Rate drops | AcceleRate Financial | Discussion forum

GICinvestor said
I just moved 50k from Accelerate to Implicity because of the upcoming conversion at Accelerate. I went through a conversion years ago with Westminster Savings....not always a smooth process. And Implicity is still at 2.4. All done without a crystal ball!! I guess it will stay there for the time being.  

Credit unions go through both core banking and online banking system transitions routinely, mainly because they use third-party vendors to develop a new system for them. I don't expect many problems for AcceleRate and Crosstown Civic. Indeed, they quite likely are migrating to a more modern, mainstream core banking and/or online banking system.

Sunova Credit Union, which develops its own banking systems in-house, recently refreshed its online banking system and has confirmed to me they're going to refresh Hubert Financial online banking as Hubert GO following lead of Sunova - they expect to do this later this year.

Alterna Savings and Alterna Bank have planned migrations from MemberDirect to Central 1's Forge online banking system later this year. Coast Capital Savings is migrating its online banking platform later this summer. Canadian Western Bank and Motive Financial, I expect, will migrate from MemberDirect to Forge or another online banking platform next year to be followed, in turn, by each of Meridian/Motus and DUCA.

In short, there's going to be a lot of transitions over the next few years. It's going to be a dizzying clip!

Cheers,
Doug

How astute!!

They freshened up their web page months ago but I am guessing with the upcoming conversion, accuracy may have been overlooked?

I have never received as much info about a conversion. I think I have had 3 mailings, a book of explanation and suggested todos, a card number even though I do have an ATM card (who knows what one will work) and the third mailing was a one time use password.

GIC rates are down, now ranging from 2.50% for 1 year to 2.70% for 5 years.

The rate dropped on their variable rate accounts (HISA, TFSA, RRSP, RRIF) this morning to 1.75%

Rates on all savings accounts are down to 1.50%.
Rates on GICs are down, ranging from 1.85% for 1 yr to 2.15% for 5 to 7 yrs.
https://www.acceleratefinancial.ca/rates
They hold GIC rates for 14 days with telephone request.

GR said
GIC rates are down again!

https://www.acceleratefinancial.ca/rates  

I wonder.......is this the "NEW' Accelerate that has just amalgamated with another CU? They used to be best or second best, rate wise.

Will be renewing 2 GICs today.....not at Accelerate. Right now in these times of low rates every point counts.

Rate dropped Oct 7, 2021 to 1.15%