2018 06 26 Savings Rate Back to 2.5% | Wealth One Bank of Canada | Discussion forum

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2018 06 26 Savings Rate Back to 2.5%
June 27, 2018
11:33 am
Nehpets
Ontario
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Noticed today while browsing:

W1.JPG

Stephen

June 27, 2018
2:10 pm
GR
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2.5% on the non-registered savings account is a promo only until Sept 30, 2018.

June 27, 2018
5:03 pm
Peter
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GR said
2.5% on the non-registered savings account is a promo only until Sept 30, 2018.  

Here's the info on how it's a promo: https://www.wealthonebankofcanada.com/Personal/Promotion/HISA25/

It would be good if they'd state what the rate reverts to after the promo period.

June 27, 2018
9:39 pm
Norman1
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Could be around 2%, from this offer page for after December 6, 2017:

Terms and Conditions: The 2.0% Interest Rate (the "Rate") is available after December 6, 2017 to individual WealthONE customers who have a High Interest Savings Account. The Rate does not apply to WealthONE Tax-Free Savings Accounts or WealthONE RSP Savings Accounts. Business accounts are excluded. Interest is calculated on an annualized basis daily and will be paid monthly. …

June 27, 2018
9:44 pm
Loonie
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Savings rates are always subject to change. The only thing that matters is whether it is guaranteed for a certain period.

June 28, 2018
6:49 am
GR
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I don't think Wealth One Bank's 2.50% should be shown on the comparison chart as the savings account rate is only a promotion for a fixed short term of about 3 months. I would show it under "Promos" instead.

June 28, 2018
6:24 pm
Vatox
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GR said
I don't think Wealth One Bank's 2.50% should be shown on the comparison chart as the savings account rate is only a promotion for a fixed short term of about 3 months. I would show it under "Promos" instead.  

Agree. It's just a promo. Although it is on entire balance.

July 1, 2018
8:20 pm
hotmony
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Not much of a promo from a small bank that burned its customers in the past remember they offered 2.5 sorta like eq ongoing and soon after lowered to 2 was it. add to that whose gonna put much above cdic in this name. pretty useless actually some nerve as rates may be set to rise in july again. if they offered 2.5 like eq offers 2.3 then ok maybe. this bank has a credibility problem..

July 11, 2018
7:38 pm
Peter
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Last week, I asked Wealth One via their online contact form what the rate will be starting in October. They have not replied to me yet.

July 12, 2018
5:34 am
Nehpets
Ontario
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hotmony said
this bank has a credibility problem..  

This remark is inflammatory and baseless, in my view.

FI's have the right and the option to modify their rate offerings based on their business needs, and the terms of the current promotional offer are clearly spelled out.

One has the option to not participate, but making unfounded disparaging remarks about a financial institution that some of us happen to deal with is clearly inappropriate and counterproductive.

I've dealt with W1 since their inception, and have not encountered any reason to doubt their credibility. Their policies are clearly spelled out. When their rates went down last year, I moved funds elsewhere, now that they are back up, they'll get some of my deposits until I assess their situation at the end of their currently well explained promotion.

Their campaign is likely designed to further penetration into their targeted market, and those of us who chase down interest rate promos can hop on for the ride, while it lasts.

Disagreement or dislike for something is not a reason to disparage.

July 25, 2018
11:07 am
Londonguy
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Me too, Nehpets -- I'm glad to have another CDIC option to spread it around

July 25, 2018
1:01 pm
Loonie
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Well said, Stepehen.

Garbage comments just litter up the board and make it a less attractive place to come.

For the record, I don't deal with this particular FI.

Please write your comments in the forum.