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Email this12:05 pm
October 13, 2019
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Meridian has a great offer right now if you transfer your TFSA to them by march 2020 they will deposit 1% of the contribution amount as a cash bonus (up to $500) the day its deposited. You can put those funds into their HISA where they pay 3% interest in the first 4 months 1.3% after that. My plan is to transfer the maximum amount ie. $50000 to receive the highest cash bonus then leave it in the 3% account for 4 months. After that I will likely move it back to Motive Financial who are paying 2.4% interest on TFSA's right now. If you do the math that is about 8% annualized or $1000 on $50000 in 4 months. Assuming no transaction fees.
I confirmed with them everything I proposed above is possible. I have found transferring registered accounts can be a nightmare. Going from Tangerine to Motive took almost 2.5 months and going from Tangerine to Simplii financial has taken over 2.5 months and still hasn't been transferred.
Here is their offer details.
https://www.meridiancu.ca/Offers/RRSP-Cash-Bonus.aspx?ip_name=RRSP&ip_cr=v1&ip_pos=home1
12:41 pm
September 7, 2018
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1nt2Save said
My plan is to transfer the maximum amount ie. $50000 to receive the highest cash bonus then leave it in the 3% account for 4 months. After that I will likely move it back to Motive Financial who are paying 2.4% interest on TFSA's right now. If you do the math that is about 8% annualized or $1000 on $50000 in 4 months. Assuming no transaction fees.https://www.meridiancu.ca/Offers/RRSP-Cash-Bonus.aspx?ip_name=RRSP&ip_cr=v1&ip_pos=home1
Why are you "Assuming no transaction fees" ?
Better to check it out, and CONFIRM rather than "assume".
12:48 pm
March 4, 2019
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Can you transfer any TFSA account? Like a TFSA GIC? Is it dependent on the original financial institution agreeing to do so? Would the rate carry over (at Meridian's discretion?)
1:13 pm
October 13, 2019
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canadian.100 said
Why are you "Assuming no transaction fees" ?
Better to check it out, and CONFIRM rather than "assume".
I did check it out and it depends on which bank you transfer from since its the transferring bank that charges the fees. Some charge more than others but almost every receiving bank I have dealt with covers the transfer fees up to a certain amount depending on your account size. Meridian will cover up to $50 in transfer fees and for example simplii financial charges $45 to transfer so no net transaction fees in that example.
1:26 pm
October 13, 2019
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LeBronBMT said
Can you transfer any TFSA account? Like a TFSA GIC? Is it dependent on the original financial institution agreeing to do so? Would the rate carry over (at Meridian's discretion?)
I'm not sure about transfering a GIC in a TFSA. I would think that the bank you have the GIC with would have to authorize the GIC asset transfer to Meridian but they might have a way to do that.
It does say below in the legal so if GIC is considered an "investment" than it should be OK.
https://www.meridiancu.ca/Offers/1-Percent-Cash-Bonus-TC-Transfers-to-Meridian.aspx
4. Registered cash, investments, or a combination thereof (“New Assets”) must be transferred into a new or existing registered account at Meridian (“Qualifying Accounts”) from a financial institution outside of Meridian Credit Union, motusbank, Credential Asset Management Inc., Credential Securities, Credential Financial Strategies and Qtrade Investor. To qualify as New Assets, the assets must not have been transferred out of a Qualifying Account at any time within the previous twelve (12) months.
1:33 pm
October 13, 2019
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Another thing I just noticed they have different conditions depending on if you deposit to "Meridian" or "Meridian wealth". The cash bonus is $500 versus $750. I am not sure if the HISA promotion can be combined with a transfer to meridian wealth where there is the larger cash bonus.
Terms here
https://www.meridiancu.ca/Offers/RRSP-Cash-Bonus.aspx?ip_name=RRSP&ip_cr=v1&ip_pos=home1
scroll down to "legal"
1:44 pm
March 4, 2019
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Thanks for the reply 1nt2Save. I haven't done a TFSA transfer before and I'm still unsure what types of accounts can be transferred.
For example, if someone had a TFSA savings account at Motive that pays 2.4%, would they be able to 'transfer' that TFSA account to Meridian and take advantage of this promotion? Would Meridian match the TFSA savings account rate after the transfer and just keep that rate forever like a Motive account? (I highly doubt that!)
Would Meridian perhaps just transfer the account and then pay their own savings account rate (1.4%) on the account? That's more likely but I'm unsure. I assume these transfer offers are intended to capture monies in people's TFSA and RRSP stock accounts, but like you mention 1nt2Save Meridian's offer does seem to capture all kinds of investments even savings accounts:
9. Qualifying Accounts can be (a) registered retirement savings plan accounts; (b) spousal registered retirement savings plan accounts; (c) registered retirement income fund accounts; (d) spousal registered retirement income fund accounts; (e) tax free savings accounts; (f) any combination of the above. Other accounts may qualify.
1:47 pm
June 22, 2016
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... i think you mean 6% not 8% ...
5:35 pm
October 21, 2013
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Any TFSA can be transferred as long as it is in cash (savings). A GIC can't be transferred because it's not in cash.
It should never take anywhere near 2.5 months, as long as it's in cash. Two weeks would be normal in most circumstances but may be a bit slower this time of year due to volume of transfers.
It is unlikely that Meridian will be interested in matching the savings rate of another financial institution.
Please write your comments in the forum.