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Accelerate Raises Interest Rate
September 9, 2017
1:36 pm
tonster501
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September 09, 2017 AcceleRate Savings,Variable TFSA, RRSP, and RRIF up from 1.70% to 1.85%.

September 15, 2017
8:19 am
gicjunkie
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Accelerate also has some GIC specials as follows:

2 Year Term 2.25% Special
3 Year Term 2.45% Special
4 Year Term 2.65% Special
5 Year Term 2.85% Special

September 19, 2017
5:55 am
gicjunkie
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You should note the differences between the regular high interest savings account at Accelerate and the TFSA:

Regular savings: Interest calculated on the daily closing balance and paid the last day of each month

TFSA: Interest calculated on the daily closing balance and paid annually on December 31

Don't know too many people who, knowing how TFSA deposits and withdrawals work, would want to have interest just paid annually, on January 1 of the next year. If one wanted to make a withdrawal from a TFSA, for example to move it to another TFSA, the best time is in late December so that you can redeposit it in January.

Wonder how many people think the Accelerate HISA and TFSA work the same way. Fine print reading is important.

September 19, 2017
9:39 am
JenE
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Thank you, gicjunkie, for highlighting the TFSA interest payment date. Smart reading!sf-wink

September 20, 2017
2:42 pm
Loonie
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My hat is also off to gicjunkie!
That is so sleazy that I am shocked - and from a credit union, no less, that supposedly puts its members interests first.
Paying annually not only makes it more difficult to move the TFSA; it also gives you slightly less interest than the posted rate because there is no monthly compounding.
Possible workaround for those who are already stuck there might be to transfer the account in December as you wish, leaving perhaps a few dollars in it to keep it open if required. They will still owe you the interest for the year, as it is calculated on the daily closing balance. On January 1, or as soon as the interest is deposited, cash out the account. Redeposit the interest somewhere else the following January. You would lose a little bit on the lack of TFSA protection for that interest for one year, but not too big of a penalty to get out of there! I think that should work but haven't read the fine print.

November 15, 2017
2:48 pm
tonster501
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November 15, 2017 AcceleRate Savings,Variable TFSA, RRSP, and RRIF up from 1.85% to 1.90%.

November 16, 2017
6:33 am
Nehpets
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tonster501 said
November 15, 2017 AcceleRate Savings,Variable TFSA, RRSP, and RRIF up from 1.85% to 1.90%.  

Also one year GIC increased to 2.25% as of Nov 15, 2017.

Not great, but an increase nevertheless.

November 26, 2017
6:23 am
gicjunkie
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Accelerate has a new 5 year special rate of 3.00% effective Nov. 24.

1 Year Term 2.25%
2 Year Term 2.45%
3 Year Term 2.60%
4 Year Term 2.75%
5 Year Term 3.00% Special
6 Year Term 2.95%
7 Year Term 3.00%

July 17, 2018
10:02 am
GR
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Interest rate increased on all Accelerate Savings accounts to 2.25% p.a.

July 17, 2018
11:38 am
Loonie
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There are also changes in other rates, alhtough none are market leaders.

1 Year Term 2.40%
2 Year Term 2.60%
3 Year Term 3.00% Special
4 Year Term 2.90%
5 Year Term 3.30% Special
6 Year Term 3.10%
7 Year Term 3.15%

September 17, 2018
6:53 am
GR
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New rates for GICs:

AcceleRate GIC, TFSA, RRSP, and RRIF
1 Year Term 2.85% Special
2 Year Term 2.95% Special
3 Year Term 3.10% Special
4 Year Term 3.20% Special
5 Year Term 3.35% Special

October 4, 2018
6:39 am
GR
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2.35% p.a. on all savings accounts.

October 4, 2018
12:20 pm
toto
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That's awesome! Finally things are changing for us savers.

January 16, 2019
11:04 am
GR
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Accelerate's GIC interest rates on all products are now:
1 yr. 3.00%
2 yrs. 3.10
3 yrs. 3.15
4 yrs. 3.40
5 yrs. 3.50
6 yrs. 3.45
7 yrs. 3.50

Especially noteworthy is the increase to 3.00% p.a. on the 1 year term, because their promotion of another 1% on GICs of $5,000 or $10,000 is still in effect. Bonus of $50 or $100 is added upfront to the principal, so the effective yield is actually 4.03% p.a. But the true yield might be even higher as the CSR has indicated that the bonus is not regarded as interest and would not be on the T5.
"For a limited time, receive a $50 bonus for investing $5,000 to $9,999 into a new term, and a $100 bonus for investing $10,000 or more".
This promotion is discussed on another thread under Accelerate.

January 16, 2019
11:44 am
Bud
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sorry acc. implicity got u beat

January 16, 2019
12:45 pm
Loonie
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Fine print shows that the promotional 50/100 bonus is only available for non-registered funds, and must be new money.

I am not seeing anything about a 1% bonus.
Perhaps you were referring to a deposit of 5K or 10K? Anything less than 5K would not qualify; and any other figure would give less than 1%.
So, I think it's only good for exactly 5K or 10K, in new money, on a non-registered account. While the bonus is "per member", it's not clear to me whether you could get both bonuses by opening two GICs, one for 5K and one for 10K. It doesn't explicitly say you can't, but i would think it was contrary to the spirit of the offer.

"Terms and Conditions: This promotion is available to new and existing AcceleRate Financial members as of November 16, 2018. This promotion consists of the two components. A $50 cash bonus will be granted to those who meet the following criteria for eligibility: A. Each membership, with accounts that are in single or joint ownership is eligible for maximum of one (1) $50 bonus on applicable new money deposits per membership. B. Eligible new money deposits are required to be $5,000 to $9,999 and invested in a minimum 12-month non-registered GIC in order to be eligible for the $50 bonus. C. The $50 bonus is added by way of credit to the new GIC term. A $100 cash bonus will be granted to those who meet the following criteria for eligibility: A. Each membership, with accounts that are in single or joint ownership is eligible for maximum of one (1) $100 bonus on applicable new money deposits per membership. B. Eligible new money deposits are required to be minimum $10,000 or more and invested in a 12-month non-registered GIC in order to be eligible for the $100 bonus. C. The $100 bonus is added by way of credit to the new GIC term. This is a limited time offer and no prior notice of the promotion end day may be given. Investments deposited prior to November 16, 2018 are not eligible for this program. The investment deposit must meet regular account openings eligibility requirements. This Program is subject to change or withdrawal at any time without notice."

January 16, 2019
4:25 pm
GR
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My posting above (#14) clearly indicates a $50 bonus on a $5000 GIC for 1 yr or a $100 bonus on a $10,000 GIC for 1 yr. adds more than 1% to the posted rate of 3% p.a. "1%" bonus is not specified on their website, but is easily calculated on a GIC of either $5,000 or $10,000.

January 16, 2019
5:59 pm
Loonie
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Thanks for the clarification.

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