Expired Hot Deals

meridian credit union

Meridian CU - get a 1% Cash Bonus on new deposits (2.5%total)

  • Last Updated:
  • Nov 9th, 2017 8:34 am
[OP]
Banned
Mar 3, 2006
1198 posts
271 upvotes
Edmonton

Meridian CU - get a 1% Cash Bonus on new deposits (2.5%total)

Deal Link:
Retailer:
meridian credit union
Just came across this when I was on google. Didn't see it get posted on RFD yet.

Get a 1% Cash Bonus on new deposits (2.5%total) with their high interest saving account. Seems like they are going down the Tangerine, PCF route.

Note:
-hold money until dec 2017
-only good for $10000 - $50000
-$500 interest max


The link is a referral link from google, not a personal referral link.
https://www.meridiancu.ca/personal-bank ... oCmv7w_wcB

terms and condition:
http://www.meridiancu.ca/personal-banki ... OnBook.pdf

Eligibility Criteria
In order to qualify for the 1% Cash Bonus Offer, Members must satisfy all of the following eligibility criteria:
1. Meridian Members who have achieved the age of majority in Canada.
2. Cash, investments, or a combination thereof (“New Assets”) must be transferred into a new or existing registered or nonregistered account at Meridian (“Qualifying Accounts”) from a financial institution outside of Meridian Credit Union, Credential
Asset Management Inc., Credential Securities Inc., and Credential Direct. To qualify as New Assets, the assets must not have been transferred out of a Qualifying Account at any time within the previous twelve (12) months.

3. The transfer of New Assets from a financial institution into a Qualifying Account must be initiated no earlier than September 19, 2016 at 9:00 a.m. Toronto time (the specific date of transfer is referred to as the “Transfer-In Date”).
4. New Assets must be received into a Qualifying Account not later than 4:00 p.m. Toronto time by February 28, 2017. The 1% Cash Bonus Offer will be paid as described herein on New Assets.
5. New Assets received on or before February 28, 2017 must remain in the Qualifying Account until December 15, 2017 (the “Hold Date”). Transfers between Qualifying Accounts are permitted.
6. The Member must transfer in a minimum of $10,000 per Member from an account held at another financial institution.
7. Qualifying Accounts can be (a) registered retirement savings plan accounts; (b) spousal registered retirement savings plan accounts; (c) registered retirement income fund accounts; (d) spousal registered retirement income fund accounts; (e) tax free savings accounts; (f) non-registered accounts; (g) any combination of the above. Other accounts may qualify. Validation and Payment
8. At the time of receiving the 1% Cash Bonus Offer the Member must be a resident of Canada.
9. Valuation of New Assets will be based on the market value of the New Assets as of 4:00 p.m. Toronto time on the Transfer-In Date.
10. The amount of the 1% Cash Bonus Offer will be 1% of the market value of the New Assets minus any net withdrawals from September 19, 2016 through to the Hold Date (Net Assets) – provided the New Assets are $10,000 or more. The maximum bonus payable is $500 per Member.
11. The 1% Cash Bonus Offer is determined by Meridian Credit Union in its sole discretion and is payable on or before December 15, 2017.
12. The 1% Cash Bonus Offer will be deposited into the same Qualifying Account as the New Assets
13. All payments pursuant to the 1% Cash Bonus Offer will be made by Meridian Credit Union.

