Special 2%** HISA Offer | Page 4 | Canadian Tire | Discussion forum

rodeworthy said

Followed up with CTB today after determining our deposit was no longer on hold. The interest rate for the account still shows 1.80% contrary to Milo's 2.000%.

The CSR explained the calculations are made at the end of the month and these indicators are updated at that time. Was advised there should be no problem since we have qualified for the 0.2% bonus by having a CTC CC and a deposit in our HISA. I will report further if this does not pan out and requires further action.  

Ok...to clarify this ongoing "mystery" and misunderstanding... to qualify, you need a CTC Credit card and have opened and funded the new account no later than Sep 30 with a balance greater than $0. The 0.2% bonus went into effect since Aug 1 and applies to any and all balance as soon as it is in the account. The interest will show online as 1.8% UNTIL CTB does a sweep at the end of the month when they will adjust all accounts that qualify to the 2% rate and retroactively apply this to any qualifying balance.

HTH.

I meet the conditions~ But I am worried about whether it will be risky to put more than 100k~ After all, there is no physical bank.. I want to hear your opinions. Thank you!

annie said
I meet the conditions~ But I am worried about whether it will be risky to put more than 100k~ After all, there is no physical bank.. I want to hear your opinions. Thank you!  

Since CTB is covered under the CDIC, the risk is always that of losing any amount over the $100K limit per 7 different account types (see https://www.cdic.ca/your-coverage/how-deposit-insurance-works/)

If possible, the simplest is to create at least 3 accounts...one for you, one for your spouse, and one joint account. This immediately increases your limit to $300K (3 x $100K) and if there are any other persons you trust, you can create additional joint accounts with each one for $100K coverage for each one.

annie said

If there is a problem with the bank.. how do I get a certificate that I deposit 100K  

For starters, you would/should have your record of transfer(s) to the bank, and should have and keep records of your bank statements.

That said, you typically would not need to do anything to initiate a refund. The CDIC initiates the refunds. For more details, read here: https://www.cdic.ca/what-happens-in-a-failure/reimbursement-of-insured-deposits/

You guys are really over thinking this - under account activity select monthly pick the month you want and print it - not as pretty as a statement but its all the same info.

CDIC covers all deposits under 100K period, zero risk. There is record of your deposits it does not become some kind of gauntlet where you have to prove your deposits. Its right on their website

In the event of a failure, do I need to file a claim with CDIC to get my money?
There is no need to file a claim. If your deposits are insured, CDIC will pay you automatically in the event your financial institution is closed.

https://www.cdic.ca/what-happens-in-a-failure/resolution-of-small-and-medium-size-banks/resolution-tools-for-small-and-medium-size-banks/reimbursement/faqs/#:~:text=line%20of%20credit%3F-,What%20is%20a%20member%20institution%20failure%3F,and%20requires%20resolution%20by%20CDIC.

Process wasn't that slow, got the letter from CTB on Tue or Wed. It's ridiculous though, I have to get a professional to sign they saw my DL!? Looking at the list I don't see anyone easy to get a signature from, especially in today's avoid-contact world. I'll probably just toss it in the shredder until I see a report of a more intelligent approach.

I have had a high interest savings account with CT bank since 2012. In order to get 2% interest rate, I applied, received and activated a CT credit card. However, I found out that the interest rate for my high interest savings account is still 1.8%, not 2%. I called them and was told it will be 2% after some days. The CSR didn't even take any my account information and told me the system would automatically increase the rate to 2%. I really doubt about it. When I applied for the credit card, I wasn't asked to enter my high interest savings account information. How would be possible for them to link my credit card to my high interest savings account?

davidgeorge said
I have had a high interest savings account with CT bank since 2012. In order to get 2% interest rate, I applied, received and activated a CT credit card. However, I found out that the interest rate for my high interest savings account is still 1.8%, not 2%. I called them and was told it will be 2% after some days. The CSR didn't even take any my account information and told me the system would automatically increase the rate to 2%. I really doubt about it. When I applied for the credit card, I wasn't asked to enter my high interest savings account information. How would be possible for them to link my credit card to my high interest savings account?

Same thing here except that we have had a CTC credit card for years. The bank account was new for us and we moved money there in September. All activity to create our accounts was done on line via helpful CSR. Received multiple mailings (8?) from CTC after the fact - all dealing with applying for an account. They were redundant and ignored.

Seeing that our account activity still shows 1.8% interest after the October 1 interest payment I called to see if there is something I need to do to activate the bonus 0.2%. Was told the rates will be adjusted in due course - no idea when, but I should stop calling asking about it. I have called twice about the interest rate. The first time I was told the interest rate would be updated at the end of the month when interest is calculated and applied to the account. Didn't happen (yet). So I called again.

Will report again if any changes occur. Smayer97 you have encouraged me to expect a good outcome here. Thanks.

I would never rely on E-records that the financial institution controls. There is a line-up of lawsuits in the courts by people trying to get correct records from their banks. OR any records at all in come cases!

I insist on paper statements and will never pay for them. Some financial institutions send only quarterly or yearly statements for some types of accounts, but you can keep a few bucks in another type of account that will trigger monthly statements and all your accounts will be on them.

Tangerine would occasionally try to switch me to quarterly statements but would always switch back when they protested. Then they added the new statement fee.

They wouldn't waive it for me. Out the door went $120K. (Part TFSA under separate insurance.)
RetirEd.