Hot Deals

[B2B Bank] B2B Bank HISA 3.30%

  • Last Updated:
  • Oct 18th, 2019 2:08 pm
Sr. Member
Aug 1, 2006
527 posts
346 upvotes
Toronto
titaniumtux wrote:
Aug 14th, 2019 9:45 pm
This seems tasty on paper. So if I understand correctly...
  1. a HISA that pays 3.3% (calculated on daily balance, paid monthly)
  2. Unlimited withdrawals (bill pays, external transfers)
  3. If they don't have bill pay built in, just link it up to PayTM
  4. No TFSA option
  5. No ATM access or debit card?
  6. No welcome bonus
  7. No deadline or expiry for current rate, but can change any time?

If all this is the case, it takes a nice stab at Manulife, DUCA and the likes, and almost makes those TFSA's at 2.8% irrelevant.
From their PDF file I downloaded on their HISA which states "Product maintained by B2B Bank but no longer offered for sale as of April 30, 2018" so it may not apply:
Transfers (between B2B Bank accounts or accounts at other financial institutions in Canada):Free
Pre-authorized deposits:Free
Monthly statements :Free
Chequing privileges :Not available
ABM access: Not available
Interac Direct Payments: Not available
Pre-authorized debits: Not available
Bill payments: Not available
Early closure fee (less than 90 days): $25


I anticipate interest rates will be going down, and the rate on this HISA will drop too, so I think it's smarter to get into a long term GIC. But if you just want to park your money for a few months, this looks like a juicy HISA offering.
Newbie
Jun 24, 2015
28 posts
35 upvotes
Had business as house mortgage with this bank, what a nightmare. Their staffs are ALL trained to lie! They tell you that they are doing one thing while they didn't do anything or just turned out what they promised are actually not the way they do things.
For example, I needed a proof to show my loan was closed since my lawyer found out they didn't close my previous mortgage with them, they told me they had fax me the letter I need when we were on the phone. I never received that. I called 7 more times within the next 2 days with 4 different customers service gave them 3 different fax numbers that all work, they all said they sent it and yet I never received anything. At last my lawyer had to get to the supervisor of them, turned out they NEVER do any fax business, they had been lying to me for 2 days. I almost failed to close my house because of that!
Stay away from them that's my experience.
Deal Guru
User avatar
May 8, 2009
11036 posts
7575 upvotes
Leask
Bull Dog wrote:
Aug 14th, 2019 10:17 pm
From their PDF file I downloaded on their HISA which states "Product maintained by B2B Bank but no longer offered for sale as of April 30, 2018" so it may not apply:
Transfers (between B2B Bank accounts or accounts at other financial institutions in Canada):Free
Pre-authorized deposits:Free
Monthly statements :Free
Chequing privileges :Not available
ABM access: Not available
Interac Direct Payments: Not available
Pre-authorized debits: Not available
Bill payments: Not available
Early closure fee (less than 90 days): $25


I anticipate interest rates will be going down, and the rate on this HISA will drop too, so I think it's smarter to get into a long term GIC. But if you just want to park your money for a few months, this looks like a juicy HISA offering.
This is amusing. Close a no-fee account within 90 days and they take $25?

Bank to bank transfers are okay and free. This suggests PAD credentials are available. That means can be linked to PayTM to enable bill pay (similar to HISA's at Simplii or Tang).

So far sounds like CTFS HISA but with a better rate. Not sure if PAD pulls would violate ToS and trigger shutdown or lockdown.
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Member
User avatar
Jun 18, 2004
365 posts
64 upvotes
Vancouver Island
titaniumtux wrote:
Aug 14th, 2019 11:08 pm
This is amusing. Close a no-fee account within 90 days and they take $25?
I think most banks and credit unions will charge this type of fee...
Member
Mar 14, 2014
257 posts
302 upvotes
I tried twice and the application process failed at the end with a response " Unable to open account call ..." As mentioned in a prior post they do a identity verification based on your Equifax file and offer multiple choice questions based on what's contained in the file. I was offered some very odd questions on the second attempt and had to respond " none of the above " to all the choices. I had a feeling it pulled a different person's file. I don't think I'll make any further attempts.
Newbie
Jun 22, 2009
38 posts
10 upvotes
sneek wrote:
Aug 14th, 2019 9:04 pm
As someone that has been in FTN for well over a year, I can't say I recommend it. It went down to $3 range once a few months ago and is still well below my $10 purchase price :(



I remember that!!
Haha that was my Christmas present lol
Came out over 300% after doubling down during that two weeks.
Newbie
May 11, 2013
36 posts
24 upvotes
Toronto
I know, right?? Brutal.
dilligafeh wrote:
Aug 14th, 2019 7:02 pm
Now if we could only get past their fukn application page...
Finally made it. 48hrs to link an acct.
Member
Sep 14, 2009
394 posts
101 upvotes
Vancouver
What a joke the online application is. I got an error message when I submitted the application. Called in to B2B and was told to call Equifax.
Newbie
Apr 28, 2019
25 posts
11 upvotes
Newbie here. If this deal doesn't have a TFSA option, does that mean the interest earned is taxable? If so, why would someone choose this route?
Newbie
Apr 30, 2012
20 posts
7 upvotes
Toronto
Tried application twice as well; got "We are unable to process your request. Please contact... " both times. Called customer support and was asked to send the screenshot to "questions@b2bbank.com". Same issue as @flyjazz above where on 2nd attempt, none of MC answers applied to me. FYI.
Member
Oct 29, 2006
465 posts
26 upvotes
Ottawa
Took 2 attempts but I was able to sign up, now just waiting for my micro deposits to come in to confirm linked accounts.
Newbie
Apr 30, 2012
20 posts
7 upvotes
Toronto
@deals1112. So yes this is non-registered so we should be getting a T5 next year (I hope). I guess this is more for those who have maxed out their tax shelters or someone who needed to have great liquidity. It's better than 1.15% if the $ has to sit in a bank or perhaps those promotional rates where u get 3% annual rate but only for 3 months, etc.
Deal Addict
User avatar
Jul 25, 2008
1092 posts
166 upvotes
Ottawa
Is bond pay better than 3.3 %. HISA?? now stock tanked.

This is off topic.
Newbie
Mar 7, 2013
1 posts
Toronto
The Equifax check is not a credit hit. It is an Equifax service used for customer identification only. Suggest you retry.

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