HISA Promo 3.65% or 3.50% (formerly 3.00% or 2.75%) | Page 6 | Meridian Credit Union | Discussion forum

COIN said
How many people got the 3.15%?  

All we know is 3.15% applies to those that opened a HISA account before the latest 3% offer was launched. Only Meridian knows how many are at the 3.15% rate.

COIN said
How many people got the 3.15%?  

Those who opened their savings account before June 9th, 2022 maintain an increment of 1.90% to the base rate (currently 1.25%) = 3.15%.

Stephen

COIN said

Nehpets said

Those who opened their savings account before June 9th, 2022 maintain an increment of 1.90% to the base rate (currently 1.25%) = 3.15%.

Stephen  

I spoke to a branch manager a while back and he said there is no such thing as 3.15% and never was.  

You would be correct in saying there never was such a thing, or a 3.15% offer for that matter, which differs greatly from an adjustment to the base rate when it increased. Meridian's HISA is structured differently then promotional offers from Simplli and Tangerine, where base and bonus rates may change during the term, but the total interest payable remains the same.

To add, the reverse is also possible with a Meridian HISA, such that 2 years ago
base interest rates were dropping and total interest payable was also effected accordingly. The Manulife Advantage account also adjusts total interest payable depending on the base rate.

I have been getting 3.15% for some time now. The rate is a combination of their regular rate plus bonus.

dommm said
I have been getting 3.15% for some time now. The rate is a combination of their regular rate plus bonus.

Yes, and on June 9 that bonus rate was reduced as stated earlier for new applicants after that date.

And....I have it on good authority that on July 26, 2022, the base rate should increase to 1.75% from the current 1.25%, resulting in a final boosted rate of 3.65% for those of us currently receiving 3.15%...until the end of our 8 month promo.

I presume those under other boosted promo rate programs will be pro-rated accordingly.

Stephen

"And....I have it on good authority that on July 26, 2022, the base rate should increase to 1.75% from the current 1.25%, resulting in a final boosted rate of 3.65% for those of us currently receiving 3.15%...until the end of our 8 month promo."

Question 1: Would the 0.50% increase also apply to those poor souls currently only getting 3%?

Question 2: Does the increase apply to existing and/or new funds?

Nehpets said

dommm said
I have been getting 3.15% for some time now. The rate is a combination of their regular rate plus bonus.

Yes, and on June 9 that bonus rate was reduced as stated earlier for new applicants after that date.

And....I have it on good authority that on July 26, 2022, the base rate should increase to 1.75% from the current 1.25%, resulting in a final boosted rate of 3.65% for those of us currently receiving 3.15%...until the end of our 8 month promo.

I presume those under other boosted promo rate programs will be pro-rated accordingly.

Stephen  

Thanks for the news 🙂

seh said
For the vast majority Meridian customers who already had several accounts and therefore did not qualify for the "new account" promo, even this bump to 1.75% keeps them at 40%-70% less interest than is easily available elsewhere. I guess they don't need the money and/or would rather chase new customers than value their long term account holders.  

Our old Meridian GIC $ went elsewhere cause Meridian wanted newer $ ...

agit said
UP and up it goes for the "savers"

just received the email
Meridian’s rates are changing
- here’s the latest
HIGH INTEREST SAVINGS ACCOUNT
CURRENT RATE: 1.25%
NEW RATE: 1.75%
AS OF JUL 26, 2022  

Does this mean the 3% rises to 3.50% and the 3.15% rises to 3.65%?

COIN said
Does this mean the 3% rises to 3.50% and the 3.15% rises to 3.65%?  

Just logged in and my HISA has indeed increased to 3.50% this morning ! 🙂