[Meridian Credit Union] GIC 2.75% 90 days

Aug 15th, 2017 9:39 pm

#1

carztoronto [OP]: Member; May 7, 2016; 483 posts; 417 upvotes

Aug 15th, 2017 9:39 pm

GIC 2.75% 90 days

Retailer:: Meridian Credit Union

I was tired of dealing with the big banks, their endless fees and poor customer service, and recently moved to Meridian. I got a massive welcome bonus, I only have to keep a minimum of $1,000 in my chequing account to avoid fees, I get 1.40% in my savings and they called me today to offer me a GIC at 2.75% for 90 days.

Aug 16th, 2017 3:50 pm

#2

ovaltene: Jr. Member; Jul 5, 2017; 180 posts; 133 upvotes

Aug 16th, 2017 3:50 pm

Targeted offer I think? Didn't see anything and I have an account with them.

+1

Aug 16th, 2017 4:44 pm

#3

switcheroo: Member; May 12, 2014; 288 posts; 768 upvotes

Aug 16th, 2017 4:44 pm

https://www.meridiancu.ca/personal-bank ... l_campaign

Aug 16th, 2017 5:42 pm

#4

maverikbc: Deal Addict; May 26, 2011; 1229 posts; 909 upvotes

Aug 16th, 2017 5:42 pm

ovaltene wrote: ↑ Targeted offer I think? Didn't see anything and I have an account with them.

No, it's on their web site.

The T&C doesn't say anything about being a new customer or not, it only applies to new deposit, however.
https://www.meridiancu.ca//Meridian/med ... 017_TC.pdf

Although getting locked in for 90 days, I believe this is the best rate now AFAIK.

I was going for it, but I have a feeling another BOC rate hike may be happening within 90 days, and Tangerine, etc may come up with a better promo. Thanks OP.

Freedom mobile, airbnb, AMEX, Great Canadian Rebates (GCR), Ebates, Top Cash Back, Groupon, Livingsocial, Doordash, SkipTheDishes, Checkout 51, Drop, Stack, Wise, Questrade, EQ, Achieva, PayTM, Simplii and Tangerine customer.

Aug 16th, 2017 7:49 pm

#5

kielbasa: Jr. Member; Aug 5, 2013; 138 posts; 102 upvotes

Aug 16th, 2017 7:49 pm

Next rate hike would likely be towards end of the 90 days. Rate is good but if you can't tax shelter the income what's the point?

Aug 16th, 2017 7:54 pm

#6

kielbasa: Jr. Member; Aug 5, 2013; 138 posts; 102 upvotes

Aug 16th, 2017 7:54 pm

I think this is not covered by cdic

0

Aug 16th, 2017 8:04 pm

#7

umcsdon: Member; May 27, 2017; 290 posts; 315 upvotes; Calgary, AB

Aug 16th, 2017 8:04 pm

cebowler wrote: ↑ I think this is not covered by cdic

It's insured. Deposits are insured up to $100,000 (unlimited for registered)

4 x Telus SMB Unlimited 15 - $33.5/Line (first 2 years), $45/Line (after 2 years)

+1

Aug 16th, 2017 8:25 pm

#8

akaManny: Deal Addict; Mar 8, 2013; 2812 posts; 1487 upvotes

Aug 16th, 2017 8:25 pm

cebowler wrote: ↑ Next rate hike would likely be towards end of the 90 days. Rate is good but if you can't tax shelter the income what's the point?

according to the link above, includes tax sheltered:
"Available for non-registered, TFSA, RRSP and RRIF plan types"

Aug 16th, 2017 10:18 pm

#9

carztoronto [OP]: Member; May 7, 2016; 483 posts; 417 upvotes

Aug 16th, 2017 10:18 pm

cebowler wrote: ↑ I think this is not covered by cdic

CDIC only covers banks, DICO covers the credit unions under similar terms:
https://www.dico.com/design/1_1_Eng.html

+1

Aug 17th, 2017 8:44 am

#10

golden_m: Deal Addict; Apr 30, 2009; 2561 posts; 735 upvotes; Ottawa

Aug 17th, 2017 8:44 am

pardon my ignorance, i am complete noob in all matters related to investments.
if, for example, i park $100.000 there for 90 days, how much can i expect to get back? can i take all the money out once 90 days are over?

thank you

IT Services provider in Ottawa area.

