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Email this8:02 am
November 18, 2016
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Currently offering a high interest savings account at 2.5%, rate guaranteed until December 31, 2017.
8:05 am
May 15, 2007
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Thanks Janna. Can you please disclose your affiliation with Ideal Savings?
Does anyone in the High Interest Savings community have experience with this bank?
9:03 am
September 11, 2013
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It appears to be the separate retail ebank division of Carpathia Credit Union (Manitoba), don't have to become a member/shareholder of Carpathia to open an account. That's not a bad rate guarantee for 13 month money right now, especially if they raise it if rates rise.
9:10 am
November 18, 2016
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Hi Peter. I work in the marketing department at Carpathia Credit Union, which Ideal Savings is a brand new division of. We did a soft launch of Ideal Savings in July 2016.
10:20 am
August 4, 2010
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Another variable-rate GIC that doesn't display the average annual interest rate (in this case, about 2.18%).
https://idealsavings.ca/investment-products/ideal-escalator/
There's a old Larry Niven short story ("The Jigsaw Man") where advances in organ transplant technology mean that capital punishment is extended to a range of "minor" crimes to provide deposits for the "organ banks". The end of the story is a cautionary-tale sort of thing (the protagonist's crime is repeated traffic convictions). But there's a throwaway line earlier where it is mentioned that one of the categories of crimes added was deceptive advertising. Of course it would be wrong to think that manipulative advertisers should be subject to execution, right... 
10:52 am
October 27, 2013
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I agree providers of variable rate GICs should be obligated to show average annual interest rates. While not exactly deceptive, variable rate GICs are a sly marketing ploy. Perhaps something the regulator should be looking at.
11:15 am
November 18, 2016
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The current posted 3 year term GIC rate at Ideal Savings is 2.00%, so the escalator is a slightly better rate if you do keep the funds there for the complete 3 year term.
12:34 pm
December 23, 2011
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AltaRed said
I agree providers of variable rate GICs should be obligated to show average annual interest rates. While not exactly deceptive, variable rate GICs are a sly marketing ploy. Perhaps something the regulator should be looking at.
I agree too. My adviser stays away from them and advised me to do the same. Although I do have the Hubert 1 year GIC and they do tell you what the one year average is. Marketing with gussied up numbers to attract the eye might get some takers but for others that dig into what the overall interest you would receive, they will likely be more informed to not buy. For those that buy and become disenchanted with the results possibly will discontinue doing business with those that offer rate risers. Good for the short haul for Ideal Savings I guess.
12:35 pm
December 23, 2011
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Janna said
Hi Peter. I work in the marketing department at Carpathia Credit Union, which Ideal Savings is a brand new division of. We did a soft launch of Ideal Savings in July 2016.
And what provinces are you offering your services to? And what insurance coverage do you have?
12:58 pm
November 18, 2016
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kanaka said
Janna said
Hi Peter. I work in the marketing department at Carpathia Credit Union, which Ideal Savings is a brand new division of. We did a soft launch of Ideal Savings in July 2016.
And what provinces are you offering your services to? And what insurance coverage do you have?
Our products are available to all Canadians and we have a 100% deposit guarantee through the Deposit Guarantee Corporation of Manitoba.
1:12 pm
December 3, 2014
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Doesn't seem to provide any cheques or debit card.
Would the banking numbers be made available to setup links to other accounts?
2:01 pm
November 18, 2016
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frizun said
Doesn't seem to provide any cheques or debit card.
Would the banking numbers be made available to setup links to other accounts?
Right now funds may be withdrawn using e-Transfer. Or we can set up an automatic funds transfer or mail you an official cheque.
Ideal Savings currently does not offer personal cheques or debit cards, but are looking into introducing debit cards as early as February 2017 since there's been some definite interest in having them.
