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New Bank: WealthOne
September 5, 2017
1:48 pm
Nehpets
Ontario
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This information based on my telephone inquiry to WealthOne customer service today:

Initial minimum deposit $1,000.00, but once established no penalty if balance drops below $1,000.

Initial deposit hold 15 days, subsequent deposits hol 5 days

Maximum daily withdrawal for online banking $10,000, but can be overridden by customer service when required.

Can link up to three external accounts to one account.

A joint account can be created with the assistance of customer service.

September 19, 2017
5:21 am
Darkman
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Wealth ONE ... 2.5% currently ... not a promo rate, 10 free bill payments / month ... 3 links are allowed to establish (just as at Tangerine basically).

I opened an account there recently ... Original deposit has to be $1000 or more (via sending them a check or through their App (I used their App) ... after that no minimum balance is required to earn 2.5%.

https://www.wealthonebankofcanada.com

September 19, 2017
7:04 am
Nehpets
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Darkman said
I opened an account there recently  

I did as well at the beginning of September and will give them a try, making a few transfers in and out to test the timing of their systems.

I would like to see some easing of their hold policy of 5-8 days, and have discussed this with the branch manager.

September 19, 2017
7:08 am
Darkman
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Oh, I see ... Thread about them exists here already by the looks of it 🙂

I didn't see this bank on the Chart though.

Maybe it should be added to the chart, as it's legit, decent rate and quite flexible (3 links, 10 bill payments / month etc).

September 19, 2017
1:48 pm
Nehpets
Ontario
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Darkman said
Maybe it should be added to the chart, as it's legit, decent rate and quite flexible (3 links, 10 bill payments / month etc).  

Agreed! I would respectfully urge that Wealth One be included in the comparison list, since it appears to conform to the inclusion criteria and offers the highest HISA rates.

I understand some Forum members have reservations about Wealth One that have been expressed earlier in this thread, but are these reservations justification to exclude its listing?

September 19, 2017
2:20 pm
rhvic
Victoria, BC
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Nehpets said

Agreed! I would respectfully urge that Wealth One be included in the comparison list, since it appears to conform to the inclusion criteria and offers the highest HISA rates.

I understand some Forum members have reservations about Wealth One that have been expressed earlier in this thread, but are these reservations justification to exclude its listing?  

Given some of the allegedly shady characters who are involved with WealthOne (see the wiki article on them), I would not want to see them on the list. In any case I do not plan to deal with them. If say Bernie Madoff opened a bank and offered me even 6%, I would not go there!

September 19, 2017
2:56 pm
Darkman
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rhvic said

Given some of the allegedly shady characters who are involved with WealthOne (see the wiki article on them), I would not want to see them on the list. In any case I do not plan to deal with them. If say Bernie Madoff opened a bank and offered me even 6%, I would not go there!  

LOL ... All (or most) bankers are shady characters, believe you me.

As to Bernie Madoff ... -- you would so go to him ... IF you didn't know who he was 🙂

September 19, 2017
3:24 pm
Nehpets
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rhvic said

Given some of the allegedly shady characters who are involved with WealthOne (see the wiki article on them), I would not want to see them on the list.   

The way I see it, each investor has to make his/her decision based on their own comfort level assessment of any risk.

Isn't the intent of the Forum to inform ourselves about Canadian high interest savings bank accounts?

I personally don't like EQ Bank, and would never (again) deal with them, but don't feel I have the right to preclude others from seeing what they offer.

September 19, 2017
3:31 pm
Darkman
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The bank is CDIC (or whatever it's called) insured ... (up to $100,000).

So what's the problem ... If one doesn't feel comfortable to hold more than that with them -- don't give 'em more than 100K?

Someone reported on another forum getting a mortgage from them ... - everything went smooth for them .. "pain free".

September 20, 2017
1:10 am
speedwagen
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This bank is starting to look like a barnyard operation.

I did my due diligence as I always do with prospective deposit venues with my list of relevant questions before proceeding. All their answers made the cut so I set up our acc'ts.

I'd initially been told that we could link up to 5 external acc'ts, now they're saying 3. I noticed some of you were quoted 5 & others 3. It looks like they can't make up their minds, but I wouldn't necessarily call that a big deal other than their appearing incompetent.

My much bigger deal is that I'd been told that their protocol for linking external acc'ts was essentially what I've expected it to be from previous dealings with other FI's that I've found to be good to deal with, which is they'll accept a scanned copy of a PAD or DD form or any other bank doc or letter with all the acc't details spelled out in addition to void cheques, via email.

