B2B Bank | B2B Bank | Discussion forum

It looks like their checking and saving account can be opened directly online.

I checked their fee and it looks like they offer free paper statement and don't charge fees when using debit card in US from their checking account .

However, be aware their NSF fee is high ($50)....

Look's like we all have a new place to store our money .

Guys any feed back on this?

https://b2bbank.com/en/rates/banking-rates

Footnote 3 says:
"B2B Bank HISA rates as of August 12, 2019. All rates are subject to change at any time without prior notice. The applicable rate is paid on every dollar in the account. Interest rates are per annum. Interest is calculated daily on the closing balance and paid monthly on the last day of the month into the account."

Their usual base rate seems to be somewhere between 1.45 and 1.70 through the broker channel, so it may revert to something like that when they have raised enough money and have enough new accounts.

In terms of the duration of the rate, I look for some indication of intention to let it run for X months, notwithstanding that rate could change. I also look for some kind of minimum guarantee such as a combo of base and premium rates. If none of the above (which seems to be the case here), I am not too interested. I have enough FIs with good rates and don't want to add a new one just for 3 months or whatever suits their pleasure.

Thanks for bringing it to our attention.

Yes, thanks for sharing.
Does anyone know how many days b2b takes before they give you access to the account after submitting application?

CB

Let's assume this rate will last 3 months. I have difficulty imagining any longer, perhaps less, because it's not sustainable.
Let's also assume your alternative is one of the deals currently at 3% - DUCA, ManuLife, perhaps even Meridian, etc., where your funds currently reside. Perhaps Motive 2.8, not guaranteed, but neither is this one.
And let's say you wish to deposit 100K, to meet CDIC limits.

If you move your 100K to B2B and leave it there 3 months at 3.3%, you will earn roughly $75 more than if you'd left it elsewhere at 3%. To me, that's a "free toaster" offer.

If you're at 2.8% (Motive), you'd get about $125. Deluxe toaster.

And if you are currently at 2.3%, you'd get about $250. Toaster oven.

All of that is before tax, so deduct another 20-40% or so, depending on your marginal rate. Toasters on sale.

They might drop the rate sooner as ManuLife did. Short circuit detected in all toaster models; keep your old toaster, burn the toast.

They might extend it a bit further. Convection toaster oven with rotisserie.

You don't have 100K to deposit? You will get either a toy toaster or some fire logs and a long fork; your choice.

These figures are approximately in line with other "toaster" type offers, which is partly why I think they might be approximately correct, but the marketing is more attractive when you say 3.3%, even if you promise nothing in terms of duration. Clever!

Everyone will have to evaluate this promo according to their own criteria, current rate, expectations about when the rate will move, and inconvenience factor.

I'm out. I have 3% now. My old toaster works fine and the warranty is a bit better.

Canadianbull said
referral code for online application?

  

That question is not asterisked. As per instructions at beginning of application, an answer should not be required.

B2B is a wholly-owned subsidiary of Laurentian Bank.

I just opened a HISA online -- very easy, only took about 10 minutes. It's the usual routine, i.e. you enter your personal data and navigate past their Equifax credit file quiz page, then agree to their terms and the account is effectively open.

When I exited the online application the site prompted me to sign in for the first time, and then it immediately directed me to the external link setup page (handy), which I completed. Once the micro-deposit pings come through to my intended source account in a day or two, I'll be good to go. Online account openings don't get much faster than that.

I realize I've been 100% interfacing with a bot but they get 10 out of 10 from me so far