High interest rates for savings, GICs and MMFs (2018)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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Insomniac
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by Insomniac »

BRIAN5000 wrote: 19 Feb 2018 15:33

How do people get money from a Big 5 to Coast Capital, they say eTransfer is limited to small amounts, bill payment won't work, no PFT, AFT or EFT available WTF? I'm going to try a bill payment.

Snail mail omg??? :evil:
Interact transfer. I used it yesterday. limit is $10000 per day or $20000 per 24 hours. (I guess a day isn't 24 hours? :? )
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Re: High interest rates for savings, GICs and MMFs (2018)

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Insomniac wrote: 19 Feb 2018 15:44
BRIAN5000 wrote: 19 Feb 2018 15:33

How do people get money from a Big 5 to Coast Capital, they say eTransfer is limited to small amounts, bill payment won't work, no PFT, AFT or EFT available WTF? I'm going to try a bill payment.

Snail mail omg??? :evil:
Interact transfer. I used it yesterday. limit is $10000 per day or $20000 per 24 hours. (I guess a day isn't 24 hours? :? )
Freaking hopeless from their website

Receiving funds

Receive up to $10,000 per transaction/per day
Receive up to $20,000 every 24 hours
Receive up to $140,000 every 7 days
Receive up to $600,000 every 30 days
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Re: High interest rates for savings, GICs and MMFs (2018)

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You can also send funds from your online brokerage account to CC. That's what I will do when I buy the GIC.

edit: or simply write a cheque to yourself and deposit it.
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Re: High interest rates for savings, GICs and MMFs (2018)

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Insomniac wrote: 19 Feb 2018 15:56 You can also send funds from your online brokerage account to CC. That's what I will do when I buy the GIC.

edit: or simply write a cheque to yourself and deposit it.
From TDDI to CC? If I supply TDDI with a void cheque?


Bill payment from BNS to CC is a no go, CC doesn't show up as a payee like BNS to TDDI does.
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Re: High interest rates for savings, GICs and MMFs (2018)

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I'm thinking of moving my TFSA HISA money out of People's Trust. Maybe to Alterna Bank at 2.10%? I see there is no transfer out fee from PT, although Alterna has one.

Back when interest rates were almost at their lowest I pulled all my XSB holdings into the People's Trust TFSA figuring it was a better bet to weather out a rate increase. Looks like the 3-year total return of XSB has been 0.28% so I made the right choice there. We now seem to be at a point where further rate increases are forecast for the next 2 years or so but HISA rates haven't really moved up appreciably. I'm not interested in the "chase promo rates all year" thing but it does look like PT isn't planning on competing anymore so I may as well make a move.
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Re: High interest rates for savings, GICs and MMFs (2018)

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BRIAN5000 wrote: 19 Feb 2018 16:27 Bill payment from BNS to CC is a no go, CC doesn't show up as a payee like BNS to TDDI does.
If looking for Coast Capital under bill payees also check for Central 1 Credit Union. That's the umbrella org for B.C. CUs. IIRC I had to use C1CU instead of CC recently in getting a direct deposit set up from Service Canada.

Another possible option: I recently moved money from CC out to Tangerine, successfully linked the accounts after setting up a Tangerine account. Based on my experience if you had a Tangerine you should have no trouble connecting and then sending money into CC that way.

Edit: I'll be interested to hear your outcome. I am also a TDDI user but have never tried to send money from TDDI to CC, only to TDDI via a CC bill payment.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by AltaRed »

It is my experience at least a few of the big 5 banks do not allow a Bill Payee to be another FI's bank account. Only Bill Payee to things like brokerage accounts. Have to use other institutions like Tangerine, Simplii, Oaken, etc. for push/pull between bank accounts. I really do not know why the big 5 cannot (or will not) do that.

Some brokerage accounts will allow EFT to another FI's bank accounts through a special form. I did that from Scotia iTrade when I wanted to be able to move money directly to PC Financial about 5 years ago.
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Re: High interest rates for savings, GICs and MMFs (2018)

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I just remembered it's definitely possible to EFT from TDDI to Coast Capital because I set that up for a family member whose dividends auto "wash" out to CC via the EFT. And I have also phoned a rep to direct additional manual EFTs to CC when desired. I set that up during branch sit down for POA, not sure if it can be done without branch visit.

If you don't have a CC cheque yet look for 'Pre-authorized Credit and Debit Form' under Helpful Links when logged in to find the account/institution/transit #s to take to TD. Make sure you get TD to set the EFT up for all TDDI accounts you might need to connect.
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Re: High interest rates for savings, GICs and MMFs (2018)

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Edit: I'll be interested to hear your outcome. I am also a TDDI user but have never tried to send money from TDDI to CC, only to TDDI via a CC bill payment.
Sorry I was using BNS to TDDI as an example.

To send money from TDDI to CC I would think would/should be easy. You send TDDI a void cheque to keep on file then when you want to transfer you call them and tell them to send x $ amount. The only catch I guess is if CC wouldn't accept it. That's how it works for TDDI to BNS.

I need to get funds from BNS to CC and when GIC's renew have an option to transfer out. Branches are close but they said next week for an appointment :shock: they're busy.

