Access Credit Union, Fusion Credit Union, Niverville Credit Union, and Rosenort Credit Union add all-digital membership openings to all Canadians | Page 2 | General financial discussion | Discussion forum

Briguy said

My take on titaniumtux's philosophy at RFD:

I think titaniumtux was saying to cash in the TFSA to another non registered account at same FI on Dec 31 because the FIs in this thread (Steinbach,Access,Rosenort) charge at least 50.00 to transfer to another bank, plus they pay interest on lowest balance of the month, and that way you can earn full interest for that month, and transfer out on Jan 1 to new FI without waiting at all to be able to contribute to a new TFSA there. If it was a non registered HISA at these FIs you could transfer out to any other bank at end of any month of the year and earn full interest for that month. Even though the interest is paid annually I would assume they would pay it immediately upon dissolution of the account, although I've never phoned to check this. If they didn't you could always leave 1.00 in the account. Also, he was saying these FIs are better for TFSA than for non registered TFSA since you earn the higher interest from first dollar in a TFSA, whereas you need over 100,000 to earn that interest in a non registered HISA.  

Yeah, exactly, I agree with your assessment of titaniumtux' thoughts on Steinbach/Rosenort/Access CU HISAs. I was more or less adding to those reasons for why those institutions are best suited to a TFSA is because you can basically just set your money in there and forget about it, not having to worry about the day of the month you take it out since you only ever withdraw once per year in November or January.

And I see Ideal Savings does have a transfer out fee, but at least they give you three free debits per month. So far we know Hubert, Casera, and Achieva have no transfer out fees. Any others?

Cheers,
Doug

Loonie said
I just finally got around to reading this thread.
I must have been really busy last May!

Thanks for the research, Doug, and to all of you for the interesting discussion.

A quick look at these FIs today shows the following items of "interest":

Niverville is still offering the one year cashable GIC at 2.6% although I was unable to find out what the penalty might be.

Not clear to me if Nivervile offers RIFs but I think they must, given their physical location.

Tiered savings rates at all or most of these CUs are now 2.4, 2.6, and 2.7%

Current Rate Specials at Rosenort:
31 Month. Includes Registered 2.70%
46 Month. Includes Registered 3.0%   

Thanks for reading it eventually, Loonie! Indeed, you were busy...there were a lot of discussions at that time, principally around a really long Manulife Bank 3.30% promotional rate HISA offering and then their All-In Banking Package.

Niverville Credit Union, I remember them from a former work colleague who frequently booked GICs through their deposit broker (Desjardins Financial Security Investments, Inc.), and they spoke highly of both Niverville's customer service, promptness, and consistently high rates. The fact that one can now deal with Niverville directly is wonderful!

Indeed, they do offer RRIFs (https://www.nivervillecu.mb.ca/Personal/Investing/RRIFs/)—you can see that they are available in variable rate (i.e., a savings account) or fixed rate (i.e., a term deposit, of varying terms). They're HISA, too, is still paying 2.00% so it's a wonder to me why we still include Canadian Tire Bank's HISA in the comparison chart but not ICICI Bank Canada's (1.65%) or Niverville's (2.00%) HISA. You just may need to e-mail them to request their RRIF application form and then mail it in.

Downside of Niverville's HISA is that there are no free EFT debit transactions, so you'll incur a per-item charge of $0.75-1.00 unless you open a free chequing account for those over age 60 or a lower yield savings account and transfer to your lower yield savings account/chequing account first.

Cheers,
Doug