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Add SBI Canada to GIC Comparison Chart
June 16, 2024
12:59 pm
BTC
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Their CAD GIC rates would be amongst top 5 as of today if the list could include them.

https://ca.statebank/gic

June 25, 2024
4:47 pm
BTC
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Would admin be so kind to include this or provide any insights on why this cannot be included. Thanks.

July 1, 2024
5:41 pm
rebel88
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Just curious why Laurentian Bank is being listed but there are no comments? If no one uses this financial institution then delete it and list a FI that members do business with.
As for Tangerine they do not have a GIC at 5% for 9 months anymore. It is now at 4.8%.

July 1, 2024
7:24 pm
Peter
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Sorry for the delay (and thanks for the GIC rate update on Tangerine). We typically wait to see comments from forum users on a financial institution before adding it. SBI Canada has come up before, although without much discussion: https://www.highinterestsavings.ca/forum/gic/sbi-canada-18-month-gic/. Does anybody have experience dealing with them?

As for Laurentian Bank, it seemed to be the logical follow-up to LBC Digital (and B2B Bank).

July 1, 2024
9:32 pm
HermanH
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I have experience in dealing with them. For me, they are very troublesome. For the longest time, I even considered the possibility that they were a scam. I had troubles opening an account with them and received little help in the process. I had to vigourously pursuit them to get simple things like joint account status. My GIC matures in July and I hope to get the funds back. I still am not 100% certain they aren't a scam! I am in Alberta and would feel better if I could actually walk into a branch. Has anyone in BC or Ont walked into their branches?

I tried to link a USD account to their USD account but was told that the only way to push funds into the SBI USD account was via wire transfer. To their credit, they promised to reimburse transfer fees (in or out), but I had to chase them. I did not try to see if funds could be deposited via app and cheque image.

July 2, 2024
4:43 am
zgic
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HermanH said
I have experience in dealing with them. For me, they are very troublesome. For the longest time, I even considered the possibility that they were a scam. I had troubles opening an account with them and received little help in the process. I had to vigourously pursuit them to get simple things like joint account status. My GIC matures in July and I hope to get the funds back. I still am not 100% certain they aren't a scam! I am in Alberta and would feel better if I could actually walk into a branch. Has anyone in BC or Ont walked into their branches?

I tried to link a USD account to their USD account but was told that the only way to push funds into the SBI USD account was via wire transfer. To their credit, they promised to reimburse transfer fees (in or out), but I had to chase them. I did not try to see if funds could be deposited via app and cheque image.  

AGREE

July 2, 2024
10:10 am
Rail Baron
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I considered investing in a SBI GIC when they were offering 6% for USD, but after several communications via phone and email, it became clear that I would have to go to their physical location in South Vancouver (a 30 minute bus ride from downtown) to transact business effectively. As best as I could estimate, I would need three hours to open my GIC, and eventually a couple of hours to redeem the funds, all through in person visits to a bank location that is in a part of Vancouver I never visit otherwise. To me, that was not worth the interest spread (75 basis points compared to an online investment savings account with Q Trade).

July 2, 2024
1:48 pm
BTC
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Peter said
Does anybody have experience dealing with them?
 

Yes, I have purchased 14 non-redeemable GICs (both CAD and USD, individual and joint) with them so far and all have been done via their mobile App YONO. Funds returned to their deposit accounts promptly on maturity.

For their CAD savings account (2 free debits), I keep >=200 CAD to waive the monthly administration fees of 10 CAD. You can pull from a linked account and push to any external account for a fee of 1.50 per transition. To avoid the fees, you can pull at an external bank instead. Interec e-Transfer is free of charge.

For their USD chequing account (unlimited debits), one needs to keep >=1000 USD to waive the monthly administration fees of 4 USD. I only push/pull funds from other banks as there is currently no way to link USD account.

Their customer service email can solve some of the issues you may have at the back office level. I also keep my branch's associate manager and manager's email, mobile and landline numbers. They can help solve almost all of the remaining issues I have had at the branch level. That is to say, I have never stepped into my own branch once.

I once reported a problem in their mobile App. Their IT department fixed it

Since I do not use them as a daily driver, they have served me well for my needs just to invest GICs at a competitive rate.

Lately, I have had some experience on ICICI Bank Canada as their non-redeemable USD GIC rate is higher than SBI Canada's. If anyone is interested, a separate thread on that topic can be created. I am more than happy to share my experience.

July 2, 2024
4:01 pm
kesa
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BTC said

Peter said
Does anybody have experience dealing with them?
 

Yes, I have purchased 14 non-redeemable GICs (both CAD and USD, individual and joint) with them so far and all have been done via their mobile App YONO. Funds returned to their deposit accounts promptly on maturity.