Wife didn't make it through credit check, lol. Sorry we can't accept you as a member, ffs. (you need min 650 score) The good news no CDIC so it can all go in one account anyway.
If looking for Coast Capital under bill payees also check for Central 1 Credit Union. That's the umbrella org for B.C. CUs. IIRC I had to use C1CU instead of CC recently in getting a direct deposit set up from Service Canada.
No luck will walk to BNS in morning and ask if they can EFT with the form its near Timmies too. TY.
Make sure you get TD to set the EFT up for all TDDI accounts you might need to connect
I use BNS as my main hub to avoid this everything goes back to BNS then onward.

Looks like DEPOSIT ON THE GO will work, take a picture of the front and back of my check with my Ipad while I'm in my account, see what happens when a fairly large check is photographed, states no min/max.. I emailed max is only 20 million.
Last edited by BRIAN5000 on 20 Feb 2018 11:34, edited 1 time in total.
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Re: High interest rates for savings, GICs and MMFs (2018)

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I called CC this afternoon. Asked the rep what "new" money meant. As expected, she told me that it was to encourage new deposits. I told her that I would transfer money out to my brokerage account and them back into my CC account to create "new" money. I explained that this was an inconvenience for me, so why not just allow me to transfer to the GIC now. After checking with her supervisor, she set up the GIC for me.

I asked if there was a ceiling on the offer. i.e. if they met some target amount of new deposits, they would stop offering the GICs ahead of the cut off date. She told me that they would continue to offer the GICs until the cutoff date.
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Re: High interest rates for savings, GICs and MMFs (2018)

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Insomniac wrote: 20 Feb 2018 00:26 I called CC this afternoon. Asked the rep what "new" money meant. As expected, she told me that it was to encourage new deposits. I told her that I would transfer money out to my brokerage account and them back into my CC account to create "new" money. I explained that this was an inconvenience for me, so why not just allow me to transfer to the GIC now. After checking with her supervisor, she set up the GIC for me.
:thumbsup: :rofl:
Insomniac wrote: 20 Feb 2018 00:26 I asked if there was a ceiling on the offer. i.e. if they met some target amount of new deposits, they would stop offering the GICs ahead of the cut off date. She told me that they would continue to offer the GICs until the cutoff date.
Thanks for asking this. I wasn't sure if I was going to personally be able to take advantage, as funds I would use won't be available until mid-March.
If anyone's wondering if there's an individual cap on this offer, the fine print indicates a max of $25 million per customer.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by ig17 »

Just a friendly reminder:

PCF/Simplii deal (3%) ends at the end of February. This upcoming weekend presents an opportunity to earn double interest at Simplii and Tangerine, if you are enrolled in both deals.

Enter a "pull" transfer request at Tangerine on Thursday. Tangerine will credit your account on Friday. Simplii will debit your account on Monday. You will earn double interest (3% + 2.5%) on Fri, Sat and Sun. That's $20.55 in extra interest per 100K transferred. Not much, but better than a kick in the teeth.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by poedin »

Thanks ig17 :thumbsup:
Curious to see what (if anything) Simplii will be offering next week in lieu of 3% ...
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by ig17 »

poedin wrote: 22 Feb 2018 00:35 Curious to see what (if anything) Simplii will be offering next week in lieu of 3% ...
I am curious too but first I will empty my account.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by BRIAN5000 »

Coast Capitals other offer
1-Year Redeemable
Term Deposit
The 1-Year Redeemable term deposit is our most flexible term deposit.
https://www.coastcapitalsavings.com/Inv ... tProducts/

2.25 %
New money to Coast Capital
1.20 %
Existing Money
Redeemable with full accrued interest any time after 30 days
Minimum investment of $500
Available in Non-registered and Registered Account such as an RRSP, RRIF, RESP or TFSA

All new money, I tried $200 at 33 months 4% and another $225 at 4% cashable for 33 months, no go, someone with a little better banking relationship with CC should give this a whirl.

If they go Federal this summer all GIC's started now are supposed to be grandfathered to the old CUDIC insurance not the new CDIC.
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Re: High interest rates for savings, GICs and MMFs (2018)

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BRIAN5000 wrote: 22 Feb 2018 16:02 Coast Capitals other offer
1-Year Redeemable
Term Deposit
The 1-Year Redeemable term deposit is our most flexible term deposit.
https://www.coastcapitalsavings.com/Inv ... tProducts/

2.25 %
New money to Coast Capital
1.20 %
Existing Money
Redeemable with full accrued interest any time after 30 days
Minimum investment of $500
Available in Non-registered and Registered Account such as an RRSP, RRIF, RESP or TFSA

All new money, I tried $200 at 33 months 4% and another $225 at 4% cashable for 33 months, no go, someone with a little better banking relationship with CC should give this a whirl.

If they go Federal this summer all GIC's started now are supposed to be grandfathered to the old CUDIC insurance not the new CDIC.
I have heard conflicting information on this. Do you have anything in writing or a link to any information on their website that confirms this?