2:23 pm
August 4, 2010
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The fee chart for the HISA lists a "Automated Funds Transfer Out" fee of $3.00. I think a couple of the non-Hubert Manitoba CUs have a $1 fee, but they give you one freebie a month, and obviously there's no shortage of no-fee options. Since Ideal's 2.5% HISA rate will be a teaser (the TFSA rate is MB-vanilla 1.7%), there's no real point in trying to grab this unless you have at least a five-figured lump.
The 3-year stepper GIC seems to be a pure upgrade over the standard 3-year (higher interest, annual cashable option, otherwise the same?), so I'd hope they'd have the grace to redirect 3-year customers to the stepper while it is available.
3:34 pm
October 21, 2013
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I thought we had a policy against using this forum for advertising.
If Ideal/Carpathia wants to promote an offer, they can buy an ad on this site, then members can examine it at their leisure and report their findings on the forum. This will make the distinction between promotion and commentary clear and make the site more reliable and functional.
It is particularly annoying that OP has chosen to make this announcement by way of a "site suggestion". This means that she is not merely informing us, but also presuming to tell us that we ought to add this FI to an existing list of institutions which have been approved.
At a minimum, I suggest this be moved to "General Financial Discussion" and the title be changed to eliminate the word "Add".
Re: Hubert's one-year GIC. The rate is actually slightly HIGHER than what they tell you because the interest is credited and compounded quarterly, which they don't allow for in the advertised rate.
3:57 pm
November 19, 2014
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NorthernRaven said
Since Ideal's 2.5% HISA rate will be a teaser (the TFSA rate is MB-vanilla 1.7%), there's no real point in trying to grab this unless you have at least a five-figured lump.
I think a HISA rate guaranteed for 13 months qualifies as more than a "teaser" ?
Loonie said
I thought we had a policy against using this forum for advertising.
If Ideal/Carpathia wants to promote an offer, they can buy an ad on this site, then members can examine it at their leisure and report their findings on the forum. This will make the distinction between promotion and commentary clear and make the site more reliable and functional.
I disagree. I don't want to see more adverts. I for one actually like the CU and banks coming here to post their offers and specials (as long as they self disclose who they are and behave by the all the other forum rules).
Perhaps make a section or sub-forum just for that and make it explicit that they should post their offerings there ?
Sure beats all of us having to scour the internet all the time if they are willing to come to us..
4:04 pm
October 18, 2014
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Loonie,
I think what Janna has done so far is completely acceptable. The first post simply points out that Ideal Savings is offering a rate that is worthy of being on this forum. Janna has then proceeded to answer questions directly asked of the rep. If any rep was to hijack any discussion by inserting their financial institutions info, then I would call that advertising and inappropriate for this forum. I don't think Peter would let that happen. For full disclosure, I live in Manitoba, learned of Ideal Savings from Janna's first post today and sent my application in this afternoon.
4:12 pm
November 18, 2016
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Does anyone know if Ideal Savings has an app yet?
4:28 pm
August 4, 2010
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Koogie said
I think a HISA rate guaranteed for 13 months qualifies as more than a "teaser" ?
Ah, I didn't see the guarantee at the bottom of the account page. This is actually quite admirable then; they should put some sort of wording or footnote on the Rates page as well.
6:45 pm
June 3, 2015
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Another great addition to the banking landscape....welcome to the board Janna and Ideal Bank. Competition is good....maybe Tangerine
will extend my 3% past the end of December.
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
10:21 pm
November 18, 2016
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Janna said
frizun said
Doesn't seem to provide any cheques or debit card.
Would the banking numbers be made available to setup links to other accounts?Right now funds may be withdrawn using e-Transfer. Or we can set up an automatic funds transfer or mail you an official cheque.
Ideal Savings currently does not offer personal cheques or debit cards, but are looking into introducing debit cards as early as February 2017 since there's been some definite interest in having them.
Hi Janna,
Can your automatic funds transfer allow the client to transfer out large sums of money? Interac e-transfers are limited to 2500.00 per day I believe.
Please write your comments in the forum.