Aug 17th, 2017 8:48 am

#11

DealOrNoDeal55: Deal Addict; Mar 15, 2010; 1236 posts; 1804 upvotes; Toronto

Aug 17th, 2017 8:48 am

golden_m wrote: ↑ pardon my ignorance, i am complete noob in all matters related to investments.
if, for example, i park $100.000 there for 90 days, how much can i expect to get back? can i take all the money out once 90 days are over?

thank you

100,000 x 2.75% /12 x 3

+4

Aug 17th, 2017 9:24 am

#12

ancodia: Member; Jan 20, 2007; 474 posts; 129 upvotes; Niagara

Aug 17th, 2017 9:24 am

DealOrNoDeal55 wrote: ↑ 100,000 x 2.75% /12 x 3

((100,000 * .0275)/365)*90 would be more accurate

And if outside rrsp or tfsa you'll pay your marginal tax rate on the income.

God always forgives. Man often forgives. Nature never forgives.

+3

Aug 17th, 2017 10:34 am

#13

DealOrNoDeal55: Deal Addict; Mar 15, 2010; 1236 posts; 1804 upvotes; Toronto

Aug 17th, 2017 10:34 am

ancodia wrote: ↑ ((100,000 * .0275)/365)*90 would be more accurate

And if outside rrsp or tfsa you'll pay your marginal tax rate on the income.

Haha you're right. As someone who deals with numbers daily I should have used that method, especially since this is RFD and people dont want estimates they want to know to the last cent lol

+2

Aug 17th, 2017 1:42 pm

#14

carztoronto [OP]: Member; May 7, 2016; 483 posts; 417 upvotes

Aug 17th, 2017 1:42 pm

If you are bringing $100,000, speak with the Branch Manager. He or she will be VERY happy to have you as a customer and will offer you great conditions (in my case, almost $1,000 as welcome bonus)

+1

Aug 17th, 2017 1:58 pm

#15

Thundercloud: Deal Fanatic; Apr 17, 2005; 5332 posts; 2168 upvotes; Kitchener

Aug 17th, 2017 1:58 pm

Would they pay for tfsa transfer fee by any chance?

This space is intentionally left blank.

Aug 17th, 2017 3:38 pm

#16

golden_m: Deal Addict; Apr 30, 2009; 2561 posts; 735 upvotes; Ottawa

Aug 17th, 2017 3:38 pm

DealOrNoDeal55, ancodia,
thanks for your explanation!
if sticking to the $100.000 from my example, the 90-day investment will bring me about $687 in return.
hmm, not sure if it worth the hassle

IT Services provider in Ottawa area.

Aug 17th, 2017 3:45 pm

#17

sk1001: Deal Addict; Nov 28, 2013; 1303 posts; 503 upvotes; London, ON

Aug 17th, 2017 3:45 pm

I wonder how DICO as insurance is.. vs CDIC where the CDIC under federal regulation and can print money , where ontario regulated can't?

I wonder if they have any sign up bonuses for new customers

Aug 17th, 2017 6:32 pm

#18

switcheroo: Member; May 12, 2014; 288 posts; 768 upvotes

Aug 17th, 2017 6:32 pm

carztoronto wrote: ↑ If you are bringing $100,000, speak with the Branch Manager. He or she will be VERY happy to have you as a customer and will offer you great conditions (in my case, almost $1,000 as welcome bonus)

which branch

Aug 20th, 2017 3:27 am

#19

Wizerman: Banned; Feb 3, 2014; 232 posts; 411 upvotes; Toronto

Aug 20th, 2017 3:27 am

Thanks, carztoronto !

Which branch / manager?

carztoronto wrote: ↑ If you are bringing $100,000, speak with the Branch Manager. He or she will be VERY happy to have you as a customer and will offer you great conditions (in my case, almost $1,000 as welcome bonus)

Aug 20th, 2017 2:05 pm

#20

carztoronto [OP]: Member; May 7, 2016; 483 posts; 417 upvotes

Aug 20th, 2017 2:05 pm

Any branch should be able to offer you good conditions if you speak with the Branch Manager.

GIC 2.75% 90 days

GIC 2.75% 90 days

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