I was told that for those who already deposited above this amount, the promo rate would apply to the full amount, even if over $250k, for the remainder of the promo term - but that no new money could be added if already over 250k.

The Terms and Conditions show that the document was updated on February 23: https://www.vancity.com/offers.....embers.pdf (see clause 9).

Heads up to anyone who has this promo.

So here is what it is.

Does any one think this is a good deal? I think not! I have numerous other non Vancity accounts and no doubt the average Vancity employee thinks I’m “all in” with them…..but not. I like things as straightforward as possible and similar as possible amongst my banking and this Jump Start is not a good fit. Since a have other HISA accounts at 2% and up…I can accept losing on this “working” account. And when I have what I consider surplus, I use their 30/90 day lock in GICS. They pissed me off a few months ago and I removed $75000 from their lock in GICS and I staggered the money in Hubert’s quarterlies and will make double the interest and have designed it that money will be available monthly.

So I see when we set up our TFSA accounts the wealth manager set us up with Jump Start TFSA savings accounts, with no explanation!
What am I in for?

I am tending to not use their ATM at all and since I started doing GICS with them, am doing more with them on the phone and in branch.

Next step is to ask why we have a Jump Start TFSA savings account and to change it to a regular TFSA savings account.

As a credit union, by regulation, all members much hold a minimal share account. For VanCity (and many others) that is $5. You only have to buy that once, when you first join the organization, and you get it back if you leave.

One CAN use EFT or direct deposit to put funds into a VanCity account, then one just has to phone in (or visit) to move that cash to the JumpStart. That's because VanCity's unusually generous promo terms aren't simple enough for automatic approval. They have no "waterline" provisions. I have removed funds to another institution, and then moved cash back in from a third one.

Norman1 said

rhvic said
Looking at the VanCity web page for this offer, I note that for new client accounts the promo rate is available for only 90 days after opening, thus not necessarily to April 30.

I am also not impressed that one cannot make deposits by EFT from other institutions. They want you to attend in-branch, and then it seems they will charge $5 for the visit (even for a phone call requiring a human).
…

That's only for the offer to existing members. The offer to new Vancity members is a bit different.

Point 2 on the offer page for NEW members states:
"Earn the promotional rate for 90 days"

rhvic said
Looking at the VanCity web page for this offer, I note that for new client accounts the promo rate is available for only 90 days after opening, thus not necessarily to April 30.

I am also not impressed that one cannot make deposits by EFT from other institutions. They want you to attend in-branch, and then it seems they will charge $5 for the visit (even for a phone call requiring a human).
…

That's only for the offer to existing members. The offer to new Vancity members is a bit different.

Presumably, as a new member, one won't have any pre-existing Vancity deposits. Vancity won't need to review deposits to see if the funds are coming directly or indirectly from one's previous deposits to other Vancity accounts in the previous 60 days.

rhvic said
Looking at the VanCity web page for this offer, I note that for new client accounts the promo rate is available for only 90 days after opening, thus not necessarily to April 30.

I am also not impressed that one cannot make deposits by EFT from other institutions. They want you to attend in-branch, and then it seems they will charge $5 for the visit (even for a phone call requiring a human).

No thanks. I already have a Meridian promo at 4.7% to April 3, and that will do for now.  

Awesome that you have the Meridian promo. Re deposits, yes the lack of EFT from other FIs is a bit of a drag - but you don't need to attend in-branch. If you have new funds, you can simply call VanCity and ask them to move the funds to your promo account. There are no fees for the transfer to the promo account, whether in-branch or by calling CS rep.

I am also not impressed that one cannot make deposits by EFT from other institutions. They want you to attend in-branch, and then it seems they will charge $5 for the visit (even for a phone call requiring a human).

No thanks. I already have a Meridian promo at 4.7% to April 3, and that will do for now.

Easy steps to become a member.

 1  Meet these 3 simple requirements

To become a member, you must be a resident of BC, have a Social Insurance Number (SIN) and be ready to deposit $5 at account opening for membership shares.

…

10. Promotion Accounts are generally subject to the same terms, conditions, and fees as regular Vancity non-registered and registered (TFSA, RRSP, and RRIF) Jumpstart High Interest Savings Accounts, with the following exceptions (which are not exhaustive):

a) Eligible Funds will earn Promotional Interest in accordance with the terms of this Promotional Offer.

b) Until expiry of this Promotional Offer, service limitations may apply, including:
(i) deposits to Promotion Accounts by e-transfer are not permitted; and
(ii) transfers to Promotion Accounts from other Vancity accounts using self-serve channels (such as Online Banking, Mobile App, Telephone Banking (IVR), or ATM banking services) are not permitted.

More information about regular Vancity non-registered Jumpstart High Interest Savings Accounts or a regular Vancity registered (TFSA, RRSP, or RRIF) Jumpstart High Interest Savings Accounts and their pplicable fees is available on our website or by contacting your branch or member Services Centre.

c) You must attend a Vancity branch in person or call our Member Services Centre and speak with a Vancity representative to
(i) open a Promotion Account; and
(ii) deposit Eligible Funds into Promotion Accounts.

d) Promotion Accounts may not be opened online or using mobile banking services.

No matter how one sends the funds to VanCity, you can only move them into a JumpStart by phone or with an in-person visit to a branch. Human intervention is required in all cases. (If you qualify for the seniors' phone line, that may make for a shorter wait)

I have no idea if there are limits on EFT transfers into some other VanCity account before moving them into the JumpStart Promo.

I simply move my non-registered cash into my savings account and then call in. Never a problem unless one gets a new rep who has to "check upstairs."

I'm not sure how this works with existing registered funds, as one would not want one's cash to be de-registered in the process. If just creating a new TFSA deposit, one might be able to get TFSA status after the transfer to the promo JumpStart... but what would happen to it after the promo expired at the end of April?