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.
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.