General Terms
14. This offer may not be combined with any other offer.
15. Meridian Credit Union reserves the right at any time without prior notice and in its sole discretion, to add, alter, modify all or any of these terms and conditions or to replace this offer, wholly or in part, with any other offer, whether similar to this offer or
not, or to withdraw this offer altogether.
16. Additional terms and conditions apply to opening an account with Meridian Credit Union, and the transfer in, and operation of, accounts at Meridian Credit Union.
17. Meridian Credit Union shall have the exclusive right to determine the amounts, if any, payable under any offer.
18. Meridian Credit Union is not responsible for transfers that are not initiated or received and completed by the dates stated in Sections 3 and 4 due to problems or technical malfunctions of telephone networks or lines, computer online systems or
servers, computer software problems or traffic congestion on the internet or at any website, or any other delays on the part of the delivering institution.
Last edited by acekiller on Sep 29th, 2016 6:02 pm, edited 2 times in total.
Thread Summary
hold money until dec 2017
only good for $10000 - $50000
$500 max
24 replies
Sr. Member
Nov 23, 2012
502 posts
181 upvotes
Toronto
I could not find the requirements to get 1%. How long do I have to park the money in the account to get the 1% cash bonus?

Edit: Thanks. Saw your edited part. It is kind of like a non-redeemable GIC for 10.5 months. The rate is not bad but I might need to use the money next year.
Last edited by rliuthu on Sep 29th, 2016 5:44 pm, edited 1 time in total.
[OP]
Banned
Mar 3, 2006
1198 posts
271 upvotes
Edmonton
rliuthu wrote: I could not find the requirements to get 1%. How long do I have to park the money in the account to get the 1% cash bonus?
looks like it is not as hot as I originally thought, you have to hold the money until dec 2017, which makes it kind of like a GIC/term deposit.
Member
Mar 14, 2009
425 posts
585 upvotes
Halifax
A GIC/term deposit where 1% is guaranteed and the other 1.5% could disappear at any time (if/when they change the interest rate on the account). No thanks.
Deal Fanatic
Aug 5, 2006
6543 posts
3348 upvotes
Global Village
Do you have to sign up for this offer or do you automatically get the 1% bonus when you transfer in $10K plus?

And if you transfer in over $10K initially but need to withdraw funds later which take you under $10K does that eliminate the 1% bonus for all the additional funds?
All day I dream about sports
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4008 upvotes
BC
Anyone confirm with Meridian if the 1% is a "bonus" (aka non-taxable gift), or if it is an "interest payment" (the way President's Choice pays out the bonus interest in one lump sum).

"1% Cash Bonus" sure sounds like a bonus, and not interest.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
User avatar
Dec 27, 2006
1542 posts
178 upvotes
Toronto
dillybravo wrote: A GIC/term deposit where 1% is guaranteed and the other 1.5% could disappear at any time (if/when they change the interest rate on the account). No thanks.
How amazing!!! This trick has been used by BHell at least, and probably Roggers, now heading in the right direction into the financial institutions.
The discount is guaranteed for the 2 year term, the price is subject to change without notice. Your $50/month plan ($60 regular price less $10 discount) can become $500/month the next day ($510 regular price less $10 discount).
Member
May 12, 2014
265 posts
723 upvotes
dillybravo wrote: A GIC/term deposit where 1% is guaranteed and the other 1.5% could disappear at any time (if/when they change the interest rate on the account). No thanks.
bait and switch
Deal Expert
Jan 7, 2002
23314 posts
18755 upvotes
Waterloo, ON
If you want 2.5% and are willing to commit to a 5-year GIC, go to Oaken Financial. No need to mess with "bonus" interest, special terms and conditions, etc. And it's CDIC-insured.

See: Our GIC rates
veni, vidi, Visa
Deal Addict
User avatar
Oct 19, 2015
1082 posts
1503 upvotes
Vancouver
Wonder if Meridian is worth trying for the "Access to over 3,300 surcharge-free ABMs across Canada via The EXCHANGE® Network³" stated in the bottom of the promotion page
https://www.meridiancu.ca/personal-bank ... rcent.aspx