After we sent them the relevant docs, they're now saying that they'll gladly link the acc'ts submitted, but they require that you link their acc't at the other end and push money to them 1st before they'll link it at their end??? Has anybody else come across this?

Personally, that's the stupidest thing I've ever heard. Why would I want to link an acc't at their end if I've already linked theirs at the other end??

I was in agreement with Darkman as far as staying within CDIC limits, as I would normally not care if the bank was alien-owned, including from another galaxy, as long as they're CDIC-covered, but I'm starting to concur with Brimley Chen, that they should be avoided. Depending on what I hear back from you or them, I may very well add them to my Blacklist.

September 20, 2017
8:48 am
Darkman
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^ ^ .... yes I was also told 5 links originally .. but then looks like it was a mistake ... It's 3 links ... and 1st rep i talked to misinformed me.

As to the links ... - I am all set now ... linked all I could and the way I wanted it to be linked .. my 3 links are now: Tangerine Savings, EQ Bank, PCF / Simplii Savings 🙂

I started with 1000 dollar cheque from Tangerine Chequing ... then also linked Wealth ONE to EQ bank and Tangine .. and they sent few cents to my Wealth ONE and I got those verified..

After I spoke to Angie (in back office) .. she told me she WOULD accept printed, signed and dated PAD / Void Cheque forms ... scanned after signing and then emailed to her.

I did that but nothing was done for maybe 10 days or so (meanwhile your original deposit 1000 dollars is on hold there for 15 days) ... so rep told me after 15 days everything should start working and "open up", lol.

Well .. It didn't ... So I called back .. and eventually got transferred to Angie .. She told me she'll look at my email again, but has to find it first, lol ...
I am a sharp boy .. so i told her i can just re-send / forward the original email to her again .. together with all attachments .. so i did that and she had it in seconds..
EQ bank's void cheque and PCF's Deposit form (or something similar).
In minutes she linked those ... and they are operational.

I also told her, when those are done and all settled, I am am planning to remove my Tangerine Chequing link and replace is with Tangerine Savings link (as we are only allowed 3 links (same as in Tangerine, EQ bank allows 10 links).
She said OK.

So yesterday it was DONE ... I sent her request to do so .. with signed / scanned Tangerine Savings Direct Deposit form .. and in no time i was set up.
Now i have 3 links i wanted and it works for me..

I am currently getting 2.5% via Tangerine promo ... so only have $1010 or so at Wealth One... If they were to become highest rate available -- they are going to get more of my money.
Not a bad account overall .. with no minimum balance required after initial 1000 dollars cheque ... 3 links is better than 0 ... and 10 FREE bill payments / per month from the same account (without a need to transfer from Chequing to Savings as in Tangerine) is somewhat convenient 🙂

September 20, 2017
12:38 pm
speedwagen
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Darkman, you mentioned that you linked your Wealth 1 acc't at both EQ & Tang. Linking it there obviously entails a transfer to Wealth 1, which essentially corroborates their request to have me push funds to them after linking their acc't at the other end. Were you asked to link your acc't externally like I was or did you do that on your own?

If it's the latter, not that it's any of my business, but with limited link availability, especially between Wealth 1 & Tang where you only get 3 apiece, why would you want to waste a double link between the same 2 acc'ts?

Also, did they tell you in advance that they wouldn't link your acc'ts for 2 wks & why and would they have done so even if you didn't link your acc't externally & push a few cents in?

I don't know about you, but that wouldn't sit well with me that you still had to chase them down to get it done?? Every other FI I've dealt with that has the same linking protocol as Wealth 1 has accepted link requests the day the acc't was opened and completed said links within 2 days, Alterna to name 1.

September 20, 2017
1:04 pm
Nehpets
Ontario
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The way I linked a second account to my Wealth One account was to make a mobile deposit with a check for $1.00 from the second bank, as arranged by the customer service rep.

The link was processed almost immediately.

As Darkman alluded to in his post, Angie, the branch manager of the North York Branch seems accommodating and helpful to solve problems and has the authority to process special requests.

It's quite possible they are experiencing growing pains, but overall, I feel everyone with whom I've come in contact there is at least trying to help and work things out.

I still intend to do some further testing with processing outgoing transfers to compare the timing of their transactions, but so far I can't complain.

Certainly much better than my disappointing experience with EQ Bank.

Stephen

September 21, 2017
8:12 am
davidgeorge
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any idea/experience about fund out time from this bank, 1 or 2 days?

