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Email this8:20 am
August 29, 2023
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Is there a reason why this bank is not included in the rate charts here?
Sorry. So much from going from memory.
I meant Canadian Western Bank.
9:36 am
December 20, 2016
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friskyib said
Is there a reason why this bank is not included in the rate charts here?
.....Canadian Western Bank.
Probably because the online version of CWB is Motive Financial, which is listed in the Forum charts and has its own Forum discussion section.
Motive is easily accessible across Canada, whereas I am not certain the parent CWB is equally accessible.
Motive frequently has attractive options available, but requires diligence in making electronic fund transfers from the Savvy svgs account due to charges after two EFT's per month are completed. The solution is to open a checking acct, and use checks to withdraw / transfer funds.
Stephen
9:42 am
April 14, 2021
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Nehpets said
Motive frequently has attractive options available, but requires diligence in making electronic fund transfers from the Savvy svgs account due to charges after two EFT's per month are completed. The solution is to open a checking acct, and use checks to withdraw / transfer funds.
Stephen
A chequing account does not sound like much of a solution, since you still must move the funds out of Savvy into it, first. That would still count against the two allowable transfers/month.
9:56 am
August 29, 2023
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Nehpets said
Probably because the online version of CWB is Motive Financial, which is listed in the Forum charts and has its own Forum discussion section.
Motive is easily accessible across Canada, whereas I am not certain the parent CWB is equally accessible.
Stephen
Thanks.
In regards to accessible....I mean a physical office.
And is good for me.
CWB rates appear to be a tad lower vs Motive. So not the same. Personally I would like to see CWB rates posted here. I would like to see how competitive they are before I would consider.
So 5 year rate is .6 less. So if that gap is consistent I would consider the physical location.
Should I assume the Motive contact Centre in Edmonton has knowledge and competent employees that can clearly speak English using the headset close to their lips? Unlike Oaken?
Isn’t PT located in Edmonton too!
10:55 am
October 27, 2013
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CWB is focused on small business owners and has limited branches, especially outside BC and AB. Only a few in Ontario so far. This list may not be complete but it provides some perspective. https://canada-banks-info.com/canadian-western-bank/
I don't think it warrants stand alone coverage albeit a number of offerings on the list are very regional in nature too.
11:56 am
April 21, 2022
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HermanH said
A chequing account does not sound like much of a solution, since you still must move the funds out of Savvy into it, first. That would still count against the two allowable transfers/month.
Transfers between Motive accounts do no count as debit transactions:
https://www.motivefinancial.com/en/accounts/savings/savvy-savings-account
12:37 pm
April 6, 2013
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Leave Canadian Western Bank off the GIC chart.
I see little need to add more to the bottom half of the chart:
| 1 year | 2 year | 3 year | 4 year | 5 year | |
| (median) | 5.20% | 5.25% | 4.90% | 4.70% | 4.70% |
| Canadian Western Bank | 5.150% | 5.200% | 5.000% | 4.700% | 4.600% |
4:09 pm
October 21, 2013
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I have no need to see CWB on our charts.
However, I would leave that decision up to Westerners.
In Ontario, where I live, we have many more decent CU options than people do in bC and AB.
12:00 am
November 18, 2017
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friskyib: Peoples Group (PB and PT) is owned from Alberta but its head offices are in Vancouver. Note from Wikipedia:
Peoples Trust Company, operating as Peoples Group, is a Canadian financial services company based in Vancouver, British Columbia. Peoples Group operates as a trust company and also maintains a chartered bank subsidiary, Peoples Bank of Canada. It is a subsidiary of the Alberta-based holding company Triple Five Group and maintains offices in Vancouver, Calgary, and Toronto.
RetirEd
4:34 am
September 7, 2018
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Loonie said
I have no need to see CWB on our charts.
However, I would leave that decision up to Westerners.In Ontario, where I live, we have many more decent CU options than people do in BC and AB.
From my experience Tandia, Luminus, Saven and Meridian are all not very good. Alterna does not have anything noteworthy. So which CU's in Ontario would you consider "decent"?
7:00 am
December 20, 2016
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canadian.100 said .....which CU's in Ontario would you consider "decent"?
DUCA is about the only Ontario CU that has repeatedly provided worthwhile rates on HISAs, acceptable customer service and least complication for EFTs.
Stephen
9:52 am
October 21, 2013
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canadian.100 said
From my experience Tandia, Luminus, Saven and Meridian are all not very good. Alterna does not have anything noteworthy. So which CU's in Ontario would you consider "decent"?
I like Tandia; they've always bee good with me. I wouldn't use Luminus or Saven, but some people think they're great. Meridian has been useful to me for specific purposes from time to time.
The point is that there are lots to choose from here, and most have good rates at least from time to time, which is more difficult to find in BC or AB or SK. Everyone will have different ideas about which ones are decent. Try a few more. All the ones I like have been discussed on this forum at one time or another. I plan to keep trying different ones.
The only CUs that I've shut down are Luminus and Steinbach, both for terrible service.
10:56 am
October 27, 2013
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Loonie said
The point is that there are lots to choose from here, and most have good rates at least from time to time, which is more difficult to find in BC or AB or SK.
You mentioned that in a prior post. I am curious as to what is your basis for that. I have not heard bad things about the larger BC CUs, e.g. Prospera, Interior Savings or First West, with branches locally where I currently live. I would be surprised if the larger AB or SK ones are necessarily worse/bad either.
Current BC list is https://www.central1.com/list-bc/ though many of these are small and need to be consolidated.
1:51 pm
October 21, 2013
Online
I drew this conclusion from the fact that it is rare to find anyone on this forum drawing our attention to good rates in those provinces. Their CUs may be good at other things.
Trying to remember any... There was something at a CU in Weyburn SK a while back, I think. And there was one very good deal at Coast Capital (as well as numerous complaints), as I recall. Also something at Revelstoke once.
Taking the present moment as an example, I not aware of any great deals in the West. In Ontario, there are HISA deals available today at Meridian, Ganaraska, and DUCA, possibly others I'm not aware of. Last Feb., Tandia offered 15 months at 5.5%, annual compounding, an excellent rate at that time. Parama had a good cashable one year last winter. Windsor Family CU has been offering very good GIC rates through deposit brokers for several months now.
If BC is keeping up in this regard, perhaps we're not hearing about it.
However, some forum members in BC have expressed their frustration with local options, both on the forum and to me by PM.
I think there was one good deal at Ladysmith CU this year, possibly only through deposit brokers.
2:24 pm
October 27, 2013
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Okay, I didn't necessarily associate the word 'good' with 'among the best/good interest rates' so it is definition that appears to be the disconnect. The ability to offer 'high yields' depends very much on lending opportunities and preferred NIM (and presumably profit) to their members. The three local BC ones I mentioned seem to be well grounded and active in the community as well. A different perspective.
Please write your comments in the forum.