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Email this12:47 pm
March 25, 2009
Offline
I belive this is correct and it moved up from 2.1% to 2.2% making them the leader now:
http://www.acceleratefinancial.....rates.aspx
Rates
AcceleRate Savings
Variable TFSA, RRSP and RRIF
2.20%
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You can also get a 1 year GIC for 2.15% now too making them the #1 for 1 yr GIC's too.
Have a great day
4:19 pm
I belive this is correct and it moved up from 2.1% to 2.2% making them the leader now:
Rates
AcceleRate Savings
Variable TFSA, RRSP and RRIF
2.20%
You can also get a 1 year GIC for 2.15% now too making them the #1 for 1 yr GIC's too.
Well after the Canada Rate went up...isn't it really nice to see that not only consumer rates went up accordingly but so did investment products. Good going AcceleRate.:lol:
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6:44 pm
I belive this is correct and it moved up from 2.1% to 2.2% making them the leader now:
Rates
AcceleRate Savings
Variable TFSA, RRSP and RRIF
2.20%
You can also get a 1 year GIC for 2.15% now too making them the #1 for 1 yr GIC's too.
---
Well after the Bank of Canada Rate went up...isn't it really nice to see that not only consumer rates went up accordingly but so did investment products. Good going AcceleRate.:lol:
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7:28 pm
Hey wait a second. The bank rate most recently went up a quarter of a percent. One for you, two for me, one for you, two for me. Savers are still undervalued and underappreciated. :yell:
10:01 pm
These guys are not backed by CDIC, but instead by
http://www.cudgc.com/
Credit Union Deposit Guarantee Corporation of Manitoba.
If they run out of money, then what? will the feds pitch in?
I'm assuming that if CDIC runs out of money the feds may help out, but even that i'm not sure of. What I do know is, there is more risk there to get that extra 0.1%. Take your deposit of even 10,000. 0.1% is 10$ per year for the extra risk you are taking.
4:21 am
March 25, 2009
Offline
guest said:
Hey wait a second. The bank rate most recently went up a quarter of a percent. One for you, two for me, one for you, two for me. Savers are still undervalued and underappreciated. :yell:
Happy for any increase. No other banks (have yet) increased their rates after the .25% prime rate increase, so good for this one to do it alone, first.
Have a great day
4:23 am
March 25, 2009
Offline
These guys are not backed by CDIC, but instead by http://www.cudgc.com/ Credit Union Deposit Guarantee Corporation of Manitoba. If they run out of money, then what? will the feds pitch in? I'm assuming that if CDIC runs out of money the feds may help out, but even that i'm not sure of. What I do know is, there is more risk there to get that extra 0.1%. Take your deposit of even 10,000. 0.1% is 10$ per year for the extra risk you are taking.
I see what you are saying. But for me, I would trust the backing of a Canadian Province (Gov't backed) over that of the CDIC (bank backed). So it's a no brainer for me, I'd tranfer all my money into there without worry that is over $100k.
I'm with ATB for that reason right now. (Prov backed, not CDIC). AcceleRate Savings is the next bank I'll be going to myself as soon as I can.
Have a great day
5:30 am
from cudgc.com's faq
Does the Government of Manitoba also cover deposits?
There is no legislated requirement for the Manitoba government to provide financial support to credit unions.
--
I couldnt find anything on CDIC's FAQ page that was 1/2 as clear of the fed's backing.
8:49 am
March 25, 2009
Offline
This is what I found:
"All deposits in any Manitoba credit union are guaranteed without limit"
http://www.acceleratefinancial.....yFree.aspx
"As established under The Credit Union and Caisses Populaires Act, the Corporation is required by law to guarantee without limit all the deposits you make with your Manitoba Credit Union...Since 1937, when Manitoba's first Credit Union opened, no member has ever lost any savings or deposits. "
With that kind of backing, 100% unlimited with "including any interest credited to those accounts" I'd be all over it. Better than the CDIC 100k limit IMO. Hey, I'll put my money on it too. 🙂
Have a great day
10:33 am
besides, the government would be forced to pitch in if depositors stood to lose money on their cash deposit accounts. if people thought they might lose money with their "safe" deposits, there would be a massive run on the credit unions (and maybe even the chartered banks).
12:54 pm
March 25, 2009
Offline
guest said:
besides, the government would be forced to pitch in if depositors stood to lose money on their cash deposit accounts. if people thought they might lose money with their "safe" deposits, there would be a massive run on the credit unions (and maybe even the chartered banks).
Well, up to a point.
The gov't would backstop anything CDIC covered (up to $100k but no more) if needed.
For 100% covered like Provincal credit unions, the gov't would cover 100% if needed.
Have a great day
5:44 pm
who is banking with them right now?
I am calling tomorrow and asking for the welcome package.
I am just wondering how long it will take to open the account?
7:56 pm
stylintheo said:
who is banking with them right now?
I am calling tomorrow and asking for the welcome package.
I am just wondering how long it will take to open the account?
I do. I dealt with Debbie. It takes a bit of time to have your cheques mailed, ATM Card, pin numbers etc. You will be communicated with very well as it goes. I only bank with them for investing...not day to day banking. So far I am happy with them and Outlook Financial.
3:52 pm
ya I dealt with Meg, still waiting for the welcome package to come.
how many days did it take to open the account from the day they mailed the welcome package to you?and how many days to at least get the welcome package?