For their CAD savings account (2 free debits), I keep >=200 CAD to waive the monthly administration fees of 10 CAD. You can pull from a linked account and push to any external account for a fee of 1.50 per transition. To avoid the fees, you can pull at an external bank instead. Interec e-Transfer is free of charge.

For their USD chequing account (unlimited debits), one needs to keep >=1000 USD to waive the monthly administration fees of 4 USD. I only push/pull funds from other banks as there is currently no way to link USD account.

Their customer service email can solve some of the issues you may have at the back office level. I also keep my branch's associate manager and manager's email, mobile and landline numbers. They can help solve almost all of the remaining issues I have had at the branch level. That is to say, I have never stepped into my own branch once.

I once reported a problem in their mobile App. Their IT department fixed it

Since I do not use them as a daily driver, they have served me well for my needs just to invest GICs at a competitive rate.

Lately, I have had some experience on ICICI Bank Canada as their non-redeemable USD GIC rate is higher than SBI Canada's. If anyone is interested, a separate thread on that topic can be created. I am more than happy to share my experience.  

yes, please

July 2, 2024
4:01 pm
dougjp
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BTC said

Peter said
Does anybody have experience dealing with them?
 

Yes, I have purchased 14 non-redeemable GICs (both CAD and USD, individual and joint) with them so far and all have been done via their mobile App YONO. Funds returned to their deposit accounts promptly on maturity.

For their CAD savings account (2 free debits), I keep >=200 CAD to waive the monthly administration fees of 10 CAD. You can pull from a linked account and push to any external account for a fee of 1.50 per transition. To avoid the fees, you can pull at an external bank instead. Interec e-Transfer is free of charge.

For their USD chequing account (unlimited debits), one needs to keep >=1000 USD to waive the monthly administration fees of 4 USD. I only push/pull funds from other banks as there is currently no way to link USD account.

Their customer service email can solve some of the issues you may have at the back office level. I also keep my branch's associate manager and manager's email, mobile and landline numbers. They can help solve almost all of the remaining issues I have had at the branch level. That is to say, I have never stepped into my own branch once.

I once reported a problem in their mobile App. Their IT department fixed it

Since I do not use them as a daily driver, they have served me well for my needs just to invest GICs at a competitive rate.

Lately, I have had some experience on ICICI Bank Canada as their non-redeemable USD GIC rate is higher than SBI Canada's. If anyone is interested, a separate thread on that topic can be created. I am more than happy to share my experience.  

You must either be dealing in relatively small amounts (under $ 10k each/different day GIC's), or don't withdraw money from them once its there. Sometimes looking into the details pays dividends. This is because they have unusually small $ push/pull limits (10), meaning, you can't give them money or take money from them for any larger amounts. Given that the amounts are small, now the monthly fees or balance requirements solely in order to have a conduit to getting your funds into GICs becomes a drain on the effective yield.

" We may never pass this way again " - Seals & Crofts

July 2, 2024
7:24 pm
BTC
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dougjp said

You must either be dealing in relatively small amounts (under $ 10k each/different day GIC's), or don't withdraw money from them once its there. Sometimes looking into the details pays dividends. This is because they have unusually small $ push/pull limits (10), meaning, you can't give them money or take money from them for any larger amounts. Given that the amounts are small, now the monthly fees or balance requirements solely in order to have a conduit to getting your funds into GICs becomes a drain on the effective yield.  

The limits only affect the transactions initiated on their end. You can pull/push at an external bank which provides a higher limit. I have also got a complimentary cheque book for larger transferring out. The only thing lacking is the mobile cheque deposit functionality.

July 3, 2024
6:19 am
dougjp
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BTC said

The limits only affect the transactions initiated on their end. You can pull/push at an external bank which provides a higher limit. I have also got a complimentary cheque book for larger transferring out. The only thing lacking is the mobile cheque deposit functionality.  

OK, I can't push pull from my external bank (a big 5 chequing acc't, I don't think any of them allow it), so I never considered that. A complimentary cheque book these days is an unusual bonus!

" We may never pass this way again " - Seals & Crofts

July 10, 2024
5:02 pm
BTC
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BTC said
Their CAD GIC rates would be amongst top 5 as of today if the list could include them.

https://ca.statebank/gic  

SBI Canada is now ranked 1st for their one year GIC with an interest rate of 5.10% as of today. If they are included in the GIC list, that will save my time to check on their own site.

July 15, 2024
11:30 am
HermanH
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HermanH said
I have experience in dealing with them.

SBI is the nightmare from which you cannot awaken.

I had 2x GIC mature and I had previously specifically stated that they were not to auto-renew. Of course, SBI goes ahead and auto-renews. The asst mgr says that it will be reversed. Still waiting.

Then, they tell me that the GICs are reversed and the funds are now in my chq acct.

Firstly, the two GICs somehow auto-renewed, but only after deleting $1000 from the combined balance. So, I am $1000 short.

