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Email this1:25 pm
July 6, 2019
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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.
I am keeping an eye on this one. Thanks.
FirstOntario has 126,000 members and have been operating as a credit union since 1939 (as then, Stelco Employees Credit Union) so it is established. Since their HISA is currently on par with CTFS, if their 1.55% HISA rate proves stable I may open up an account with them in the future in an amount to fall within the DICO/250K FSRA limits.
6:44 pm
December 20, 2019
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Since CTF has now fallen to 1.25% I am still trying to figure out if there is a ceiling on the rate.
IE max account balance of 250K or if there is no limit with the same interest rate.
Funny that is not mentioned anywhere.
7:07 pm
September 29, 2017
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IIRC they have no limit.
8:40 am
October 27, 2020
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Is there a reason why Saven Financial is not listed neither in the HISA chart nor the GIC chart?
8:42 am
December 20, 2019
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Pythagoras said
Is there a reason why Saven Financial is not listed neither in the HISA chart nor the GIC chart?
Ontario only so it does not make the Canadian lists
8:43 am
December 20, 2019
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I am really sitting on the fence with this one, now that CTF is down to 1.25% the 1.55% is very attractive but with Saven being the last hold out by the time I do my paperwork and move my money they will probably hit 1.25% as well.
Hmm, I wish I had a crystal ball
8:59 am
April 14, 2021
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I am in the same situation with Wealth1. By the time I set up the TFSA transfer for 1.5%, it will likely be down with all the others. 🙁
12:43 pm
November 8, 2018
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I wanted to try Saven, but their app is not compatible with my Android 9 smartphone. I'll pass.
12:48 pm
December 20, 2019
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Works with Android 11 on my Pixel 3 phone.
6:52 am
March 30, 2017
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What are the general consensus for Safen now that they have been around close to 1 year ? Whats the limit for EFT esp outgoing and truly no fee ? Certainly dont want to wait for days to move $100k or more when needed.
I like the fact its if FirstOntario which looks like a decent size CU.
The current HISA rate of 1.5% or 1y GIC at 1.7% looks fairly attractive.
7:30 am
December 20, 2016
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Unless things have changed, they have no joint account and inordinate lag time to process incoming and outgoing EFTs, not to mention apathetic customer service.
1:26 pm
March 30, 2017
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Nehpets said
Unless things have changed, they have no joint account and inordinate lag time to process incoming and outgoing EFTs, not to mention apathetic customer service.
yeah if it takes 1 week for my fund to go in, and then another week to get it back at withdrawal, thats 2 out of 52 = ~4% haircut. Thats 4bps on a 1% rate. Kind of make them irrelevant when their rate is at most 20-30bps higher than the rest. I wont go into hassle squeezing another 15-20 bps and give them my business unfortunately.
9:46 pm
November 25, 2019
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Saven now offers 5.25% for a 5-year GIC.
Here are their rates.
As already mentioned in this thread, Saven caters only to the Ontario residents. Also, it doesn't offer registered GICs as well as joint accounts.
8:08 am
September 7, 2018
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savemoresaveoften said
yeah if it takes 1 week for my fund to go in, and then another week to get it back at withdrawal, thats 2 out of 52 = ~4% haircut. Thats 4bps on a 1% rate. Kind of make them irrelevant when their rate is at most 20-30bps higher than the rest. I wont go into hassle squeezing another 15-20 bps and give them my business unfortunately.
So many of the credit unions have clunky outdated systems for transfers eg Saven, Tandia, Meridian, DUCA, Luminus etc.
S-l-o-w and with restricted transfer limits. Sometimes hard to remove funds without agent assistance.
10:38 am
October 21, 2013
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On the other hand, those CUs ALL (except Saven, which is a waste of time in my view) offer chequing accounts, which make it easy to withdraw any amount you want. Saven's parent CU also offers cheques. You will have to wait for cheque to clear.
DUCA, for one, gives interest from time of cheque deposit, which makes it the fastest system for transfers, assuming you really want to put your money there and are not just using it for transit.
The large banks are worse, as they refuse to set up links at all, and the smaller ones often have transfer limits and often don't offer chequing at all.
It's a constant dance to find the best combo of service and rates!
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