" and not "Bank" or "Financial Institution". It is a natural evolution for how financial products are now marketed.

Financial products have been marketed for a while now with brands and names that have little relationship to the financial institutions behind them. For example, the former PC Financial brand bank accounts were deposit accounts with Amicus Bank and CIBC. The PC Financial brand credit cards were issued by a third entity, President's Choice Bank.

April 7, 2021
1:17 pm
Vatox
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hwyc said

  • "N*" in the OB column is a bit of irony for a virtual brandsf-smile What is Online Banking means anyways?
  • It appears to me the intent of the CU column is to indicate deposit insurance provider for the brand. IMO it is underused with only MB or blank to imply CDIC coverage. On that note, new values may be introduced to further enrich this column.

... my two cents  

Yep, that's what I was pointing out too, just add CDIC as a value for those that aren’t provincial credit unions and change the column heading to “Deposit Insurance” or something like that

April 7, 2021
2:34 pm
LK
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Norman1 said
"Brand" is more important and information should be organized by brand.

People are going look for Neo Financial products under Neo Financial and not under Concentra Bank or Concentra Trust.

The column is now "Brand" and not "Bank" or "Financial Institution". It is a natural evolution for how financial products are now marketed.

Financial products have been marketed for a while now with brands and names that have little relationship to the financial institutions behind them. For example, the former PC Financial brand bank accounts were deposit accounts with Amicus Bank and CIBC. The PC Financial brand credit cards were issued by a third entity, President's Choice Bank.  

Agreed, with the exception that the Concentra/Neo affiliation is by contract, and not by same legal entity (with a division). I trust that all on this site will appreciate the difference. This is, from my view, a very different context than descriptions in past. There are no other prior affiliations in any way like the Concentra/Neo matter. This is new, and it should be "buyer beware" from here in. Peace out. I've said my say.

April 7, 2021
9:55 pm
smayer97
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May I suggest that there may a bit of overthink on this matter. As I have pointed out, I think the central issue ought to be the identification of the insurance coverage. I like that the column title has been changed to Brand instead of FI. In that context, here is what I propose... make the entries in the list in the following format:

Examples:
Neo/Concerta
Simplii/CIBC
Motive/CWB
And where the brand stands on its own, it is just:
Tangerine
Canadian Tire

etc, as applicable, with a footnote that directs users to check the respective insurance sites [CDIC, DICO, DGCM, etc] as applicable, and even include links to each site (only needed once in the footnote).

Maybe change Brand to Brand/FI which would encompass all the above possibilities.

I think that would provide just enough info to highlight the appropriate relationship without requiring a deep dive into the necessary details.

@Peter, food for thought?

April 8, 2021
8:52 am
Bill
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smayer97, I agree about the overthink. I personally don't like the term "brand", if I'm new to this site and just went to the charts I'd wonder what that meant. What I'd like to know is the actual financial institution that I'm dealing with plus an indication of any "operating as" names, the listings don't do that as currently they're a mixture of brand names and actual fi names balled up together.

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