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Email this5:12 pm
October 21, 2013
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http://business.financialpost......-mortgages
and
https://www.pressreader.com/canada/toronto-star/20160926/281994671973221
and
https://www.wealthonebankofcanada.com/Personal/
Although its primary focus is the Chinese-Canadian market, an article in today's Toronto Star says it will also serve others.
Will take deposits and do mortgages online.
All frontline staff speak Mandarin, Cantonese and English, but the CEO is Caucasian.
I checked the CDIC site, and it is covered by them.
Schedule 1.
Currently paying 1.7% on savings account, comparable to the MB credit unions, but only until Dec 31. They also have GICs, but rates are not outstanding. They might be worth watching for special rates from time to time.
3 bricks-and-mortar locations:
North York:
5160 Yonge Street, Suite 1002 (North York City Centre)
Toronto M2N 6L9
Markham:
30 Gibson Drive, Suite 109-110 (behind T&T)
Markham,ON L3R 2S3
Vancouver:
1021 West Hastings Street, Suite 2350
Vancouver V6E 0C3
5:24 pm
February 1, 2016
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Wealth One Bank of Canada pays 2.5% on savings account and not a teaser. Anyone know anything about this bank? I think its new.
5:44 pm
October 21, 2013
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There is a previous thread on this bank here https://www.highinterestsavings.ca/forum/general-financial-discussion/new-bank-wealthone/
MODERATOR: Can we amalgamate these threads?
It is insured by CDIC:
http://www.cdic.ca/en/about-di.....rs.aspx#WW
Edit by admin: the threads have now been merged
5:45 pm
February 1, 2016
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Also the highest rate in Canada for a regular savings account.
5:54 pm
December 4, 2016
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I said this on Reddit about this bank:
Sauerkraut at RFD had this quote:
Some ahem interesting CVs for a few of their principal investors
https://www.theglobeandmail.com/report-on-business/the-murky-beginnings-of-a-new-canadian-bank/article33034258/
It doesn't seem like a great bank to place money.
6:27 pm
October 21, 2013
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The savings rate may not be a promo rate per se, but, since their GIC rates are unremarkable, I wouldn't expect them to hold this rate. The last rate update was July 14 this year. It will go down when they have enough deposits. All FIs do this, despite what they may say - the latest being Meridian.
https://www.wealthonebankofcanada.com/Personal/Rates/TermDeposits/
7:48 pm
April 7, 2017
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Here is another new bank with TFSA rates that are not too bad. They target for Chinese clients.
The bank is located in a mall in Port Coquitlam BC and all signage at the entrance is in Chinese which is a bit of a carry over from Richmond BC where they do much the same and appears they do not want non-Chinese speaking customers.
11:52 pm
October 21, 2013
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Just to clarify, Cranston is referring to Shinhan bank, which appears to be a bricks-and-mortar one-branch CDIC-insured bank. Website is in English.
1:18 pm
April 7, 2017
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Yes Shinhan bank. Has 4 brick buildings in Canada. Yes website in English but branch is not that inviting with all "in Chinese" rates and promos at the entrance. It is like saying if you can't read you are not welcome.
Like I say this way of doing business has crept a bit north from Richmond BC.
8:21 am
November 25, 2014
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Edit by admin: this post was originally its own thread titled "Wealth One Bank of Canada 2.5% HISA / TFSA / RRSP"
- Covered by CDIC
- Not avail.in Quebec
- 1st cheque must be $1000
- Can link up to 4 other cheques accounts (void accepted)
- No fee on any number of linked transfer
- 10 free bill payments/month
- Accept photo-cheque, even for void
- Other service fees
9:42 am
November 19, 2014
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Thanks. GIC rates are pretty decent as well.
WealthONE GICs - 1 Year 2.30%
WealthONE GICs - 2 Years 2.45%
WealthONE GICs - 3 Years 2.50%
WealthONE GICs - 4 Years 2.60%
WealthONE GICs - 5 Years 2.75%
11:20 am
December 20, 2016
Online
Thanks for the tip! Online application and navigation of Wealth One site easy and intuitive.
Telephone support I found to be helpful and informative.
Will see how long it takes to process the application...the only question I was unable to get a clear answer to was how to set up a joint account, as that option is not available on the onlne application.
12:06 pm
May 20, 2016
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From its website, rate for TFSA & RSPSA is 0.85%
https://www.wealthonebankofcanada.com/Personal/Rates/Savings/
Rates effective 2017-07-14
Savings Account Rates
WealthONE High Interest Savings Account (Personal Only) 2.50%
WealthONE Tax-Free Savings Account (Personal Only) 0.85%
WealthONE RSP Savings Account (Personal Only) 0.85%
Savings Account (Business) Rates
WealthONE High Interest Savings Account (Business) 0.85%
12:35 pm
September 5, 2013
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I will be very cautious of this bank, as a Chinese Canadian. For those people know SinoForest on TSX, you know what I mean.
12:39 pm
September 5, 2013
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Please read this:https://en.wikipedia.org/wiki/Wealth_One_Bank_of_Canada
4:20 pm
September 5, 2013
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With paid up capital of only 50 million, it can obtain a schedule 1 bank license and CDIC insured.
Something is not very special here.
4:20 pm
January 18, 2016
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Brimleychen said
Please read this:https://en.wikipedia.org/wiki/Wealth_One_Bank_of_Canada
I agree with you BC but I still just opened an account and funded it with 100K because they are CDIC insured. You can bet your life I won't be going over that anytime soon LOL 
4:23 pm
September 5, 2013
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reality said
I agree with you BC but I still just opened an account and funded it with 100K because they are CDIC insured. You can bet your life I won't be going over that anytime soon LOL
Never mind. The taxpayer will foot the bill.
4:52 pm
January 18, 2016
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Brimleychen said
Never mind. The taxpayer will foot the bill.
Time will tell. It is pretty easy to open a bank these days. The trick is to have a place to put the $$$ were you can make a profit and not get charged with fraud or go banco. There is the rub.
Please write your comments in the forum.