Boost your High-Interest Savings Account rate to 6.00% on qualifying deposits | Page 2 | Coast Capital Savings | Discussion forum

AltaRed said
it is a federal credit union with CDIC insurance, so I would assume no.  

You'd think that, but you'd be wrong. Five or six years in, they still haven't rolled out their digital membership application to residents outside of B.C. I suppose one could visit a B.C. branch and sign up that way, as a non-B.C. resident, but there's no digital method to do so. Terrible execution on the part of the senior executive, who really need to be wholesale fired as it's affecting their membership and their front-line staff's morale, who are great. 🙁

Another downside of Coast Capital Savings is while they recently added a Flinks-based mechanism to add external bank accounts, they do not let you push money back out to your external linked bank account. It's like the Hotel California; you can come, but you can never leave (at least not easily; you can still pull money out from your external bank account, if your external bank account allows that).

I would recommend just going with DYN6004 at a discount brokerage (5.0% current yield) or, alternatively, a promotion from Tangerine, DUCA, etc.

Cheers,
Doug

RetirEd said
…

And then there's this:

c) “Eligible Deposit” means the lower of the New HISA Deposits and the New Deposits, calculated daily starting from the close of business on March 12, 2024 during the Promotion Period. If the lower of the New HISA Deposits and New Deposits is negative, the daily Eligible Deposit will be zero.

How the heck can either of those New Deposits be negative? Does that mean the balance has decreased? Any other way to make sense of it?

"New Deposits" can become negative if one has withdrawn more from other accounts. It will be zero if all the new HISA deposits are actually money directly or indirectly from other Coast Capital accounts:

1. “Total Deposits” means dollars of all your eligible chequing, savings, and term deposit accounts under the same membership number with Coast Capital during the Promotion Period. For the purpose of calculating the total value, foreign currency account balances will be held at par value.

2. “New Deposits” means the change in the daily closing Total Deposits Balance, calculated starting from the close of business on March 12, 2024, during the Promotion Period [March 13, 2024 to June 30, 2024].

In other words, the new HISA deposits also have to be new to Coast Capital and not just new to the HISA.

Can't have a $20,000 term deposit mature on March 14 to chequing account, pull $20,000 out to EQ Bank, push $20,000 into a Coast Capital HISA from another bank, and have the $20,000 HISA deposit qualify for the offer.

RetirEd said

How the heck can either of those New Deposits be negative? Does that mean the balance has decreased? Any other way to make sense of it?

Suppose you deposit $1000 new money, then withdraw $1100 later. i.e. overdraft. Negative balance receives no promo interest.

EDIT: Norman1 at post 23 has answered.

I am very disappointed today to learn from Coast that they have rescinded this offer in mid-April! It can no longer be used, even though the original offer email said deposits up to June 30 would qualify. I had noticed that in the email their link to
"† Additional terms apply. See full Terms and Conditions for HISA New Deposits Promotion here." no longer worked. Glad I found out before moving funds in today.

A bit sneaky of them.

Seems they revised the offer and closed it off to new clients and deposits effective April 19th. All the details below:

https://www.coastcapitalsavings.com/media/ytpfr0ci/hisa-campaign-terms-and-conditions.pdf

This part of the revised T&C's is the most relevant:

" If you have not made any Eligible Deposits between March 13, 2024 and April 19, 2024 into
your eligible Coast Capital accounts, any Deposits made on or after the close of business of
April 19, 2024 are not considered New Deposits eligible for this campaign. "

I called to check. All deposits already in the promotion will continue to earn 6% through June 30. No new deposits.

I guess they raised all the money they wanted! They did say they reserved the right to terminate the promotion, as have other institutions. Don't know if one can call it sneaky - as I don't use online banking I wouldn't have seen if they E-mailed.

Regular interest is 1.7%, if the phone agent spoke correctly.

By the way, I can attest that my March and April interest have been posted.

RetirEd said
The promotion has ended as of June 30th. I got every cent, and out the door I went.  

I signed up for the offer back in April, but unfortunately missed the cutoff for new funds. My account hadn't been fully opened as they wanted me to call them first, probably needed verification on a detail, or two. Needless to say, received the debit card in the mail and that's as far as things went.
Other than the 6% offer, I honestly don't find anything appealing about the bank.

Nirvana7734 said

Agreed. Early in the promotion period, previous commenters mentioned how difficult it was to get your money out, and they weren't wrong. Even when you link external accounts, you can only transfer money IN, but you can't transfer it out. Interac e-transfers cost $1.50, no matter whether you tried to send from savings or chequing. You can't even link between Tangerine and Coast because of some weird incompatibility that CSRs for both companies that I spoke to on the phone could not solve. Luckily, I was able to get my money out using my old EQ Bank account, as their system allowed linking with Coast. Even so, I had to pull, wait five business days, THEN move it to my Tangerine promotion account.

In summary, unless Coast Capital has an AMAZING rate in the future, I would not recommend them for any reason.  

I found your post interesting and very informative, thank you. I'll consider myself lucky I was late to the party.

Yes, I got the bonus interest on the 3rd.

I had no trouble moving money in or out of Coast Capital from institutions linked on the non-Coast Capital end. I never tried to access it from CC links.

I agree - I only use Coast Capital when they have an exceptional rate. This has happened several times, though, and I keep the accounts open to maintain my grandfathered member benefits.