steinbach credit union regular rate 1.90% | Steinbach Credit Union | Discussion forum

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steinbach credit union regular rate 1.90%
September 16, 2013
2:42 pm
doc
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steinback credit union regular rate savings account that increased to 1.90% pays interest not monthly but at the end of the year only.

October 2, 2013
1:26 am
Vig Lacera
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So, how much money would a person 'lose' if interest is compounded annually instead of monthly?
Enough to make you not want to switch to Steinbach CU?

October 2, 2013
7:27 am
Dennis
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Vig Lacera said

So, how much money would a person 'lose' if interest is compounded annually instead of monthly?
Enough to make you not want to switch to Steinbach CU?

Just for simplicity, PC Financial GIC pays interest monthly and they have table to compare it to annual interest rate. According to the table annual 2.00% rate is equal to monthly 1.982%. So 1.9, I guess, is about 1.883?

October 2, 2013
7:25 pm
Vig Lacera
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In another thread somebody wrote that the difference in interest would be negligible. I think it would be like $10 on 50 grand, interest compounded annually vs monthly.

February 25, 2014
8:25 pm
Loonie
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I note that Steinbach offers slightly higher rates for bigger accounts. Might be useful to somebody who needs to park a bundle, especially since their deposit insurance has no ceiling.

Regular Savings less than $100,000 1.90%
Regular Savings $100,000 - $250,000 1.95%
Regular Savings more than $250,000 2.00%

February 26, 2014
6:11 am
jgclghrn
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It looks like this account also only pays interest on the minimum monthly balance. I couldn't find any reference as to fees for withdrawals like some of their other accounts have.

Regular Savings – Provides excellent flexibility, our best variable interest rate and no minimum monthly balance requirement. Interest is calculated on the minimum monthly balance on deposits made on the first day of each month*, and is paid on December 31. Tiered rates are available for larger deposits starting at $100,000. Interest on the entire balance is paid at the tiered rate.
*Some restrictions apply.

Here is the link.

March 3, 2014
9:27 pm
Loonie
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I don't think I've run into any savings accounts that calculate any more frequently than monthly. Are there any?

March 3, 2014
10:10 pm
GS1
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Loonie:

Most calculate daily and pay monthly.

GS

March 4, 2014
9:02 am
Loonie
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thanks; I will have to look into that, then. I had thought it was just chequing accounts that did this, but haven't yet explored this area to any extent.

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