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suggestion for comparison charts
July 29, 2015
3:29 am
Loonie
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Suggestion for additions to one or both of the comparison charts:
EFT transfer-in
EFT transfer-out
(me-to-me)

I don't think "online banking" is sufficient to tell us what we need to know.

July 31, 2015
6:37 pm
Peter
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Good point. I worry about making the rate chart too cluttered, but this would be great for the services chart. Maybe we could flesh it out a bit more to something like:

* Transfers to other people's accounts at the same institution
* Transfers to your own accounts at other institutions (with any relevant limits on number of linked accounts?)

That gets a bit complicated when you can do transfers in and out, but you have to initiate it from the external account. For banks with the feature, do they ever allow you to transfer in but not out or vice versa?

July 31, 2015
8:45 pm
Loonie
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Thanks for considering this, Peter.

It is precisely because I am easily confused about who offers what, specifically, that I suggested this.

I think there was an issue with one of the new banks (Zag?) where they allowed one direction but not the other. Some still require a cheque for withdrawals, as it isn't feasible to move large amounts by ATM.

Personally, I am not concerned particularly about transfers between people within the same institution, but it might be an issue for others.

Info on max number of linked institutions would be good but not essential, to avoid clutter. It is complicated because some, like Tangerine, only permit 3 per lifetime, and I think others allow X at a time, and that would be difficult to document. So I think it would be better to leave that one out so that people could find out the specific details themselves.

I think I would be more inclined to put it in the 'Comparison" chart, as that is the one that deals with savings accounts specifically, which is where these issues arise. Also, there is more room there! Perhaps you could take away the "News" section if more room needed, as I don't think we need it there.

It's an area where things are changing, so this would be a good way to keep track.

However, if you wanted to put it on the Services" chart, perhaps the listing as to whether they offer online banking could be eliminated in order to give this more specific info? - although maybe some feel this is necessary as a separate line.

With so many offering essentially the same rates, this is becoming a more important criterion for me. I ended up making up a kind of manual chart, which was very messy!

December 18, 2015
7:03 pm
Rigo_Daphne
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Never mind. I figured out how to see the last 3 columns of the comparison chart. I have to make the window bigger, then the ad and News move over.

December 19, 2015
12:41 pm
Peter
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Rigo_Daphne said

Never mind. I figured out how to see the last 3 columns of the comparison chart. I have to make the window bigger, then the ad and News move over.

Thanks for the original report. I have made some style changes now, so on a slightly narrower window, the sidebar shouldn't cover the chart anymore.

December 19, 2015
3:00 pm
kanaka
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Peter said

Good point. I worry about making the rate chart too cluttered, but this would be great for the services chart. Maybe we could flesh it out a bit more to something like:

* Transfers to other people's accounts at the same institution
* Transfers to your own accounts at other institutions (with any relevant limits on number of linked accounts?)

That gets a bit complicated when you can do transfers in and out, but you have to initiate it from the external account. For banks with the feature, do they ever allow you to transfer in but not out or vice versa?

I agree with the clutter thing but all info is good to be able to compare. I find it hard to use the charts on my iPad and was wondering if the charts are downloadable to excel then customize for personal use?

December 19, 2015
3:51 pm
Peter
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For the services chart, you could export it via this Google Drive link: https://docs.google.com/spreadsheets/d/1ysnUhxtbePth9PmEB--CW1xdH2L3Iqmwu-Ke6h2LOLA/edit?usp=sharing

December 23, 2015
5:16 pm
christinad
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I'm wondering if it is possible to add something on scheduled eft transfers. I use peoples trust and they have them. Maybe this is too granular though.

December 30, 2015
12:16 pm
Peter
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We could certainly add a line for that if it's useful. Are there financial institutions on the chart that don't have that feature?

December 31, 2015
8:19 pm
christinad
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Thanks for considering it. Hubert financial doesn't have scheduled transfers but peoples trust does. I'm not sure about others.

January 14, 2016
12:45 pm
rhvic
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Peter, could you please consider adding EQ Bank to the comparison chart, now that they have launched?

Thank you.

January 14, 2016
12:54 pm
Peter
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rhvic said

Peter, could you please consider adding EQ Bank to the comparison chart, now that they have launched?

Thank you.

I am very interested in EQ Bank and there is considerable hype around it, but I'd still like to wait at least a few days to hear others' experiences with it. But all going well, for sure!

February 4, 2016
4:03 pm
Brainer
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I would sooooo much love to see listings of which institutions have EFT (Electronic Funds Transfers) what is involved to set it up initially, and what the transfer times are like.

Is this forum for suggestions anywhere on the site, or just to the main comparison table and features chart? The reason I ask is...I'd like to suggest that a bunch of try EFTs between various institutions and report back what the time required was. Those kinds of things might be helpful, as opposed to the insitutions "Maximum of blah blah blah".

Oh, and it would be great if you could add EQBank to the chart. It was mentioned in January, and numerous reports have come in (tons of them on other Websites as well).

Thanks, and keep up the great work

February 4, 2016
5:41 pm
AltaRed
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I have way less experience in all these online bank experience than most, but I do see a pattern that is likely based on regulatory requirements (setting up of accounts and EFTs) and then the operations of accounts like physical transfers.

The setting up of accounts seems to be pretty consistent between offerings. It takes at least 5 and upwards of 10 business days to actually set up an account, with the clock starting when the first deposit cheque and/or signed application is first received. That is probably due to 'soft checks' on credit score to validate the applicant's identity and the time to actually clear the deposit cheque. That process is not likely to be different between vendors.

It also appears that setting up of an EFT process with an external instution, i.e. the clearing of a cheque 4-5 business days.

As far as ongoing operations, my experience for an external institution transfer has been 2 business days in most situations and as low as 1 business day in some cases. For example, at PC Financial, an EFT transfer must be dated at least one day in advance, and the actual transfer will be received another business day later. I'd always assume 2 business days.

I think there are too many variables to actually put that kind of information in a table. Example: A promotion that swamps the staff at an institution. That is going to bog down speed simply due to the manpower required to process these things.

I don't think anyone should assume much in the way of different numbers than that.

February 5, 2016
11:16 am
Peter
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Since the results can vary with EFTs, we could set up a spreadsheet where people report their experiences. However, we can just disclaim that it's not an official chart. I could create a Google doc and add all interested contributors as editors.

February 15, 2016
5:32 pm
dentgal
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in the comparison chart, should you add:
Scotia momentum: 1.5%
CIBC high interest e-savings: 1.75 till feb 29, 2016

February 15, 2016
6:02 pm
NorthernRaven
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Scotia's account seems to effectively work like you are buying rolling 90-day cashable GICs, with a 1.5% maturity rate and a 0.75% cashable penalty! Also, $5000 minimum or effectively no interest. Somewhat useful for Scotia true-saver customers who don't want to use external accounts for some reason, otherwise caveat emptor (they hide the detailed workings in a lot of fine print).

CIBC, aside from the imminent expiration, is for new money only, it isn't an "all accounts" rate. Again, $5000 minimum. If Peter wanted to do "new money" specials on the chart, it would take a bunch of extra work (Tangerine at 2.4% for 180 days for new accounts, for instance).

Zag, though, should probably be showing 2.5%, as it is an "all accounts" rate, not to mention having been on promo in one form or another continually since last June. Perhaps with some sort of promo icon that discloses the June 1 expiration date.

February 16, 2016
7:51 am
Peter
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I have added the CIBC promos to our Promos page.

Please write your comments in the forum.