Meridian Credit Union Now Offering 3% Percent For 4 Months In A Savings Account | Meridian Credit Union | Discussion forum

Hmmm, do I really want to open another account at a new FI (I already have 10 FIs) just to get an extra 0.5% over what I already get elsewhere? For 100K over 4 months, that is an extra $167 or so (of which CRA will take a third). I suppose if I saw that laying on the sidewalk, I would bend over to pick it up. I'll have to think about it.

I'm feeling somewhat the same way. It's getting harder and harder to budge me, and I know I wouldn't do it for $167 minus taxes. (Bear in mind though that DICO now covers 250K, so profit could be higher, if you have the cash available.) We did well there last year with 2 single and a joint account at 3% x 6 months, which made it worthwhile. I also moved a smallish RSP there, for which they reimbursed the transfer fee, as the rate was as good as any at the time.

As time marches on, I am seeking FIs that I can settle down with for the longer term, who can be expected to offer top of market or close to it often enough that I can meet my needs; plus reliable good customer service, preferably domiciled in my home province, joint accounts, and good insurance coverage (more is better, for me).
If a FI doesn't offer these things, it has to make a really good offer for me to start up with them, probably in the neighbourhood of minimum $500 profit over competitors, preferably with some reason to believe that this has good potential to develop into a longer term relationship. Picky, picky!

I already belong to Meridian, so I wouldn't qualify anyway. However, having belonged to them for a couple of years, I have concluded that they do not not offer exemplary rates most of the time and don't intend to, and a dismal 1.4% on savings (which used to be higher), so it probably wouldn't be attractive if I were starting now.

It's clear to me that Meridian's goal is to acquire the accounts of people who are currently still with the Big Five, want bricks and mortar, and may not be aware of better deals elsewhere. That's not my profile, but I'm going to keep them for now, with a small balance. Their staff are pretty good, but the advice isn't any better than the banks IMO.

There is definitely room in the marketplace for more well-run FIs that offer superior rates, at least from where I sit. Bring 'em on!

GR said
There seems to be some confusion in postings here about eligibility requirements. You do NOT need to be a NEW member to take advantage of this promotion. New members are eligible but EXISTING members are also eligible, if they have not had a Good to Grow High Interest Savings account at Meridian within the past six months. (As per terms and conditions and telecon with a branch.)  

Okay, fair point, GR, but still that's a "new product offer". In this case, I'm assuming Loonie and spouse have a Good to Grow HISA.

I don't know that Meridian is after new members anymore than, say, Coast, Loonie. The difference is in their funding model, I think. If you look at their balance sheets, you'll see Meridian has a lot more investment shares outstanding (similar to preferred shares, but without the dividend tax credit & less liquidity but guaranteed return of principal with the exception of CU insolvency). I also suspect Meridian has a higher percentage of securitized loans, which essentially sees them take the profit upfront and only be potentially on the hook for a small percentage of losses, if any.

Cheers,
Doug

My head is spinning from ALL the rate chasing you have to do these days .

Simplii , DUCA , Meridian, Tangerine etc etc .

Have been thinking of opening an account at Meridian although after reading the reviews it doesn’t seem reassuring. Has anyone had issues with Meridian? Are there deposit limits per transaction and withdrawal limits per transaction?

Appreciate your insight Stephen. Concern was in getting the funds out. Thx

The promo of 3% for 4 months has been decreased by Meridian to 2.75% for 4 months evidently, in the past few days.

If it takes 3 days to EFT out of Meridian, I may use bank draft which cost $6.50 and it can be deposited and earned interest right away at the next FI (of course given that the branch is 5 mins drive from my work).
EFT out of DUCA took 1 day only, curious to know how long Meridian takes.

Nehpets said

HISAhopper said
If it takes 3 days to EFT out of Meridian 

A call to the Customer Service number or to a local branch manager can override the absurd Meridian default limits and time delays. EFT can be virtually immediate using this alternative.  

Great if that in fact works. I asked a Meridian rep yesterday and he replied that it might be faster than 3 days but there was no guarantee.
Thanks Nehpets for confirming.