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[Duca] DUCA Financial (Ontario Credit Union) - 3% promo rate till May 30, 2020 (new funds)

  • Last Updated:
  • Feb 17th, 2020 6:51 pm
[OP]
Deal Fanatic
May 23, 2003
9473 posts
1025 upvotes
GTA

DUCA Financial (Ontario Credit Union) - 3% promo rate till May 30, 2020 (new funds)

Retailer:
Duca
I signed up back when they had a promo for 3% but it was set to expire January 31, 2020 so I transferred it all over to Laurentian Digital Bank (at 3.3%). I know some people have had issues with Laurentian Digital bank and their B2B bank applications so this is the highest rate I know outside of that 3.3% rate which might be a good option for some people
https://earnmore.duca.com/

Before anyone asks, they are not covered by CDIC since they are a credit unit but they have DICO insurance which is what covers Credit Unions in Ontario. $250,000 limit

EDIT - I read over on the other RFD thread about DUCA (the ongoing one) that you can actually transfer funds over from previous PROMO to chequing or savings account and then get them to setup the promo for you at the branch or in person and then transfer it over to the new promo account. Best to verify on the phone.
Last edited by YLSF on Feb 3rd, 2020 9:14 pm, edited 1 time in total.
40 replies
Deal Addict
User avatar
Jan 22, 2014
2687 posts
1916 upvotes
Toronto, ON
"After May 30, 2020 funds in the Earn More Winter Promotion account will be transferred into a regular Earn More Savings Account. (Current interest rate: 1.40%.) Statements will reflect this activity."

3% is nice these days for a guaranteed return. But at 1.4% those of us with a mortgage would be better off making extra mortgage payments or increasing the payment.

Not for me personally, but thanks OP for letting us know. Those who want to move money around frequently for small percentage gains can certainly use this for the four months.
Sr. Member
User avatar
Feb 8, 2006
970 posts
148 upvotes
Toronto
I was on the previous promo, do I just need to move the money into a different bank, then bring it back to be considered new money?

Also, what's the easiest way to move money out of Duca into another bank?
buffylover wrote: im pretty sure thincrust hates you
Deal Fanatic
User avatar
Feb 5, 2006
6763 posts
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Toronto
Exas wrote: I was on the previous promo, do I just need to move the money into a different bank, then bring it back to be considered new money?

Also, what's the easiest way to move money out of Duca into another bank?

Move to chequing acct and write a cheque?
Sr. Member
Jul 22, 2015
540 posts
151 upvotes
Ontario
Dang it. I forgot that the DUCA promo was ending and didn't transfer $ out before the promo ended. Gotta find somewhere else to put it if they don't play nice.
Newbie
Jun 14, 2011
77 posts
123 upvotes
Exas wrote: I was on the previous promo, do I just need to move the money into a different bank, then bring it back to be considered new money?

Also, what's the easiest way to move money out of Duca into another bank?
If you have another external FI linked to DUCA, you can EFT the money out. Maximum 50k each day.
Sr. Member
Jul 22, 2015
540 posts
151 upvotes
Ontario
Exas wrote: I was on the previous promo, do I just need to move the money into a different bank, then bring it back to be considered new money?

Also, what's the easiest way to move money out of Duca into another bank?
I just spoke with them...I'm going to transfer out from DUCA to one of my linked accounts and then transfer it back in. Once the money is back at DUCA, you have to call them to set up a "Winter Promo" account to get the 3% interest. Such a pain....
Deal Addict
Nov 6, 2003
1665 posts
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If I transferred the money out 31-jan, and bring it back this week, am I still eligible for the 3% ?
Deal Addict
Mar 25, 2006
1227 posts
251 upvotes
Toronto
what's the cut off date for the balance to define new eligible deposits? I didn't see that anywhere? I transferred out my money today. not sure if it's eligible if I bring it back.
Sr. Member
Apr 7, 2019
548 posts
696 upvotes
I had word with customer care this morning. If you moved funds out and then bring it back then DUCA will consider these as new funds and these funds would be eligible for 3% interest.
Sr. Member
Apr 7, 2019
548 posts
696 upvotes
Acheewawa wrote: I just spoke with them...I'm going to transfer out from DUCA to one of my linked accounts and then transfer it back in. Once the money is back at DUCA, you have to call them to set up a "Winter Promo" account to get the 3% interest. Such a pain....
You might want to setup "winter promo" account before pulling money back into DUCA.
[OP]
Deal Fanatic
May 23, 2003
9473 posts
1025 upvotes
GTA
There is a "Duca" discussion thread elsewhere on RFD and they said there you can transfer money over to your savings or chequing account at DUCA and then transfer it to the new "park" account but you need to get them to set it up over the phone first.

Even the e-mail they sent out made a mention of it being for those on the promo before but it is weird because in the fine print on the promo itself it says for new money only.

I guess they do not snapshot the balance just before the promo like other places do (Tangerine, Simplii, etc)
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Feb 5, 2006
6763 posts
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Toronto
I'm on the BMO promo now. Does anyone know when that one ends? I think it's coming up soon so I should get ready to switch to DUCA.
Deal Addict
Mar 25, 2006
1227 posts
251 upvotes
Toronto
does anyone know the account number format for this Winter promo sub account?

This was the format for previous promotion (suffix of 9001 was used to link to the promo parked account):
Transit # 21962
Financial Institution # 828
Account # NNNNNN9001
(DUCA Earn More Park Account - appending 9001 to my DUCA member # NNNNNN)
Account # NNNNNN6001
(DUCA Earn More Saving Account - appending 6001 to my DUCA member # NNNNNN)

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