Would I be able to use Meridian ATM Card and withdraw money fee-free from major banks like RBC, Scoctia, BMO, CIBC, etc?
Sr. Member
Dec 16, 2006
585 posts
123 upvotes
Central Ontario
fpenguin wrote:
Would I be able to use Meridian ATM Card and withdraw money fee-free from major banks like RBC, Scoctia, BMO, CIBC, etc?
surcharge free on The Exchange Network which doesn't include the big banks
Sr. Member
Oct 7, 2012
593 posts
382 upvotes
So there's no point in transferring in until February if you are making more than 1.5% on your money now?
[OP]
Banned
Mar 3, 2006
1198 posts
271 upvotes
Edmonton
kangaroo11 wrote: So there's no point in transferring in until February if you are making more than 1.5% on your money now?
you shouldn't move it if you are making >2.5%
Jr. Member
User avatar
Aug 15, 2005
112 posts
160 upvotes
Edmonton, AB
scoper wrote: Do you have to sign up for this offer or do you automatically get the 1% bonus when you transfer in $10K plus?
I called them up on this today. It is not automatic. You do need to talk to an advisor and fill out a form to sign up for this.
Jr. Member
User avatar
Aug 15, 2005
112 posts
160 upvotes
Edmonton, AB
ace604 wrote: Anyone confirm with Meridian if the 1% is a "bonus" (aka non-taxable gift), or if it is an "interest payment" (the way President's Choice pays out the bonus interest in one lump sum).

"1% Cash Bonus" sure sounds like a bonus, and not interest.
At least with their earlier TFSA promotion, the additional funds added were outside of the TFSA limit, as an "interest" payment. I can't see this being any different. From my previous question on the earlier TFSA promotion, their wording was "The bonus is entered in the same manner as an interest payment, not as a new contribution."
Jr. Member
User avatar
Aug 15, 2005
112 posts
160 upvotes
Edmonton, AB
acekiller wrote:
kangaroo11 wrote: So there's no point in transferring in until February if you are making more than 1.5% on your money now?
you shouldn't move it if you are making >2.5%
I think the point is that you can make the contribution now, or February 28 2017, and still get the exact same cash bonus (it is not per month, but flat 1% of transferred value). Hence you would be better off if you can keep your money in whatever you have now, then transfer it in just before February 28, if what you have now is more than 1.5% but less than 2.5% (as 1.5% is the same rate as putting it in Meridian now would get you, without the bonus). If what you have is more than 2.5% then this offer is not better than what you have (other than the bonus 1% is over 10 months rather than 12 months)

If transferred in February, you would get 1% over approximately 10 months, so a bit better than 1% additional annual interest rate equivalent for the bonus.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4008 upvotes
BC
Xelloss wrote:
ace604 wrote: Anyone confirm with Meridian if the 1% is a "bonus" (aka non-taxable gift), or if it is an "interest payment" (the way President's Choice pays out the bonus interest in one lump sum).

"1% Cash Bonus" sure sounds like a bonus, and not interest.
At least with their earlier TFSA promotion, the additional funds added were outside of the TFSA limit, as an "interest" payment. I can't see this being any different. From my previous question on the earlier TFSA promotion, their wording was "The bonus is entered in the same manner as an interest payment, not as a new contribution."
"outside of the TFSA limit" but INISDE the TFSA? That can be interest then, who cares ... it's not taxable :)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Member
Mar 9, 2008
496 posts
43 upvotes
Seems like the frontrunner option (basically, ~~2.5% return for a year) after PCF/Tangerine expires at the end of this year, unless they (or some other bank) come up with another limited time promotion.
Jr. Member
User avatar
Mar 23, 2006
122 posts
53 upvotes
drb789 wrote:
fpenguin wrote:
Would I be able to use Meridian ATM Card and withdraw money fee-free from major banks like RBC, Scoctia, BMO, CIBC, etc?
surcharge free on The Exchange Network which doesn't include the big banks
HSBC is included, though. Pretty much just it, smaller banks (e.g., National Bank) and credit unions.
Deal Fanatic
Oct 1, 2004
6404 posts
787 upvotes
Toronto
the -$500 interest max is calculated from the 1% bonus not the whole 2.5% correct?

If I transfer $50000 this Dec and keep it for a year I will get the $500 from the 1% Dec 2017, and still get the normal + 1.5% monthly correct??

Top