Saven Financial, Division of First Ontario Credit Union (Ont. residents only) | Saven Financial | Discussion forum

Saven is a division of First Ontario Credit Union, which I have found to be clumsy and awkward to deal with.

The page describing fees is ambiguous in that the transfer limits for Interac refer to ordinary electronic fund transfers (EFT's). If Interac is the only way to move funds in or out of Saven, than their target market is likely not the typical member of this Forum.

There is no other obvious information about their EFT policies on limits, other than the Interac limits.

While their rates might have some appeal, their parent Company would give me pause, until more of their policies became clearer.

I would be concerned that Saven might be another Meridian / Motus set up where the clumsy policies of the parent would be reflected in the subsidiary.

Stephen

GR said
Looks like they do allow EFTs.  

Do you know if they impose limits on incoming / outgoing EFT's for amounts and frequency?

What about hold policy on incoming EFT or mobile deposit?

Time required to transfer and clear incoming / outgoing EFT's? (remember Meridian / Motus inordinate delays)

Any information on speed to set up an account, ease of authentication?

Joint account policy?

As you know these are some of the variations and potential issues some have encountered with FI's discussed on the Forum.

Stephen

Nehpets said

Do you know if they impose limits on incoming / outgoing EFT's for amounts and frequency?

What about hold policy on incoming EFT or mobile deposit?

Time required to transfer and clear incoming / outgoing EFT's? (remember Meridian / Motus inordinate delays)

Any information on speed to set up an account, ease of authentication?

Joint account policy?

As you know these are some of the variations and potential issues some have encountered with FI's discussed on the Forum.

Stephen  

I opened account with First Ontario CU in 2014 to get a feel of Ontario CU's. I linked with an external hub account. Very little transactions. I had no problems with them. In 2018 when I was testing where to purchase GIC's I purchased a large GIC for 4 months. I called them to purchase a very large GIC. Too large. I felt had no money since my cash was all tied up. When it matured I purchased small 9 and 18 month terms. I had no problems. By the time my 18 month GIC matured I knew where I wanted to purchase competitive rate GIC's. I found you did not need to call them to purchase GIC's. Can be purchased online. I am sure Saven Financial will provide good products and service. I will not be moving. I am pleased with my consolidation process. Try a few FI's. When you find one that you are pleased with stick with them.

Nehpets said

Do you know if they impose limits on incoming / outgoing EFT's for amounts and frequency?

What about hold policy on incoming EFT or mobile deposit?

Time required to transfer and clear incoming / outgoing EFT's? (remember Meridian / Motus inordinate delays)

Any information on speed to set up an account, ease of authentication?

Joint account policy?

As you know these are some of the variations and potential issues some have encountered with FI's discussed on the Forum.

Stephen  

Under the General tab -
"It may take up to five business days to transfer funds between Saven and other financial institutions."
That is certainly near the bottom regarding "time to transfer funds". Sounds even slower than Meridian which is v-e-r-y s-l-o-w. I have no interest even if they offer joint accounts and send chocolates.

Meridian/motus takes 3 to 5 business days in practice - usually 4. If they had superior rates, I'd put up with that and just use them for money I wasn't going to move very often. Meridian/motus offer free chequing, at least for seniors, so you can always use that route if you need to present the funds in a hurry at another FI.

I've never had any trouble doing transfers from Hubert. In fact, a number of forum members use it as their hub. If I remember correctly, Hubert allows up to 13 links.

GR said
Seems like a new online division of an established credit union for Ontario residents.
HISA 1.55%
GICs 1 to 5 yrs. ranging from 1.55% to 2.05%
No registered accounts; no joint accounts.

https://savenfinancial.ca/en/on-Home  

Wow, beyond useless online banking division if Ontario residents only. Doesn't qualify for inclusion on our comparison chart(s).

Cheers,
Doug

Loonie said
Not at all useless for Canada's most populous province, over 14 million people.

Thanks to GR for posting. S/he made it clear in the title that it was only for Ontario residents.  

I totally agree. Any information on this site is usually beneficial to only a portion of those who participate here. The point is, it's still beneficial to many. There will often be "deals" available to people in BC, Ontario or Alberta, etc., but not the rest of the country. Those people like to be informed about local oportunities. I like to inform and appreciate hearing about new national and local investment oportunities. Thanks to GR for the posting.

gicjunkie said

I totally agree. Any information on this site is usually beneficial to only a portion of those who participate here. The point is, it's still beneficial to many. There will often be "deals" available to people in BC, Ontario or Alberta, etc., but not the rest of the country. Those people like to be informed about local oportunities. I like to inform and appreciate hearing about new national and local investment oportunities. Thanks to GR for the posting.  

True. Even big 5 offers show up in the forum, as well as credit union offers. Coast Capital 4% GIC comes to mind, CIBC offers, Tangerine offers....etc. Doesn't mean they should show up on the charts.

Found this today and trying to figure out what the deposit limits are.

Was using Motive but switched to Canadian Tire when the motive rates fell.

I am interested in saven only if there are no deposit limits like at the above mentioned. Saven might be an option if the Canadian Tire rates drop.

For those in Ontario anyways..

PS. Not a lot of options for accounts with no deposit limits.

An Ontario CU is insured up to 250K by FSRA.