Meridian Credit Union business savings account promo | Small business accounts | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Meridian Credit Union business savings account promo
May 6, 2019
8:58 am
Peter
Admin
Forum Posts: 1061
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

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
British Columbia, Canada
Member
Members
Forum Posts: 2965
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 262
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

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
British Columbia, Canada
Member
Members
Forum Posts: 2965
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 262
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 5547
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Yes, good point, Koogie! Wish I'd known that when we had a corporation!

August 2, 2019
8:36 am
Koogie
Member
Members
Forum Posts: 262
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

Just got an email from Meridian and the special that Peter posted above is still available if anyone is interested. Offer as follows.

====
I just wanted to let you know about Meridian Business High interests savings account offer that you might want to take advantage. It is a Boost on a business savings account for 4 months available if you open it before Aug 31, 2019.

Here are some details of the current Business High Interest savings boost offer:
Open a Business Advantage Plus Savings Account with new money to Meridian by August 31, 2019 and you’ll get up to 2.65% interest on every single dollar in your account for four months. After the Boost period, your business savings will continue to earn an amazing interest rate.
TIER CURRENT RATE BOOST INCREMENT YOUR BOOST RATE
$0-$99,999 1.40% 1.05% 2.45%
$100K-$999,999 1.50% 1.05% 2.55%
$1MM-$2MM 1.60% 1.05% 2.65%

In addition to a market-leading interest rate, you'll get these great perks:
• No monthly fees
• Zero transaction fees
• $0 minimum balance required
• Unlimited transfers
• 24/7 access to your money through Business Online Banking

Plus, at Meridian, insurable non-registered deposits are covered up to $250,000 through the Deposit Insurance Corporation of Ontario
https://www.meridiancu.ca/Small-Business/Small-Business-Investing/Products-and-Account-Types/BAP-Boost.aspx?ip_name=BAP&ip_pos=promo1&ip_cr=sbiz

Please write your comments in the forum.