Winter Promo: 3% on Savings Accounts Feb 3 to May 30, 2020 (extended to June 30, 2020) on new money | Page 4 | DUCA Credit Union | Discussion forum

No, but would like to hear if someone does. call. My email is silent; I suspect they have decided to just let us go with our money.

I just called in to DCUA, asked if any promo to move the June 30 HISA. Answer: no
I asked if there will be anything coming: Answer: Don't know-- possible
So, it's off to Manulife HISA for me

Thanks for the heads up Nehpets
They have always done right by me, in the past, but certainly won't hurt to keep a close eye on them
I think my rate is good until Oct 10, something like that

Nehpets said

You may find the terms of the promo indicate the promotional premium paid on top of the base rate is subject to change, and in last year's "promotion" the premium add-on deteriorated rapidly, once new clients signed on.

See this discussion thread from summer 2019.

Stephen  

I was in that program, and there was a lot of confusion about it with certain people. Some interpreted Manulife's language such that a depositor would receive the original 3.15% rate for the entire duration no matter what happened, which was incorrect since the base rate could decline (and did). However, the important takeaway there is that only the base rate fluctuates, not the promotional portion.

The current Manulife promotion rate is 2.30%, which is then added to their base rate of 0.30% to yield 2.60%. So even if they dropped their base rate to zero, you will still be getting the 2.30% until expiry (October for most people). The only negative of this recent program IMO is that the maximum eligible deposit was capped at $250K.

Anyways, since the 2020 promo is no longer open to new investors, any lingering concerns about the rate mechanism don't really matter anymore

smayer97 said

Londonguy said

The current Manulife promotion rate is 2.30%, which is then added to their base rate of 0.30% to yield 2.60%. So even if they dropped their base rate to zero, you will still be getting the 2.30% until expiry (October for most people). The only negative of this recent program IMO is that the maximum eligible deposit was capped at $250K.

 

Actually, the 2.3% promo rate can also be adjusted. I missed that the first time I read through the details.  

Yes, Manulife learned from some past bad PR experiences (as have some other FIs) to now describe their promotional rate as a "variable annual promotional rate" to give themselves an exit door if they need one.

Whatever they do or don't do to the rate between now and October, I'm still good with it as long as the overall yield is better than I can get elsewhere. Right now that's becoming a problem for me with DUCA's June 30th expiry coming up. Not sure where I'm going to go yet, but losing a full 1% going forward on that money seems to be a given no matter what I do

smayer97 said

Yes, that is why I jumped on their 2.5% promo at the end of April when @Norm pointed it out (thanks again!)...lost 0.5% for 2 months but gained 0.5% for 10 months compared to other FIs/banks. Unfortunately, that offer was only there for 2-3 days. Sorry you missed out.  

That was a GIC, right? Wouldn't have worked for me

Nehpets said

No it's a HISA retention offer that was available to those who had the 3% 2020 Winter promo:

Earn More Savings in 2020 Promotion (Closed) *
*Promotion is now closed to new deposits. For existing deposits, (2.5%) rate valid until March 31, 2021.

See the discussion HERE

Stephen  

Hmm, in retrospect that was definitely a good deal -- I must have been preoccupied elsewhere during the brief time it was available. I'm already maxed out at Manulife on their 2.60% so it looks like I'm stuck with moving DUCA money into the 2.00/2.05% FIs until another promo materializes somewhere

Londonguy said
.... it looks like I'm stuck with moving DUCA money into the 2.00/2.05% FIs until another promo materializes somewhere  

Looks like the current options would be Motive SAAvy Svgs for instant liquidity (2.05%) or 2+ years GIC with Peoples Trust / Bank, Oaken, Hubert; even DUCA, as Loonie alluded to for longer terms, and BCU Financial 30 & 37 month promos.

If the amount is substantial, it might even be worth trying to negotiate with some of the smaller, ethnic CU's directly

Stephen

Stick with one, maybe two FI. Be happy with them. The rates are competitive. .1% difference is insignificant.

If liquidity is your issue, you might look at some of the Escalator rates. they normally are a bit lower than regular non-redeemables, especially in the first year or two, but can be cashed on any anniversary date without penalty.

I'm not sure which FIs are marketing them at the moment or how low they have fallen.