National Bank HISA promo - earn 4.25% until Dec 13, 2022 | National Bank | Discussion forum

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Thanks for the heads-up, Hwyc. And Yes, that rate could be a record setter ❗

But sadly, it looks like this is just another Big Bank short-term bate rate. But as always, some will jump for it.

Dean

I see google review of this bank (several difficult branches), and found lots of angry customers and discovered lots of unprofessional bank staff approaches - to be honest, I feel unsafe to open the account at this bank...

Am almost tempted. But for only 3 months (practically 73 days if I'd do it from Oct 1) and restrictive options, am not sure if it's worth going through the hoops of getting an account, even though 4.25% is still the best out there.

Will wait some, to see how the market is shaping out. And since it's a HISA, nothing to lose by waiting a few more days.

HermanH said
There may be another cost-free alternative.
When you wish to remove the funds, open a Modest Chq account. It is free if you have $3000 in it. Transfer your HISA funds to it (free of charge). Then, link it to Tang, move the funds, and close the account. I had the CSR triple-check to make sure that there is no penalty for early closure of the CHQ acct. Just make certain that you have at least $3000 in the CHQ account as soon as you open it or else you pay the monthly fee.  

Thanks for the tip, it may become handy if I am going to do it and I may as well do the $300 promo for opening a chequing account for at least 4 months. (I have been waiting to move my direct deposit so this is a good opportunity)
After linking the chequing account to Tang, move the fund and close the account must happen in the same day, am I correct?

For this HISA account, there is an additional $5 fee listed for Pre-Authorized debit.

I wonder if that's on top of the $5 on every withdrawal?

Would a pull from Tangerine be considered a PAD here?

https://www.nbc.ca/content/dam/bnc/particuliers/pdf/tarification-compte/brochure-fees-banking.pdf

HermanH said
Yes, as soon as the funds clear the chequing account, the balance is now below $3000 and a monthly charge will be levied. However, if you close the account the same day that the account balance is $0, you can avoid the penalty.

Do note that the CSR told me that they will not allow me to close the account online or over the phone. I am required to go into a branch to close the account. You may wish to double-check this requirement, as the inconvenience may negate any advantage from avoiding a small $5 fee.  

Thanks again for the great info. It's not a problem for me to go into branch and close the account with the teller (no need for appointment to see advisor.
What I am thinking right now is how to get the 4.5K (it was 3K in the past, required balance to avoid chequing account fee) out from chequing account in one day. The 3K can be interac e-transfered in the morning (no fee with chequing account package) but 1.5K left must be cashed out at the time of closing. Any other brilliant idea?

There does appear to be one free debit transaction per month, though.

From the Fees Brochure

Service Charges
One free transaction per month among the transactions listed below with an asterisk. No fees for transfers made through our online banking services between accounts you hold with us.

Transactions
› Debit card purchase $5.00
› Withdrawal* $5.00
› Transfer between accounts through our online banking services Free
› Transfer to another person*, international transfer*, Interac e‑Transfer* $5.00
› Sending Interac e‑Transfer $1.25 (these fees are added to the Interac e‑Transfer fees)
› Receiving Interac e‑Transfer Free
› Withdrawal for one bill payment* $5.00
› Pre‑authorized debit* $5.00

Branch Transactions
› Withdrawal*, transfer*, withdrawal for bill payment* $5.00
› Bill payment service $2.00/bill

Other Services
› Online statement Free
› Statement by mail $2.50/month/account
› List of transactions via ABM
— Each $0.75
— Flat fee $1.00/month
› Automatic transfer carried out by the bank at your request, at a specific date $1.50

Other Information
This account does not offer the option to write cheques.

https://www.nbc.ca/content/dam/bnc/particuliers/pdf/tarification-compte/brochure-fees-banking.pdf

HermanH said
Why limit yourself with the chequing acct balance? The minimum is $3000. You could transfer the entire HISA balance to your chq acct and remove it totally in one day. Or, you could leave $3K in the HISA (for removal via Interac) and the balance in chq for withdrawal. Seems to be more onerous to have both a withdrawal from HISA and one from Chq at the same time, when a single withdrawal from Chq would be sufficient. Perhaps I am misunderstanding your situation.  

Perhaps you did not hear about the promo, get $300 for opening a chequing account and one of the conditions is to keep a balance of at least $4.5K to avoid fee.
https://www.nbc.ca/personal/accounts/chequing.html
yes i could transfer the entire HISA to this chequing account and do a pull at Tang to get the entire fund out of National Bank but since it is a pull I do not know when the fund is out so that I can close the account on that same day. I dont think National Bank let me push money out.
Yes you are correct with the Modest account 3k min balance, interac e-transfer out and walk in to close the account problem solved.

Just got the HISA account open at branch, and surprised to see option to link with external account from many other banks and CU's. (the advisor said it was not possible) and it is powered by MX (not sure who that is). I have not yet tried the link and hope to hear from anyone experiencing with it.
I will probably open the chequing account at the end of the month.