Secondly, the ledger amount showing in my chq acct is different than the sum of the two GICs that were auto-renewed. So, I am $999.60 short of the original correct amount.

I have three different balances; none of which match.

And I still cannot get my money out.

Do everyone a favour and keep these klowns off this site.

July 15, 2024
9:35 pm
everhopeful
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Thanks so much for the heads up Herman... I'm definitely not going to risk them for a .05% premium.

July 16, 2024
8:50 am
BTC
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HermanH said

HermanH said
I have experience in dealing with them.

SBI is the nightmare from which you cannot awaken.

I had 2x GIC mature and I had previously specifically stated that they were not to auto-renew. Of course, SBI goes ahead and auto-renews. The asst mgr says that it will be reversed. Still waiting.

Then, they tell me that the GICs are reversed and the funds are now in my chq acct.

Firstly, the two GICs somehow auto-renewed, but only after deleting $1000 from the combined balance. So, I am $1000 short.

Secondly, the ledger amount showing in my chq acct is different than the sum of the two GICs that were auto-renewed. So, I am $999.60 short of the original correct amount.

I have three different balances; none of which match.

And I still cannot get my money out.

Do everyone a favour and keep these klowns off this site.  

Sorry to hear your unpleasant experience. Hope you will get your matured funds very soon.

Did you confirm from the YONO App that the maturity instruction was set to what you wished? If so, from my experience, the GIC will be auto-renewed on the maturity day regardless the correct (no-renewal) instructions and the new GIC will be cancelled after one business day. The funds will be back to the chequing/savings account with probably some extra interest depending on whether the extra business day is after a weekend/public holidays.

July 16, 2024
10:23 am
HermanH
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BTC said
Did you confirm from the YONO App that the maturity instruction was set to what you wished? If so, from my experience, the GIC will be auto-renewed on the maturity day regardless the correct (no-renewal) instructions and the new GIC will be cancelled after one business day. The funds will be back to the chequing/savings account with probably some extra interest depending on whether the extra business day is after a weekend/public holidays.  

I used the YONO app to purchase the GICs and am pretty certain that they were set appropriately. I have since deleted the app and there is no other way to confirm the original purchase settings.

The good news is that the auto-re-newed GICs have since been cancelled and the funds are now residing in my chequing account. Since they pay 0% interest to their chequing accounts, I didn't "lose" anything. 🙂

Now, to see how long it takes them to actually initiate the wire transfer. The Asst. Mgr told me to send him a message via the Service Requests function of their portal. I tried and the portal kicks me out every time I hit the Submit button. What a wonderful piece of sh*t. Of course, I had already to them of this bug, earlier in the year, but I guess they can't be bothered to fix anything on their end. I told him about their bug, again.

It just begs the question. If any FI can't get simple straight-forward functions like internal messaging to work, how the hell can anyone trust them to actually properly safeguard money with complicated mechanisms like encryption technology?!

July 17, 2024
9:31 am
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HermanH said

Now, to see how long it takes them to actually initiate the wire transfer.

Although they agreed to reimburse transfer fees, would you mind sharing which receiving bank will also waive the incoming wire transfer fee?

I have linked their USD account to Tangerine and EQ to avoid their online portal which is way behind modern standard.

July 17, 2024
9:36 am
HermanH
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BTC said

HermanH said
Now, to see how long it takes them to actually initiate the wire transfer.

Although they agreed to reimburse transfer fees, would you mind sharing which receiving bank will also waive the incoming wire transfer fee?

The receiving bank is supposed to be CitiBank, in the US, and I have been told that they do not charge for inbound wire transfers. So, the only potential fees are from SBI.

BTC said
I have linked their USD account to Tangerine and EQ to avoid their online portal which is way behind modern standard.  

Are you sure that you are linked? I also tried to link both Tang and EQ to SBI and found out that SBI does not accept the links. No test deposits arrived. That is when I was told by SBI that only wire transfers were allowed. You might want to double-check. If you managed to establish a link, then GREAT for you! I only wish that I had been able to do the same. sf-frown

July 17, 2024
11:23 am
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HermanH said

Are you sure that you are linked? I also tried to link both Tang and EQ to SBI and found out that SBI does not accept the links. No test deposits arrived. That is when I was told by SBI that only wire transfers were allowed. You might want to double-check. If you managed to establish a link, then GREAT for you! I only wish that I had been able to do the same. sf-frown  

Yes, I am sure and have been using it like a charm. The trick is you have to only use the last 11 digits for the account number not the 14 ones. The first 9 digits should be the same as your CIF ID.

CIF ID: ABCDEFGHI
USD Chequing Account number: ABC-DEFGHI20500 (if my theory of their pattern is correct)

When making attempt to link the account, use DEFGHI20500 as the account number.

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