1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account | Page 2 | Meridian Credit Union | Discussion forum

Londonguy said

Maybe they've got a different cap on the HISA bonus this year but the maximum registered transfer bonus is still $750 according to their website

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.

https://www.meridiancu.ca/Offers/RRSP-Cash-Bonus.aspx  

Yes but go down to the horizontal bar that says "legal" The detailed terms are there. There is a $500 limit if you transfer to "Meridian" and a $750 if you transfer to "Meridian Wealth". I don't know the difference but the person I spoke with said that I would have to go with Meridian and capped at $500 but I didn't ask why.

James said

Any issues with it after last year’s contribution? When I first saw this offer I seem to remember seeing something that said you weren’t eligible if you contributed to last year’s offer (within 12 months). (I couldn’t see it on the website again so maybe it changed.)  

I don't know yet because my appointment isn't until the 23rd, but thanks for the heads-up. I will email them on Monday and ask about it, and I'll also ask about the $500 vs $750 bonus thing too

I spoke to Meridian about signing up online or by phone. They said you can do the transfer (and get the bonus) through the secure chat or by calling in. I believe they apply it on their end when they create the t2033 transfer form.

She told me that it can take 2 to 6 weeks to transfer in, depending on the speed of the other transferring institution. I'm new to this so I was a little surprised it can take that long. Can anyone tell me if I would still be collecting interest during this time period? I'm transferring out of Hubert and the money would be in their HISA.

Loonie said
You'll get the daily interest rate from Hubert until they cut the cheque. Hubert is fairly timely, should take about 2 weeks, maybe 3 this time of year.  

I asked Hubert about another RRSP transfer I requested and they told me they received the paperwork Jan 16 and mailed out the cheque the same day. Pretty impressive turn around time.

Londonguy said
So here's the poop from my Meridian rep.

It doesn't matter if you did this same program last year, you are eligible for the 1% bonus this year as long as it's new money coming into Meridian from somewhere else.

As for the maximum bonus you can earn, it's $750 if you put the money into mutual funds, otherwise it's capped at $500.  

Thanks Londonguy! I’ll give it a try.

with regards to timing ...
Last year, for my wife's transfer, it took 10 days from filling out the T2033 in Meridian branch to date Term Deposit was issued. Relinquishing FI was Simplii.
For me, it was 20 days, coming from TD.

That was in mid Feb, however; we had our meeting yesterday, so we'll see if it takes longer, given the generally busier time of year now ?
Relinquishing FI is TD for both.

Someone was asking about the relationship between the 1% bonus and the HISA rate, I believe.
The explanation I received today in-person from my Meridian rep was that you have a choice:

A. Get 1% bonus on a transfer into a registered HISA for four months. The time period will start the date you request the transfer, not the date the funds arrive at Meridian. You may then, if you wish, either withdraw the money or transfer it or transfer it to a GIC at whatever rate is then prevailing.

B. You can transfer funds in, immediately get the 1% added to principal, and put it directly into a GIC at today's rates.

fitzy7 said
Does anyone know if Meridian does a hard credit check when becoming a member and opening a savings account?

Update - just called to ask them directly and they said only if you open a chequing account. No hard pull for a HISA.  

FWIW they did a hard pull on both myself and my spouse a couple years ago when we first joined up and opened RSPs -- maybe we looked suspicious LOL