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Meridian Credit Union business savings account promo
May 6, 2019
8:58 am
Peter
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I noticed that Meridian Credit Union has a promo until May 31 offering 2.65% for 4 months on their business savings accounts.

Their regular rates are tiered, offering 1.40% for up to $100K, 1.50% between $100K and $1M, and 1.60% between $1M and $2M.

I haven't done an exhaustive comparison of alternatives, but here are some reference points from an investigation I did a couple of months ago:

May 6, 2019
3:22 pm
Doug
West Kelowna
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Thanks, Peter. That's interesting and a useful comparison. sf-cool

Tangerine's regular rate is likely far less than those mentioned, but Tangerine does seem to be focusing more on growing its business customers. They're business deposits are up about $6 billion YOY (2018 vs. 2017) versus personal deposits, which are largely flat.

If you end up making a "Resources" page for miscellaneous spreadsheets, a business savings account Google spreadsheet could be a useful comparison table and that would be a good spot in which to locate it.

Cheers,
Doug

May 6, 2019
4:55 pm
Koogie
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Actually, if you have a trading account for your business most of the Big Bank discount brokerages have ISAs that are at or above this rate with (almost) no minimums.

TDB8150 is 1.60% for instance. $1000 minimum first buy.
(the USD version is at 1.70%)

Business oriented offerings anywhere are typically weaker than personal rates but this is one offering where the playing field is equal.

May 6, 2019
5:46 pm
Doug
West Kelowna
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Good point, Koogie, on brokerage account ISAs being a lot easier to set up once you've set up a corporate brokerage account, that's true. And you're right, since the business savings account rates are always lower than personal, the business ISAs in brokerage accounts are much more competitive. 🙂

Cheers,
Doug

May 7, 2019
6:05 am
Koogie
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Well, competitive might be a stretch...sf-laugh

But if you do your business banking with any of the oligopoly, they all have ISAs and since the ISAs buy and sell like mutual funds they are super easy and quick to purchase and to sell (they settle T+1) They are CDIC covered and most don't charge any commission.

May 7, 2019
10:44 pm
Loonie
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Yes, good point, Koogie! Wish I'd known that when we had a corporation!

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