Wealth One Decreases Savings and GIC Rates | Wealth One Bank of Canada | Discussion forum

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Wealth One Decreases Savings and GIC Rates
June 18, 2024
12:20 pm
GR
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Savings account interest rates decreased substantially to 3.50% from 4.00% and GIC rates reduced, as shown on GIC Chart.

June 24, 2024
2:18 pm
Lamaison
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It would seem that Wealth One may be expecting a flood of withdrawals after the drop in interest rates. Just attempted to withdraw and discovered (only by trying multiple times) that the maximum bank to bank online transfer out has now been reduced to $10K!!

June 24, 2024
3:31 pm
Loonie
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Originally, W1 said they were going to offer chequing, but that never materialized. That would have provided an alternative for withdrawals.

You SHOULD, however, be able to set up a link FROM elsewhere, such as Hubert or Tangerine, and PULL money out of W1 that way. You can't do this from the Big Banks as they don't enable it.

Alternatively, if you have a lot of money that you need to get out, a wire transfer may be in order, but there will be a fee.

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