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Email this6:51 pm
July 9, 2020
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https://www.vancity.com/offers/accounts-jumpstart-high-interest
In past, I have simply phoned VanCity to get the promo rate. The link indicates to make an appointment, but my experience in past was that wasn't necessary.
Seems to be all new and existing customers (not targeted).
Interesting fine print:
¤ You must retain a minimum of $6,000.00 in your Vancity Total Chequing Account at all times for the full calendar month.
Full T&C: https://www.vancity.com/offers/accounts-jumpstart-high-interest/tos-hisa-oct31.pdf
4:17 am
November 18, 2017
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LK: There's also this at that link..
Funds withdrawn within the previous 60 days and re-deposited with Vancity, including funds that we, in our sole discretion, reasonably believe were withdrawn from a Vancity account and then deposited to a Promotion Account from another financial institution within the previous 60 days.
VanCity is fairly loose about that "reasonably believe" clause, but if enforced it would freeze out those of us who used the 4.85% promo until July 31. Or we could just take it for the month of October...
I couldn't find anything about
a minimum of $6,000.00 in your Vancity Total Chequing Account
anywhere in those links or where I looked for it, though. Where did you see that?
RetirEd
5:17 am
February 6, 2019
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This sounded excellent to me (I have never had an account with Vancity) ... until I read this: You must be a resident of British Columbia
9:21 am
December 18, 2024
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I could easily move in funds to my Vancity chequing account, but don’t know if it is a JumpStart. Cute name but overall useless. And for 2 months I just can’t get into it.
I find Vancity for day to day is ok but the overall aura is always changing at the branch we go to. So I am “on guard” when dealing with a new teller. But they are far better to deal with than Coast Capital.
My feeling is if you can avoid the branch and do over the phone, you will be much more satisfied with the product and the service.
My feelings towards their wealth management people and having to make appointments with them is dim. Have visited with 2 of them and have no plans to return to see either of them. Will have to seek out others at a different branch.
What I don’t get about them is ….. I was told by a teller and a branch manager that they will give you extra on the GIC rates.
So:
Is that for the initial purchase and renewal?
What is extra based on … your total balance or the amount just invested?
Is that fair to post rates and give extra to some but not all customers?
And is it fair to everyone else for Vancity to allow customers to negotiate rates?
9:56 am
July 9, 2020
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RetirEd said
LK: There's also this at that link..Funds withdrawn within the previous 60 days and re-deposited with Vancity, including funds that we, in our sole discretion, reasonably believe were withdrawn from a Vancity account and then deposited to a Promotion Account from another financial institution within the previous 60 days.
VanCity is fairly loose about that "reasonably believe" clause, but if enforced it would freeze out those of us who used the 4.85% promo until July 31. Or we could just take it for the month of October...
I couldn't find anything about
a minimum of $6,000.00 in your Vancity Total Chequing Account
anywhere in those links or where I looked for it, though. Where did you see that?
The part about $6k is found here: https://www.vancity.com/offers/accounts-jumpstart-high-interest/ - scroll down to "Legal".
Agree with you re those of use who had the 4.85% promo until July 31 ... I'm going to call the customer support line to further re such.
11:08 am
July 9, 2020
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@RetirEd: Called and confirmed that it really only applies to new deposits not transferred from another FI (so, automatic deposits such as pay/pension deposited to VanCity). Also, the 60 days is from the start of the promo (Aug 18). So, looks like VanCity has indeed found ways to limit the usage for those of us who used the prior promo until July 31. Also, re the $6k, that only applies if someone has that specific chequing account.
5:33 am
November 18, 2017
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RK: Yes, VanCity is a BC-registered provincial credit union.
LK: That's not from the JumpStart T&C. It's a footnote to the "Get more as a member" frame earlier in the page, which advertises other types of account. Note the special symbols in the footnotes, and what they reference in the text. JumpStarts are not restricted in withdrawals, and there's no minimum balance - click on each of the plus signs for clear confirmation.
The phone agent you spoke to was dead wrong, or unclear and confused you. I have repeatedly transferred cash from other institutions into my JumpStarts. The restriction is on money they "reasonably" expect was transferred out and then back in from the same institution. I have other institutions I can move cash from, as well as incoming cheques, that go right in.
In general, the JumpStarts (registered or not) are a pretty good deal, and I look for them every summer. I don't know yet about the 60-day thing. I did have one of the most recent ones, ending July 31. I will check tomorrow on the phone - My local branch is closed Mondays. Last year, I was able to partake of both JumpStart promotions during the summer.
GIC-Fanatic: The JumpStart account is a special account, and one has to open a new one for every JumpStart promotion. (But not for the old, probably-forgotten before-new-year registered JumpStart accounts.)
VanCity advisors or phone agents will sometimes offer a quarter-point GIC increase, based on total holdings at the bank at creation. Not on promotions, though, and their normal rates aren't worth it even with the extra. One can also get "Shared Success" dividends at year-end, but not this year.
