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Luminus Financial Promo 3.5%
September 29, 2016
9:21 pm
Loonie
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Forum Posts: 9384
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October 21, 2013
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The promo at Luminus is over. The sky did not fall. Our money is safe and we did very well on this promo.
For now, have not closed membership. We will see if there is another attractive promo within the year. It would have to be VERY attractive though - as this one was - as it's a lot of work dealing with them.

Overall, we have been quite disappointed in the quality of customer service with Luminus, and for that reason we do not anticipate being longterm members. They are polite etc., but the incompetence has caused a lot of unnecessary anxiety.

In addition to issues that I reported earlier, we had trouble with the RSP transfer-out. When we inquired as to their progress with the transfer, they said they had never received the request. This was completely bogus as someone had called here from Luminus about two weeks prior to that to find out if we "really" wanted to do the transfer. If we hadn't aggressively pursued this, we would have missed the rate at the receiving institution.
Not good enough.

November 25, 2016
9:22 am
Koogie
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Forum Posts: 335
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November 19, 2014
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Guess I should mention the email received below from Luminus. A .65% bonus on short and long term deposits.

==================

Dear Member-Owner,
HAPPY 65TH ANNIVERSARY!!
We can’t believe it has been 65 years since our credit union first opened its doors back on November 23, 1951!!
During our year of celebration, we want to start by treating you with a .65% BONUS on ALL short term and long term deposits!* Call us today to get started.

*Some restrictions apply. For new funds and terms that are renewing. Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. This offer does not apply to escalator term deposits.

November 25, 2016
2:51 pm
2of3aintbad
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Forum Posts: 317
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February 24, 2015
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Thank you, but you had my heart palpitating at the prospect of 3.5% which has now expired. The question is, what is the best current rate with the .65% bonus?

November 25, 2016
9:42 pm
Loonie
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Forum Posts: 9384
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October 21, 2013
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Their rates are available on their website, but are not very good at the moment, even with this bonus.

January 9, 2017
2:11 pm
Koogie
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Forum Posts: 335
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November 19, 2014
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I notice Luminus is now offering an "Investment Savings" account that is paying 1.75% They are touting that they offer it for RRSPs (it being that season) but it seems to also be open for regular saving..

============================
Investment Savings (Regular and RSP eligible)
Rates Any Balance 1.75%
============================

I'm going to call them tomorrow to clarify. Unless anyone has already done so.

January 9, 2017
9:24 pm
Loonie
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Forum Posts: 9384
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October 21, 2013
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They've had 1.75 for savings for quite a while now.
You just have to make sure you get that particular account.

However, getting your money out of that account is a nuisance.

"Are Transfers free for the Investment Savings Account (ISA)?
Deposits are free - in branch, through an ATM, by mail, electronic transfer, payroll deduction, or direct deposit. To access your funds simply transfer them to your chequing or savings account through our FREE online banking access. Here are the ISA service fee details." The link then given is not very clear.

They changed their t&c in 2015.

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