September 21, 2017
8:54 am
Darkman
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davidgeorge said
any idea/experience about fund out time from this bank, 1 or 2 days?  

Initiating fund out on which end?

September 21, 2017
9:07 am
Darkman
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speedwagen said
Darkman, you mentioned that you linked your Wealth 1 acc't at both EQ & Tang. Linking it there obviously entails a transfer to Wealth 1, which essentially corroborates their request to have me push funds to them after linking their acc't at the other end. Were you asked to link your acc't externally like I was or did you do that on your own?

If it's the latter, not that it's any of my business, but with limited link availability, especially between Wealth 1 & Tang where you only get 3 apiece, why would you want to waste a double link between the same 2 acc'ts?

Also, did they tell you in advance that they wouldn't link your acc'ts for 2 wks & why and would they have done so even if you didn't link your acc't externally & push a few cents in?

I don't know about you, but that wouldn't sit well with me that you still had to chase them down to get it done?? Every other FI I've dealt with that has the same linking protocol as Wealth 1 has accepted link requests the day the acc't was opened and completed said links within 2 days, Alterna to name 1.  

1. I did it on my own

2. I just felt like it ... always could be cancelled / removed ... More likely I made that link, so in case i ever want to move money (especially larger amount of money, lets say) from Wealth to Tangerine, I can simply initiate the transfer on Tangerine's end, pulling the money from Wealth ... and getting credit for the money the next day i think .. and then maybe making double the interest for a day or two etc from both banks 🙂

I have thick skin .. I called them and Angie "fixed me up" / linked EQ and PCF savings in no time ... and that was that.
As long as final result is satisfactory, I tend not to make (or try to make) waves 🙂

3. They told me in advance that while original 1000 dollars was on hold, those other 2 links would not be operational until original 1000 dollars is "off hold".
I only started to troubleshoot about them when 1000 dolars became "off hold" and the links were still not working.

September 21, 2017
9:09 am
Darkman
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I like it ... what i noticed twice so far ... if you pull some money from one of your 3 links (initiating that pull at Wealth), you seem to get credited / money posted to your Wealth account the same day (same as with EQ bank) .. If you were to do the same at Tangerine, I am pretty sure the money is credited to your account the next (or next business) day.

September 21, 2017
9:46 am
davidgeorge
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Darkman said

Initiating fund out on which end?  

Thanks, either end. I just want to make sure this bank follows standard practice when transferring fund out before I open an account.

September 21, 2017
10:49 am
Darkman
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davidgeorge said

Thanks, either end. I just want to make sure this bank follows standard practice when transferring fund out before I open an account.  

Opps ... You know, I never tried that yet ... So far I only brought some money in Wealth, not out.

Original deposit of $1000.00 ... then EQ and Tangerine sent them few cents each to establish Wealth link ... then when 2 additional links were operational over at Wealth, I pulled $0.01 (each pull) from EQ and PCF Savings ...

When Wealth link at Tangerine got verified, I sent $5 (that was simply laying around in my Tangerine Chequing) over to Wealth (that $5 is in today I see .. and left Tangerine Chequing yesterday).

And when I cancelled Tangerine Chequing link over at Wealth, substituting it with Tangerine Savings account instead ... -- I pulled $10 from Tangerine Savings over to Wealth, and got credited $10 at Wealth the same day (September 19th).

So my Wealth balance now = $1010.45 (with $10 mentioned above being still on hold for a couple more days i think).

Never had a need to push money from Wealth to say Tangerine Savings yet ... or pull money from Wealth, initiating the pull at Tangerine Savings yet ... simply didn't have a need for it yet.
But someone reported at another forum that they did and there wasn't any problems ... went smooth and timely as anywhere else.
If i ever were to move money from Wealth to elsewhere, I'd do it in a form of a pull, say initiating over at Tangerine (Savings), EQ Bank or PCF (Savings) .... to pull money from Wealth... this way I would be credited with the money the same day at EQ bank and the next day at Tangerine and PCF .. and then if the money takes an extra day to arrive, for example, so what, lol -- as I'd be making double interest on it (from both institutions) 🙂

September 22, 2017
5:01 pm
Darkman
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From Rate's chart page: "This chart summarizes Canadian high interest savings account rates and is for informational purposes only."

2.5% ... working and guaranteed Canadian bank could safely be added to the chart, me thinks ... for informational purposes only, if for nothing else.

2.5% non-promo rate is a decent rate. Bottom line.

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