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Email this7:13 pm
December 20, 2019
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I have come to the conclusion that SAVEN is my all time favourite savings place.
Why?
1. They are still offering 5%
2. Consistently in the top tier interest rate bracket.
3. No Limits on push and pull (believe me I have tested that)
4. Just a savings place but who needs more with great service they offer.
5. Live person returns my calls, even checks back days later to make sure things went well.
6. I can link as many accounts as I want for push and pull.
7. Push and pull is as easy as selecting an account from the pull down.
8. The app is updated and works flawless
9. They offer top tier TFSA and GIC rates as well as savings.
10. Has a decent 250k deposit insurance.
I am not sponsored or have no connection to SAVEN but having accounts at almost all listed financial institutions I find SAVEN the easiest to move serious money around. The only other place that ever came close was the old Hubert, their interface was excellent but now is nothing.
I have been with SAVEN a number of years and since the app upgrade a while back I have decided to open more family accounts and move in the GIC's and TSFA's.
I was also happy at motive but a lot of their stuff was still manual, at saven EVERYTHING is digital, you never ever have to use snail mail.
So for me I am taking a shopping break knowing SAVEN always gives me one of the top rates and tomorrow I am locking in 5% moving in my wife's accounts.
The last time I was this excited was back in the Ally days, remember them?
8:10 am
September 30, 2017
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... the only 5% I find there is for a 4 months term
8:12 am
December 20, 2019
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Yeah they recently dropped the 6 to 4 months but I'm moving my TSFA and RRSP in regardless because they consistently offer the better rates and I'm tired of moving around.
3:36 pm
September 7, 2018
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Re POST 1 above
Saven is good as far as the items you list, BUT you omitted to say that the transfer in of funds pulled in from external linked accounts is terribly s-l-o-w - about 5 days until you actually see the funds in your Saven saving account and then it takes another 5 days at least "on hold" before you can buy a GIC.
Motive is far more efficient in this regard - you can pull in funds and then phone the agent immediately and they will buy a GIC that very day. (DUCA will also do this.) It can be a big advantage over Saven because if rates go down over the 2 weeks of the transfer and hold process, you could lose out on Saven's rates.
In addition, the maximum cheque amount you can deposit using Saven mobile is $25,000. If you have a cheque of $25K you would need to deposit it in another FI and then transfer the funds to Saven once any hold has been lifted in the external account.
Saven could/should address the above 2 issues if they really want to appear state of the art and user/client friendly.
I agree they have improved their APP - it was terrible for a long time. Error messages one after the other. They really need to allow users to be able to use a password when the fingerprint is not accepted by the APP. Most FIs do allow either fingerprint or PW to sign in but with Saven, a fingerprint is required. So still room to improve the APP in regard to accept a PW to sign in.
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