Parama Credit Union | New members welcome and introductions | Discussion forum

Exactly!!

And GICs at Oaken and People’s Trust remain higher.
But unfortunately since Accelerates’ conversion they have lost their lustre.

And any one advertising here should provide services to the better part of Canada.

I think I basically agree with Stephen, although I may be more blunt about it!

If you're going to come to this forum, representing a financial institution, and tell us about a good offer, we're going to be all ears. But if you come and try to tell us that your rate(s) is/are exceptional when they're not, then our BS detectors will be very active. Like everyone else here, your claims will be subject to close scrutiny and criticism.
Best to keep it to simple statements of fact, not claims of superiority. You can be sure we will notice if it is truly a competitive or superior rate. Check out our GIC and HISA charts to get a better idea of the competition before you decide to post.

I don't think it's important that offers be available to the entire country. I think it's fair to post local rates, provided you clearly specify that they are only available to a certain demographic and/or that one must appear in person in order to qualify.

Let us know when Parama becomes available for online sign-up. And we are always interested in good competitive or superior rates.

For future reference, a helpful post will include, at a minimum:
*rate,
*frequency of payout
*compounding arrangements
*method of calculating interest
*minimum deposit
*geographical limitations (if CU, closed or open bond?)
*availability for non-registered and registered accounts
*availability for joint accounts
*applicable deadlines
*maximum deposit
*is rate subject to change?
*new money required? - this one year rate does require new money
*any other restrictions, limitations or additional non-standard requirements not already noted which are found in the fine printf (e.g. in this case, the GIC does not qualify for annual member dividends).

It may seem harsh, but we've had this problem before with people representing financial institutions advertising in this space.
Since Peter appears to support this idea by suggesting it belongs in "New Members", I'm offering some guidelines as to how it could be done in a way that is more informative than annoying. For me, it's a compromise.

I may be wasting my time.

I think "Polly" needs to realize that the competition for members of this forum is not the Big Banks, but their smaller competitors, of whom there are quite a number. It's the latter they have to match or exceed.

ParamaPolly said
Tough crowd! How's this: 2.75% 90-day GIC. $10k minimum. Offer is released late Thursday (tomorrow) and we won't need to keep this rate going for many days. It's not going on the website. Some of the provided comps are term rates and not GICs but it's what they have on offer for 90-days. Compiled this on the 20th. Our special offer for kind readers on HighInterestSavings. So not for you, GICInvestor or Looney.
  

It's a fine offer, Polly, and I like that you're very responsive to members and potential members in adapting your GIC offer (or launching a modified GIC offer) based on forum members' feedback.

I would take you up on it, but two problems preclude that:
- I'm in B.C.; and,
- You don't currently have an all-digital membership opening application form.

I might suggest you implement Central 1's OpenAnywhere™ technology or the Cumulus system that Omnia Direct (part of Windsor Family Credit Union) are offering.

As well, I would recommend you make a presentation to the PARAMA board of directors about expanding the bond of association of PARAMA to include any Canadian permanent resident to opening an account. Meridian Credit Union has done that in 2015 and, indeed, any Canadian can establish memberships with them. You could either create a special Contact Centre branch transit to sign up members, or allocate them to a branch. I don't imagine it'd be especially troublesome for you. As well, you save the added expense of trying to incorporate a bank subsidiary, which Meridian has had a rocky start with its Motus Bank subsidiary.

Cheers,
Doug

I too am from BC. But let’s all get real here!! Who is going to go through the sign up process for a flash in the pan offer. What history do they have that shows an exemplary history against some of the other proven leaders? For only 90 days @ 2.75% or Motive savings for an undetermined time for 2.8%. And who has $10,000 that is free and clear? Like I say this is flash in the pan and very restrictive offer.