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[Wealth One Bank] Wealth One Bank of Canada 2.5% HISA / TFSA / RRSP

  • Last Updated:
  • Jul 17th, 2017 5:16 pm
[OP]
Sr. Member
Sep 4, 2007
854 posts
219 upvotes
Edmonton

Wealth One Bank of Canada 2.5% HISA / TFSA / RRSP

Deal Link:
Retailer:
Wealth One Bank
That's right folks! 2.5% with no term limit (allegedly*). Good deal for those who didn't get in on the Tangerine deal. And yes, it is CDIC insured.

About the bank: https://www.wealthonebankofcanada.com/Personal/AboutUs/
The rates: https://www.wealthonebankofcanada.com/P ... s/Savings/
The fees: https://www.wealthonebankofcanada.com/P ... rviceFees/

* We at RFD of course have long memories and recall that EQ bank had their 3% interest rate for a mere 96 days. I would make the conservative assumption that this will last 3 months at best.
13 replies
Sr. Member
Feb 1, 2006
966 posts
157 upvotes
Would love to hear how smooth their onboarding is from those with experience.

They have joint accounts. Yay! (Here's looking at you EQ!)
Deal Addict
May 21, 2004
1114 posts
287 upvotes
GTA
frozenmelon wrote:
Jul 17th, 2017 3:02 pm
* We at RFD of course have long memories and recall that EQ bank had their 3% interest rate for a mere 96 days. I would make the conservative assumption that this will last 3 months at best.
Thanks for the heads up! By looking at the rates for GICs offered, can definitely guarantee 2.5% won't last long... So GICs that lock you in from 6 months to 5 year yield between 1.10% to 2%... Why would anyone want to be locked in to such low rates when rates appear to be heading upwards?!
Deal Addict
User avatar
Aug 16, 2009
1344 posts
226 upvotes
chimaera15 wrote:
Jul 17th, 2017 3:13 pm
ON and BC only
They have retail branches in BC and ON, but it looks like their accounts are open to everyone.
Requirements
To apply, you must meet these requirements:

You are 19 or older.
You are a Canadian Citizen or a Permanent resident of Canada.
We offer banking services virtually through online banking and provide personalized service through our retail offices in Ontario and British Columbia.
Deal Addict
May 21, 2004
1114 posts
287 upvotes
GTA
I don't see fees listed for normal money transfer between Wealth One and other financial institutions? Or do they only allow Interac e-transfers? That would suck since it will cost $1.50 each time to transfer out. Unless it falls under "Account Transfers" but I'm reading that as the cost to transfer your account over or perhaps transfers between Wealth One accounts?
Sr. Member
User avatar
Feb 13, 2004
791 posts
129 upvotes
Montreal
Hmm odd, in the form drop-down for Province I only see BC and ON.
smokescreen15 wrote:
Jul 17th, 2017 3:44 pm
They have retail branches in BC and ON, but it looks like their accounts are open to everyone.
Deal Addict
Sep 13, 2007
1120 posts
400 upvotes
Toronto
frozenmelon wrote:
Jul 17th, 2017 3:02 pm
That's right folks! 2.5% with no term limit (allegedly*). Good deal for those who didn't get in on the Tangerine deal. And yes, it is CDIC insured.

About the bank: https://www.wealthonebankofcanada.com/Personal/AboutUs/
The rates: https://www.wealthonebankofcanada.com/P ... s/Savings/
The fees: https://www.wealthonebankofcanada.com/P ... rviceFees/

* We at RFD of course have long memories and recall that EQ bank had their 3% interest rate for a mere 96 days. I would make the conservative assumption that this will last 3 months at best.
What makes you say "allegedly no term limit"? On the rates page the fine print says ''Rates are subject to change at any time.​"
Newbie
Jul 21, 2015
39 posts
33 upvotes
Montreal, QC
Kfox wrote:
Jul 17th, 2017 4:57 pm
What makes you say "allegedly no term limit"? On the rates page the fine print says ''Rates are subject to change at any time.​"
I think he means it's not advertised as a limited time offer (such as many other "bonus" rates), however, yes, subject to change at any time means this is likely a promotional rate to drum up clients before coming to a number more in line with everyone else, but who knows?
Jr. Member
Jun 13, 2017
152 posts
145 upvotes
Remember they were at 0.8% for a year before this. That amount of rate change doesn't bode well for a long term rates.
Deal Addict
User avatar
Aug 16, 2009
1344 posts
226 upvotes
chimaera15 wrote:
Jul 17th, 2017 4:15 pm
Hmm odd, in the form drop-down for Province I only see BC and ON.
ah, right you are - I guess its only for BC and ON. Sorry the rest of Canada....
Deal Addict
Sep 13, 2007
1120 posts
400 upvotes
Toronto
EQ's regular savings account is 2.3% today
Deal Addict
Sep 13, 2007
1120 posts
400 upvotes
Toronto
These guys have a TFSA at 2.75 for 1 year fixed, higher for longer terms:
https://www.oaken.com/gic-rates/
Seems Home Capital Group is the mothership; with the problems they've had my guess is they need the deposits, hence the good rates. It's safe , backed by CDIC

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