Many financial institutions - including all the Big Banks - discriminate on all their rates. No, it's not fair. Ally and ING were welcome exceptions, but now Tangerine has "targeted" abuse. Peoples still offer uniform rates. On renewals, all the Big Banks will give you chicken droppings until you say, "Oh, I'll look around first." They you get an immediate half-point before you can hang up. I've tested this with several friends dubious of negotiating, and it's uniform.
RetirEd
9:52 am
November 18, 2017
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Further good news: Read this - there were several misunderstandings in the information in the earlier posts in this thread.
There is NO 60-day time required between the previous JumpStart and this one. I just called the VanCity oldgeezers' line (604-648-5187, for over-65 or disabled users. Shorter waits and very patient agents.) and went over the terms with the pleasant, patient agent who "checked upstairs" and read all the resulting references. Again, confusion over the "eligible deposits," excluding moneys withdrawn and redeposited from any sort of VanCity deposit in the last 60 days, was the culprit. (And that counts from when the funds were removed, not from August 18th.)
I opened a new JumpStart promo account just now and will put my pension cheque in later this week; it was also confirmed that I can deposit cash from any other financial institution than the one I exported to, such as a GIC maturing in a few days.
And no fees, no minimum balances. They should probably make their web page clearer to avoid confusion between the main headline and the JumpStart section.
So you can deposit all you want now (that wasn't just removed) and it will earn the 4.7% until the end of October, 2-1/2 months. Then the rate drops to the posted chicken-feed, but you can move the cash out anywhere you want at that point. If you do so before the last interest credit, you can move that out a day or two later.
Again, one can do any sort of eligible deposit to VanCity at the branch or by ATM or direct deposit, and then call in within a day to have it moved to the JumpStart promotion. I did all those for the last three JumpStarts I used with no problems.
RetirEd
4:05 am
November 18, 2017
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Shouldn't this be on the promos page?
RetirEd
7:55 am
May 15, 2007
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RetirEd said
Shouldn't this be on the promos page?
Added! Thanks for the nudge.
1:37 pm
November 3, 2022
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It's nice to see BC get a leading HISA promotion through this VanCity special. For years, we've been left out of many great rates from Ontario financial institutions that were limited to Ontario residents. Our turn to get a bit of promotional interest appears to have now arrived!
1:47 pm
December 18, 2024
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@retirEd
@LK
Let them eat their words!!
How does this compare to their posted rates ... see last line.
7:57 am
November 18, 2017
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GIC-Fanatic: your link leads to an RBC Wealth Management page. That shows GIC terms... are you comparing those to the VanCity short-term savings-account promotion?
Or to the #2 on VanCity's "offers" page?
RetirEd
8:21 am
December 18, 2024
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RetirEd said
GIC-Fanatic: your link leads to an RBC Wealth Management page. That shows GIC terms... are you comparing those to the VanCity short-term savings-account promotion?Or to the #2 on VanCity's "offers" page?
No, I am not comparing to any VanCity promo or offer. I would not consider either unless it was for at least a year. A 3 or 4 month deal is a waste of my time.
What I am saying is, when looking at the RCB rates for Vancity the RCB/Vancity rates are higher. And Vancity’s website says: “Get MORE as a member. Your deposits will earn competitive rates”. And look at the Home Trust (Oaken) and People’s Trust are higher if you buy direct. So where are the competitive rates at Vancity? And giving an “little extra” to the few customers that see one of their wealth managers is an insult to the average investor and totally unfair to other customers. At this point of my comparison, Vancity is losing credibility with me.
7:04 am
November 18, 2017
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"Competitive" rates does not mean higher. Just among the top.
And you are, I repeat, comparing GIC rates to short-term savings rates. Someone needing a savings account to hold liquid assets would not be comparing to long-term rates. I don't hold any VanCity GICs at the moment, but the savings promotion works for me.
(You did mean RBC, not RCB, right?)
RetirEd
10:16 am
December 18, 2024
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RetirEd said
GIC-Fanatic: your link leads to an RBC Wealth Management page. That shows GIC terms... are you comparing those to the VanCity short-term savings-account promotion?Or to the #2 on VanCity's "offers" page?
I would use for “long term” GICS the from RBC pdf file, especially the Vancity rate to get a better long term rate “at” VanCity vs “their” lower posted rate.
10:18 am
December 18, 2024
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RetirEd said
"Competitive" rates does not mean higher. Just among the top.And you are, I repeat, comparing GIC rates to short-term savings rates. Someone needing a savings account to hold liquid assets would not be comparing to long-term rates. I don't hold any VanCity GICs at the moment, but the savings promotion works for me.
(You did mean RBC, not RCB, right?)
Right RBC. Sorry for the typo. And comparing long term to long term.
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