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Email this8:57 am
December 20, 2019
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I locked into a 6 month GIC at 5%
Have had my Saven accounts for a while but have not used them too much until now.
Here are some things I like...
1. The web app has gotten so much better
2. Interest is always pretty darn good
3. There are no limits on transfers in and out.
4. The GIC shows "current accrued interest" so you always see how much interest has accrued, even before maturity.
5. There seems to be no limit to how many accounts you can link.
6. I am able to link to savings accounts.
7. The mobile app is used to login and out even on desktop.
8. Secure messages seem to be addressed in a timely manner.
9. Opening another account is a snap.
10. You can schedule a transfer.
Those are just some of the things I noticed but the best of all is I got a live person on customer support who entered the date on her calendar and called me back on that date to assure I got the rate I set up under when the holds expired.
All in all it has been quite a pleasant experience.
9:43 am
September 7, 2018
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Yes good stuff
but
1. You cannot deposit a cheque to Saven if the amount is over $10K, which is rather odd.
2. The Flinks system which you use to link external accts does not always work.
3. Transfers (in and out) take about a week or so to happen. (reminded me how very s-l-o-w Meridian was to do a funds transfer.)
9:58 am
December 20, 2019
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I did not know about cheques but worst case I would put it in Simplii because the hold there is almost nothing for me. Then transfer out to Saven from there. I don't get a lot of big cheques so I dont think its an issue for me.
The flinks system uses 5 business days to start the transfer and another 5 days to hold the funds. You lose no interest because the losing institution pays the first five days and the winning institution pays the second 5 days.
Yes flinks is slow but its pretty darn secure that is why they hold things. That said most new digital banks and credit unions seem to be gravitating to flinks.
PS. Meridian uses flinks but as an established client they only hold my stuff for 2 days.
2:35 pm
September 7, 2018
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If you are transferring in funds to Saven to buy the 6 month GIC, you cannot buy the GIC until the full transfer and hold period is done (10 days). The rate could actually change by then.
2:38 pm
December 20, 2019
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Already done and they said they would hold the rate for me, thats why they called me.
Lucky for me the hold has passed and I have the 5% 6 months.
Was with simplii at 5.75% but that was dropped to 5% and then 4.25% and I expect it to go to 3.5% at the next rate cut.
Was nice a nice run though, I got 5.75% for a year without locking in.
6:43 pm
August 30, 2023
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KamWest said
Already done and they said they would hold the rate for me, thats why they called me.Lucky for me the hold has passed and I have the 5% 6 months.
Was with simplii at 5.75% but that was dropped to 5% and then 4.25% and I expect it to go to 3.5% at the next rate cut.
Was nice a nice run though, I got 5.75% for a year without locking in.
Just to confirm: So you did a pull into Saven from some other FI and called Saven and told them about this transfer for the 6-month GIC.
They could see your transfer as scheduled and said that they will hold the rate for you for the approx. 10 days? Once released they called you and got you the rate?Thanks.
6:53 pm
December 20, 2019
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yes, the nice lady on the phone talked to a supervisor and did that for me but technically the rate had not changed so no exceptions were made.
I was concerned transferring in a large sum and having the rate change while in progress.
turns out rate is still there but i appreciated her help.
1:09 pm
December 27, 2020
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I agree. I particularly like the option to use biometrics (thumb print) to sign in. Saven also offers better GIC rates than most and is very user friendly. They were also quicker than most to transfer in my TFSA.
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