Even though CUDIC is unlimited insurance, I am reluctant to go above $100k of investing with Coast Capital because Vancouver real estate is so inflated that if some kind of crash happens (which most people think couldn't ever happen but just in case by some weird unforeseen circumstance it did), I don't know whether CUDIC is strong enough to provide the "unlimited" coverage that may be needed to make us all whole.
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Re: High interest rates for savings, GICs and MMFs (2018)

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I do not have anything in writing but will have a look around ASAP.

Well good news wifey was accepted by Coast Capital for an account, it took another trip to to the branch and her taking time off work and 2 days of funds sitting at .9% instead of 4%.

Anyone care to guess what the problem was....yes you guessed it the Postal code on her drivers license and equalfax didn't match, lol what a joke. If they didn't have the best rate we would have been gone.
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Re: High interest rates for savings, GICs and MMFs (2018)

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BRIAN5000 wrote: 23 Feb 2018 02:41 I do not have anything in writing but will have a look around ASAP.

Well good news wifey was accepted by Coast Capital for an account, it took another trip to to the branch and her taking time off work and 2 days of funds sitting at .9% instead of 4%.

Anyone care to guess what the problem was....yes you guessed it the Postal code on her drivers license and equalfax didn't match, lol what a joke. If they didn't have the best rate we would have been gone.
Sounds like a bit of a nightmare. Glad that you were able to make it worth your while in the end by getting what you wanted. Why do these things always have to be so difficult? (rhetorical question)
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by schmuck »

BRIAN5000 wrote: 23 Feb 2018 02:41 Anyone care to guess what the problem was....yes you guessed it the Postal code on her drivers license and equalfax didn't match, lol what a joke. If they didn't have the best rate we would have been gone.
Sadly, it's not a joke.
Here's another example:
Mrs. Schmuck applied for an account at Simplii Financial some time ago, but was rejected because of some sort of problem with Equifax which Simplii refused to identify. Although she had never applied for a loan, mortgage or any other type of credit in her life (other than convenience accounts at department stores), we knew what the problem was because she encountered a similar snag 4 years ago with Tangerine. The problem was that her birth date was out be 2 days because (what we assume) was a screw-up by a clerk at Sears where she applied for a credit card some 20 years ago. Anyway, Tangerine was a little more rational and managed to find a way around the issue.

Long story short, Simplii also rejected her 2nd application after she thought the matter had been resolved with Equifax...so she promptly told them to stuff it.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by BRIAN5000 »

Just out of curiosity I went into my account where CC was going to withdraw the money from. We dropped the personal cheques off at about 5pm last night, Thursday. I didn't think to cheque until now 10:50 am Friday but the money has been withdrawn. They can sure move fast when it's in their own best interest. :evil:
Last edited by BRIAN5000 on 23 Feb 2018 14:53, edited 1 time in total.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by good4u »

BRIAN5000 wrote: 23 Feb 2018 13:56 Just out of curiosity I went into my account where CC was going to withdraw the money from. We dropped the personal cheques off at about 5pm last night, Thursday. I didn't think to cheque until now 10:50 am Friday but the money has been withdrawn. They can sure at fast when it's in their own best interest. :evil:
I have noticed that also. I think the bank clearing system is very fast but obviously they must have processed them right away. Cheques are a great way to move money around when you don't want to wait for a funds transfer which can take a couple of days.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by Money101 »

schmuck wrote: 23 Feb 2018 12:05
BRIAN5000 wrote: 23 Feb 2018 02:41 Anyone care to guess what the problem was....yes you guessed it the Postal code on her drivers license and equalfax didn't match, lol what a joke. If they didn't have the best rate we would have been gone.
Sadly, it's not a joke.
Here's another example:
Mrs. Schmuck applied for an account at Simplii Financial some time ago, but was rejected because of some sort of problem with Equifax which Simplii refused to identify. Although she had never applied for a loan, mortgage or any other type of credit in her life (other than convenience accounts at department stores), we knew what the problem was because she encountered a similar snag 4 years ago with Tangerine. The problem was that her birth date was out be 2 days because (what we assume) was a screw-up by a clerk at Sears where she applied for a credit card some 20 years ago. Anyway, Tangerine was a little more rational and managed to find a way around the issue.

Long story short, Simplii also rejected her 2nd application after she thought the matter had been resolved with Equifax...so she promptly told them to stuff it.
This is why people should order copies of their credit files (from both credit bureaus), from time to time, to verify their accuracy and have necessay corrections made.
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Re: High interest rates for savings, GICs and MMFs (2018)

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Or when you get a new drivers license check it very carefully that it's accurate. :roll:
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Re: High interest rates for savings, GICs and MMFs (2018)

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For those who like to chase various online banks for the best GIC rates, there is a new 1-5 year GIC comparison chart at https://www.highinterestsavings.ca/gic-rates/ It covers a number of retail online banks, but not products/rates published by brokers/brokerages.
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Re: High interest rates for savings, GICs and MMFs (2018)

Post by goleafsgo »

3% promotion with Simplii expired yesterday. Today, they are now offering 2.5% on the same money (does not have to be new money) until the end of June. In addition they have raised eligible limit to $1M (from $500K).
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