6:17 pm
stylintheo said:
ya I dealt with Meg, still waiting for the welcome package to come.
how many days did it take to open the account from the day they mailed the welcome package to you?and how many days to at least get the welcome package?
Hey...just relax. I will arrive by snail mail. You should be all up and ready before 2 weeks is over. Have a good week end!!!
1:38 pm
I know all the girls at Accelerate now, Debbie, Deserie and Meghan, I have the savings account at 2.2(highest) rrsp account and a GIC ladder, I have referred many people to Accelerate, I have looked over the guarantee by the credit union, I feel confident that my money is safe. Crosstown Civic CU has almost a billion in assets and the credit unions have a certain percentage of their money that has to be kept safe in bonds etc., not like the big banks that lost lots of money investing in all the bogus securities of the last few years. Manitoba Credit Unions are giving the big banks lots of competition, my husband and I have moved lots of money out of BMO, everytime we transfer out, they want us to stay at a really low rate and try to persuade us, but they never want to come up with a good rate, the big banks must be loosing huge amounts of deposits as far as I can see.
Accelerate even gave me free personalized chqs, BMO charged me 50 dollars for my last chq order, never again!!
4:39 pm
toto said:
I know all the girls at Accelerate now, Debbie, Deserie and Meghan, I have the savings account at 2.2(highest) rrsp account and a GIC ladder, I have referred many people to Accelerate, I have looked over the guarantee by the credit union, I feel confident that my money is safe. Crosstown Civic CU has almost a billion in assets and the credit unions have a certain percentage of their money that has to be kept safe in bonds etc., not like the big banks that lost lots of money investing in all the bogus securities of the last few years. Manitoba Credit Unions are giving the big banks lots of competition, my husband and I have moved lots of money out of BMO, everytime we transfer out, they want us to stay at a really low rate and try to persuade us, but they never want to come up with a good rate, the big banks must be loosing huge amounts of deposits as far as I can see.
Accelerate even gave me free personalized chqs, BMO charged me 50 dollars for my last chq order, never again!!
Exactly....BMO and the other big banks continue to make profit at OUR expense. Accelerate can give 2.2% and BMO gives .01% (<= no not a typo .01%) and BMO charges for all services like cheques, MO's, and monthly service fees. So..BMO makes the difference of 2.2% and .01% along with all of the other fees they charge....downright robbery...not to mention the last times I have visited BMO in Maple Ridge BC 224th branch that they are NOT customer oriented and don't listen to the customer....it is bank my way ...and I don't seem to be trainable...lol!! But I will admit that service at the 207th branch is far superior...so it is not every BMO branch painted with the same brush. I have a seniors account at BMO and most stuff is free but I like making interest. We use BMO for what we find useful, US$ acct and US$ MasterCard, and to keep some banking local will be moving all of my day to day banking to Coast Capital High Interest Savings and do an online transfer to my chequing account if I have to write a cheque (happens rarely). I use Accelerate for investing only with the intent to only withdraw funds annually. BMO poor service has taught me something......find and use more than one financial institution to maximize interest and to suit your personal needs, as it just appears none of the big five can do it!!! Some worry about credit checks when you open a new bank account.....it is just a bank account...is that something a credit rating agency is going to hold that against me....blooey to them if they do!!
7:01 pm
Yes I agree, some branches are better than others, I also use BMO for Mastercard and Us account and day to day banking, but for investing my husband and I have done great with GIC ladders with institutions that have better rates. We are 48 and hope to retire in our 50's. Thanks for writing, I really like this blog, it helps us with our financial decisions.
7:08 pm
Hi Kanaka,
I forgot to ask if you are concerned about the Manitoba credit Union guarantee, it seems that some people do have concerns that it isn't federal government backed like CDIC, I have read the act , it seems very sound, what do you think. toto
9:44 pm
toto said:
Hi Kanaka,
I forgot to ask if you are concerned about the Manitoba credit Union guarantee, it seems that some people do have concerns that it isn't federal government backed like CDIC, I have read the act , it seems very sound, what do you think. toto
I subscribed to a magazine called... CANADIAN MONEYSAVER and asked about the guarantee.
Here was my question.
Hi, I was just wondering about how secure my money, if deposited into GIC's, at either Achieva Financial or Maxa Financial would be safe. Both companies appear to be spin offs from their Credit Union base in Manitoba. I guess that allows them to deal with all of Canada vs just Manitobans. Their GIC rates are good, to me, and would be excellent to ladder with. Any way, should I have any security deposit concerns??
Here was the answer.
Secure
All your deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation of Manitoba, with your account and personal information maintained under the strictest controls of Cambrian Credit Union, one of Manitoba's largest credit unions.
Although I did have a lot of concern at first about putting money into Manitoba, I felt better once I received this unbiased answer. I currently deal with OutLook Financial and Acclerate in Manitoba. The folks I have dealt with have been fantastic. I was spoiled by the now defunct Citizens Bank which was owned by Vancity! I was originally attracted by Maxa but when you read their rules on early redemption I decided that they were not a viable solution for me.
I assume you live in BC and feel comfortable with CDIC and that the Credit Unions in BC are covered by the provincial government (with better coverage than CDIC)??
Please write your comments in the forum.