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Meridian Credit Union on Comparison Chart
July 3, 2022
5:35 pm
tonster501
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Why is Meridian Credit Union not listed in the "Comparison Chart"?

July 3, 2022
6:59 pm
Dean
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tonster501 said

Why is Meridian Credit Union not listed in the "Comparison Chart"?  

Good question

Meridian is on the GIC Chart (https://www.highinterestsavings.ca/gic-rates/), but it's not on the HISA Chart (https://www.highinterestsavings.ca/chart/).

At 1.25% interest, Meridian's HISA (https://www.meridiancu.ca/personal/rates-and-fees) seems to warrant a listing on the HISA Chart too .

I'm sure there's a good reason it's not there. Let's wait for Peter to respond.

    Dean

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

July 3, 2022
9:58 pm
Peter
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Meridian Credit Union used to be on the savings account chart, but was dropped in 2019. The main reason is their base rate is not high enough. Meanwhile, their online-only division motusbank has kept up enough to stay on the chart.

This hasn't stopped us from listing Meridian's promos of course.

Also, Meridian Credit Union is still on the GIC chart because when the GIC chart was first started, it showed all of the financial institutions from the savings account chart. I haven't been as picky since that chart is updated mostly automatically.

We should probably drop Alterna Bank and LBC Digital from the savings account chart at some point but I've just been slow because I like to show them for historical context. If they were up for being newly added, they wouldn't make the cut.

July 4, 2022
9:21 am
JohnnyCash
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Peter said
Meridian Credit Union used to be on the savings account chart, but was dropped in 2019. The main reason is their base rate is not high enough. Meanwhile, their online-only division motusbank has kept up enough to stay on the chart.

This hasn't stopped us from listing Meridian's promos of course.

Also, Meridian Credit Union is still on the GIC chart because when the GIC chart was first started, it showed all of the financial institutions from the savings account chart. I haven't been as picky since that chart is updated mostly automatically.

We should probably drop Alterna Bank and LBC Digital from the savings account chart at some point but I've just been slow because I like to show them for historical context. If they were up for being newly added, they wouldn't make the cut.  

I tend to agree with removing laggards like LBC Digital and Alterna Bank, they don't seem to have any interest ( pun ) in being competitive in the HISA arena. Worth noting, Manulife Bank's Advantage account is at a base rate of 1.25%.

July 4, 2022
12:54 pm
AltaRed
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It will likely mean adjustments to the list every few years as the business model priority and/or risk management processes shift between HISAs and GICs for the various institutions. As Peter noted, history is lost when an FI is dropped.

To me, the list serves as a reasonable sampling of opportunities. It shouldn't necessarily be exhaustive or all inclusive and one should recognize there will always be FIs "on the margin" for inclusion (or not).

July 4, 2022
3:13 pm
Dean
Valhalla Mountains, British Columbia
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AltaRed said

. . .

As Peter noted, history is lost when an FI is dropped.

. . .
 

I wonder if it would be worth it to somehow archive the history of those FIs that are dropped.

For myself, losing that history isn't a big concern ... but for others, it might be.

    Dean

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

July 4, 2022
3:44 pm
hwyc
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Historical rates are important & adds value to this site (not aware of another site who keeps history). That said, a five year buffer is good. I don't care about the 80's, 90s, 00s, 10s rate sf-confused either.

July 9, 2022
11:57 am
Doug
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Peter said
Meridian Credit Union used to be on the savings account chart, but was dropped in 2019. The main reason is their base rate is not high enough. Meanwhile, their online-only division motusbank has kept up enough to stay on the chart.

This hasn't stopped us from listing Meridian's promos of course.

Also, Meridian Credit Union is still on the GIC chart because when the GIC chart was first started, it showed all of the financial institutions from the savings account chart. I haven't been as picky since that chart is updated mostly automatically.

We should probably drop Alterna Bank and LBC Digital from the savings account chart at some point but I've just been slow because I like to show them for historical context. If they were up for being newly added, they wouldn't make the cut.  

I'd be fine with dropping both of those from the HISA chart. Anything below 1.25% can probably be safely dropped, especially if they've been consistently at the bottom of the HISA chart for six months or more. Both should be fine to remain in the GIC chart and promos, where applicable.

Edit: Alterna Bank seems to have nudged up, so it's quite possible LBC Digital and Ideal Savings will as well. They may just be laggards, so I'd probably defer on removing any until January and see where things shake out. One contender I predict will have to be dropped is Canadian Tire Bank as, barring a short stint a year or two ago, they have perennially at the bottom (of the HISA chart).

Cheers,
Doug

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