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Canadian Direct Financial KeyDirect (no fee chequing) and KeyRate (HISA-fee free)

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  • Feb 23rd, 2016 9:32 am
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Sr. Member
Feb 5, 2013
592 posts
109 upvotes

Canadian Direct Financial KeyDirect (no fee chequing) and KeyRate (HISA-fee free)

There is an existing thread on the KeyRate account here which does not address the KeyDirect account and how it can be used in tandem with KeyRate to replace Ally. Also, KeyDirect has changed fees recently to be a more competitive option.

Just got a confirmation email from CDF and this looks like a great option for a HISA and no fee cheque account when used in tandem.

Operated by Canadian Western Bank, CDF products are covered by CDIC.

Confirmed by customer service that KeyDirect is an online chequing account like ING Thrive that as of now has no fees regardless of balance.

[QUOTE]my email: ...fees will be waived for the KeyDirect if I keep 5,000 balance in KeyRate, correct?
response:
The KeyDirect account no longer has fees regardless of the balance.[/QUOTE]

(I know this is in direct contradiction, and why I asked, to their website that says a $5000 balance is needed in a GIC, KeyRate, or the KeyDirect itself, so take it for what it's worth.)

Key rate is a HISA that pays 1.9% and has no fees to transfer to the KeyDirect account, and 1 free transfer to outside accounts. But since you can transfer unlimited (and immediately like ING/ not PCF's delayed format) from KeyDirect, it is moot point, right?

[QUOTE]my email: are transfers from Savings to Chequing fee free?

CDF response: Yes, transfers between these accounts would be free and unlimited.

me: Are transfers from KeyRate to KeyDirect immediate or delayed?

CDF: You initiate them and they’re immediate.[/QUOTE]

Based on comments that Customer Service is good, I will start the app process and report back once opened.
10 replies
Deal Fanatic
Mar 6, 2004
9318 posts
204 upvotes
^

Appreciate your report & look forward to hearing on your further experiences.
Sr. Member
Dec 20, 2006
526 posts
48 upvotes
Yeah, they do look decent, something questions...

Mobile Banking, I know they lack mobile apps, do they have at least a mobile optimized site?
Account Linking, how do you link accounts? Can you transfer to/from external accounts easily?
Email Interac Money Transfers, they have them according to the site, are they free and if not how much do they cost?
Sr. Member
Feb 5, 2013
592 posts
109 upvotes
I was able to open both accounts and link my PC, ING Thrive, and B&M to chequing.

I don't see any mobile options. I don't use mobile, though. No idea on Interac as I do not use it.
Sr. Member
Feb 5, 2013
592 posts
109 upvotes
Can you amend your title and OP to include Direct account and then this info can be merged there, maybe?
Member
Aug 9, 2014
468 posts
108 upvotes
Toronto, ON
ValueHunter999 wrote: Does anyone know if one can make bill payment directly from the keyrate saving account?

If so, is there a limit on the number of transactions?
Yes you can and no fees I believe. There used to be a $5 charge for each debit (1 free) but they have since removed it.
Newbie
Oct 24, 2015
33 posts
2 upvotes
Concord, ON
any special offers?

and when open chequing account, will there be a hard or soft credit check ?
Newbie
Feb 20, 2016
35 posts
ValueHunter999 wrote: Not aware of any promo/offers ...

But you do get the first 50 cheques free with the keydirect chequing account.

I am more interested in being able to do bill payments directly from the saving account ... :mad:
Why the frown face? You have the option of choosing which account (KeyDirect Chequing or Keyrate Savings) you want to make the payment from.
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
Another question, can we have direct deposit into savings acc?
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Member
Aug 9, 2014
468 posts
108 upvotes
Toronto, ON
MehtabS wrote: Another question, can we have direct deposit into savings acc?
Yes

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