1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account | Meridian Credit Union | Discussion forum

"Get a 1% cash bonus of up to $750 when you transfer your TFSA or RRSP to Meridian by March 2, 2020*. That’s free money! Transfer a minimum of $10,000 to get this great bonus."

So the maximum contribution would be $75,000 in order to get maximum benefit from this promo.
I'm not clear if you could do both TFSA AND RRSP. Too bad RIF isn't included - again.
Appears to apply to any base rate / term.

Earn 3.00% on your first registered HISA for the first 4 months*. After that, you earn our always competitive 1.30%.​

https://www.meridiancu.ca/Personal/Join-Now.aspx

Not worth the trouble (for me) for 4 months, but once again am considering the 18 month option. My wife and I both went for it a year ago, moving some TFSA funds over, but the rate offered then was quite a bit better. 3.25% vs 2.55%

With the 1% transfer bonus, the effective yield is higher of course, and 18 mths doesn't tie up the funds for too long.

Anyone else thinking of moving some RSP or TFSA funds over to Meridian this time?

The maximum benefit will not be in the cards for me either (or my wife), but I think we'll go for it. We're also talking TFSA funds, not RSP or RIF in my case.

The fact the 18 month GIC [Meridian calls it a Term Deposit in the paperwork] matures in the summer is not a great thing, due to lack of new promos at that time of year, as you point out, but at this point it's the best option for us.

I look at it in simple terms. For one year we get slightly better than 3.55% interest paid to us, 1% of that paid immediately; for the final 6 months it falls to slightly over 2.55% ie. int. paid on the principal + on the upfront 1% bonus + on the year 1 interest.

Despite having to eat the diff of $25 between our sending FI and Meridian's transfer allowance, overall it's not too shabby at all 😉

Thanks, Loonie ... yeah, I did all that last week; in fact this is my first year for mandatory min. RIF withdrawal, so I simply went into my TDDI account to see what they had calculated, using my wife's age, as she's 4 yrs younger.

Then I had that mandatory amount pay out immediately to my branch chequing account, and used this to transfer $6,000 into both our (pre-existing) "HISA" TFSA's.

Today we'll get an FA at the (TD) branch to execute internal paperwork necessary to transfer all our TFSA funds not otherwise tied up in GICs to those same branch HISA TFSAs. Note: I keep them open with zero balances or less than $10, for just such a purpose. OR for the day that TD offers competitive interest rates ! 😉

After that's done, the Meridian FA can take it from there.

I didn't see anything in the T&C, but could you theoretically just take your money out after the 4 months ends for the 3% HISA and keep the bonus money?

beta2020 said
I didn't see anything in the T&C, but could you theoretically just take your money out after the 4 months ends for the 3% HISA and keep the bonus money?  

I believe you could, but best to check with them. Check if there is a fee for closing it down. They may make you a retention offer in the form of a GIC towards the end of the four months..

Londonguy said
According to her they're already quite busy, so if you're thinking about taking advantage of the promo, it might be better to get on it sooner rather than later. I don't think they'll pull the offer prematurely, but it may become increasingly difficult to get in front of somebody at your own convenience to file the paperwork  

Can this be done online / over the phone? I want to move my wife's maturing TFSA GIC over but unlikely I could convince to go to an actual branch with me. I see it says on their website to talk to adviser to make sure the bonus gets applied.

beta2020 said

Can this be done online / over the phone? I want to move my wife's maturing TFSA GIC over but unlikely I could convince to go to an actual branch with me. I see it says on their website to talk to adviser to make sure the bonus gets applied.  

No, Meridian isn't very tech-enabled in that way, I wish. I suppose you could ask if they'd be willing to fill out the paperwork for your wife and then you could take the T2033 home to get it signed and bring it back, but they might balk at that plan because of their know-your-client obligations since theoretically you could be up to no good.

If you're determined, try telling them your wife has a highly communicable form of flu or something and can't come in to a branch and see if they buy it

Londonguy said

beta2020 said

Can this be done online / over the phone? I want to move my wife's maturing TFSA GIC over but unlikely I could convince to go to an actual branch with me. I see it says on their website to talk to adviser to make sure the bonus gets applied.  

No, Meridian isn't very tech-enabled in that way, I wish. I suppose you could ask if they'd be willing to fill out the paperwork for your wife and then you could take the T2033 home to get it signed and bring it back, but they might balk at that plan because of their know-your-client obligations since theoretically you could be up to no good.

If you're determined, try telling them your wife has a highly communicable form of flu or something and can't come in to a branch and see if they buy it  

I like that idea 🙂 Well we have a baby and a toddler so frankly we don't have time to mess around in a bank branch. Signing up for our kids RESPs wasn't much fun.

I have run into Meridian's desire for in person meetings thing before when I was trying to get a GIC last year. I went in and very politely listened through the entire song and dance about customer relationships, all service banking etc. Then through some sort of oversight I lost out on the GIC rate and I found out too late to secure something comparable.

They have a branch near where I live, I will pop in and ask them about it and if its going to be a huge hassle I will just go for that People's Trust 3% 1 Year GIC.