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Email this6:23 am
June 9, 2022
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I recently closed my Motive bank account since they decreased their rates and it's unlikely they will go back up after being sold to National Bank so I'm looking for an alternative.
Does Wealth One have the same type of online banking options as Motive and EQ Bank?
Would I be able to buy GICs online?
Can I link a bank account by sending them a void cheque?
8:18 am
October 27, 2013
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That would seem to be a questionable place (small entity) to place a significant, if not majority, of one's business. A well established entity would seem to be the better choice for ongoing, longer term, stability/viability/survivorship.
8:51 am
October 27, 2020
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I have the same questions as gicbits (OP), though I would not exceed the CDIC limit of $100,000 with Wealth One (not implying the OP would).
But before opening an account with Wealth One, I would need to be assured the bank no longer has ties to the Chinese government.
8:57 am
October 27, 2013
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To me it is more than that. What are the chances Wealth One will remain independent rather than be sold to another entity? Would you want to transfer all your direct deposits, pre-authorized debits, me2me transfers, chequing et al with an entity that is about as rock solid as an amoeba?
It is one thing to take some advantage of 'reaching for yield' for a few GICs or an HISA, but I would stick with something substantive and historically stable for all that other stuff.
10:01 am
January 12, 2019
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.
To add to AltaRed's comments above (Posts # 2 & 4) . . .
- -> W1BoC has 'Never' earned a profit.
-> Among other things, the new owners will most likely have to Drastically Reduce W1BoC's SA & GIC interest rates.
-> The possibility of W1BoC eventually being merged into another FI, remains on the table.
-> etc., etc. (add to AltaRed's comments, as you see fit) . . .
.
For now, it's best to watch W1BoC from the Sidelines, and Not get involved.
.
.
- Dean
" Live Long, Healthy ... And Prosper! "
10:39 am
September 11, 2013
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Been with them since day one, just to take advantage of their high rates, never would exceed CDIC limits (same as any other non Big Bank). Never had a problem of any kind, not even minor one, been hearing of their demise for years on here, guess we'll see.
I wouldn't use them as my daily, main bank, for reasons already mentioned here, and as I wouldn't use any non Big Bank for that purpose.
I'm not sure anyone can "be assured" it has no ties to Chinese government, just as I've seen no-one present proof of any malfeasance directly linked to Chinese government. My hunch is China uses (used?) this bank to keep an eye on financial transactions between diaspora and folks in China but I've zero proof. All I know is that Canada authorities are still allowing it to operate in Canada so apparently there's been no reason to shut it down, it's legal in the eyes of our authorities, that's all I care about.
You can buy non-registered gics online, not sure about registered gics, used to have to call for those.
10:41 am
June 9, 2022
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The alternatives I'm also considering are PC Financial & Saven Financial but I'll have to look into Saven Financial again as I do not like to do banking on my phone and I believe that this is how it must be done with them.
Any thoughts on PC Financial and Saven?
11:03 am
January 12, 2019
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.
Gicbits ⬆️ . . .
One of the best sources for info like that, is the website we're on❗
- - PC Financial: https://www.highinterestsavings.ca/forum/pc-financial/
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- Saven Financial: https://www.highinterestsavings.ca/forum/saven-financial/
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Cheers,
- Dean
" Live Long, Healthy ... And Prosper! "
11:42 am
April 6, 2013
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No GIC's from PC Financial ever since PC Financial ended its relationship with CIBC in 2017.
PC Financial uses Flinks to link external accounts. The microdeposit method was dropped last year in December.
Have a look at that Linking accounts thread to see if the PC Money account is suitable. No chequing and cheques not accepted for deposit.
11:56 am
October 27, 2013
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Isn't PC Financial now sort of like CT Bank in that it primarily exists to provide float for its credit card business?
7:26 pm
August 20, 2019
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Google AI says,”Based on the information available, Wealth One Bank of Canada's asset base was C$516 million as of April 30, 2025. A previous report from November 2024 indicated the assets were slightly over C$600 million. “.
Also, “WealthOne Bank is expected to become profitable once its asset base reaches $750 million to $800 million, a goal that new owners hope to achieve with capital injections, though a specific timeline for turning a profit has not been set. “
Also, “Wealth One Bank aims to reach an asset base of C$750-C$800 million to break even. The Globalive-led consortium plans to invest an additional C$200 million in growth capital to expand the bank's lending and deposit capacity. “
1:34 pm
April 6, 2013
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AltaRed said
Isn't PC Financial now sort of like CT Bank in that it primarily exists to provide float for its credit card business?
I think it is more PC Financial exists for its credit card business.
President's Choice Bank has about $4.09 billion of credit card receivables according to its June 30 Basel III Pillar 3 Disclosure. About $2.30 billion of those receivables are securitized out to Eagle Credit Card Trust and other trusts.
Its June 30 OSFI balance sheet shows the bank only has $0.698 billion in demand deposits, including those through its PC Financial channel.
In contrast, the bank has $1.377 billion in term deposits (via deposit brokers and investment dealers) and $1.08 billion in earnings not paid out yet to its parent, Loblaw Companies Limited.
6:57 am
September 16, 2022
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I’ve been with them for a while now and honestly, I’ve had no issues banking with them. Opening TFSA GIC online is much easier these days, you can link your other bank's account directly during the process, all self-serve. I like that. Their customer service has been a breeze to deal with so far, and for sure the good rates. I appreciate when things just work without any fuss, and so far Wealthone has given me that.
1:26 pm
May 18, 2016
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Pythagoras said
I have the same questions as gicbits (OP), though I would not exceed the CDIC limit of $100,000 with Wealth One (not implying the OP would).But before opening an account with Wealth One, I would need to be assured the bank no longer has ties to the Chinese government.
It's absurd and ignorant for someone know nothing about the great country to discriminate Chinese goverment only based on Western propaganda.
1:35 pm
October 27, 2013
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RYAN said
It's absurd and ignorant for someone know nothing about the great country to discriminate Chinese goverment only based on Western propaganda.
I think most of us would prefer to do business with mostly domestically (majority) owned banks, some major multi-nationals perhaps excepted. HSBC was one such example.
Authoritarian regimes in particular really cannot be trusted where actual control might be suspect. I would hardly call that discrimination... just being smart.
1:39 pm
January 12, 2019
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Pythagoras said
I have the same questions as gicbits (OP), though I would not exceed the CDIC limit of $100,000 with Wealth One (not implying the OP would).
But before opening an account with Wealth One, I would need to be assured the bank no longer has ties to the Chinese government.
Correction: "... ties to the 'Communist Dictatorship Operatives'."
- Dean
" Live Long, Healthy ... And Prosper! "
1:48 pm
May 18, 2016
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AltaRed said
I think most of us would prefer to do business with mostly domestically (majority) owned banks, some major multi-nationals perhaps excepted. HSBC was one such example.
Authoritarian regimes in particular really cannot be trusted where actual control might be suspect. I would hardly call that discrimination... just being smart.
Well, it's just as absurd and ignorant to smear China with pure Western propaganda narrative when China is the overall most favorable country in the world.
3:43 pm
October 27, 2020
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RYAN said
Well, it's just as absurd and ignorant to smear China with pure Western propaganda narrative when China is the overall most favorable country in the world.
Yes, it is propaganda that Canadians Michael Spavor and Michael Kovrig were incarcerated in China on trumped-up charges of spying for almost 3 years.
Or that China has concentration camps for Uyghur Muslims and the Falun Gong.
Or that they have harvested (and still are?) organs for transplantation from non-consenting prisoners.
4:17 pm
October 27, 2013
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RYAN said
Well, it's just as absurd and ignorant to smear China with pure Western propaganda narrative when China is the overall most favorable country in the world.
I encourage you to thus seriously consider emigrating to the so called most favourable country in the world. This is not the thread, nor probably the forum, to have that discussion though.
7:19 pm
August 20, 2019
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If the West had chosen Asian allies as most favored trading partners rather
than communist enemy China, communist china would have ended, similar to Soviet Union. Instead some other insane plan is at work. The US will have no allies to rely on since it has aided and abetted its greatest enemy.
The moderator needs to end the politics in this thread.
Please write your comments in the forum.