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Meridian Credit Union

Meridian is offering 2.5% GICs, 90 Days or 18 Months

  • Last Updated:
  • Feb 21st, 2018 11:22 am
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18 replies
Feb 15th, 2018 1:00 pm
ChiliPalmer
Sr. Member
User avatar
Apr 5, 2016
617 posts
1258 upvotes
BC

Feb 15th, 2018 1:00 pm

Thanks for the heads up.

For comparison to other financial institution offers (new money):
  • 2.3% EQ Bank - ongoing on all funds
  • 2.5% Tangerine until end of May / June (depending on which you chose)
  • 2.88% HSBC for 88 days (worth it for $100K+ accounts)
  • 3.00% Simplii (Ends Feb. 28, 2018 - new offer coming soon?)
  • 4.00% Coast Capital for 33 months (BC Only)

PS. Might not be a good idea to select the the 18 months option if you're planning to go with Meridian though!
➤ Koodo $40/6GB + $45/10GB ✓ Public Mobile $8/50min ✓ Shaw 150 ✓ Tangerine Bank ✓
I have provided consulting services to Bell, Virgin, Rogers, Fido, Telus and Koodo, as well as many major financial institutions in Canada.
+3
Feb 15th, 2018 1:17 pm
zhaiming97 [OP]
Newbie
Jan 20, 2007
98 posts
52 upvotes
Mississauga

Feb 15th, 2018 1:17 pm

Thanks ChiliPalmer. When I see "4.00% Coast Capital for 33 months" (rate very good if annually) and you say "Don't do the 18 months", I wonder these rates are not annual? Or just don't do long term because the interest rate might go up? Sorry I am no expert so the question may dumb.
Feb 15th, 2018 1:23 pm
Ychanceit
Deal Addict
Dec 25, 2013
1128 posts
679 upvotes
Toronto

Feb 15th, 2018 1:23 pm

Anyone know when this offer is over, I'd be interested if I can do it at the end of may when tangerine is up..
Feb 15th, 2018 1:26 pm
Ychanceit
Deal Addict
Dec 25, 2013
1128 posts
679 upvotes
Toronto

Feb 15th, 2018 1:26 pm

From what I read the overnight rate is likely to see a few more hikes throughout the year. Which means we are likely to see more small increases in interest rates for deposit rates. This means that locking money in for long-term may actually backfire
Feb 15th, 2018 1:29 pm
ChiliPalmer
Sr. Member
User avatar
Apr 5, 2016
617 posts
1258 upvotes
BC

Feb 15th, 2018 1:29 pm

zhaiming97 wrote: ↑ Thanks ChiliPalmer. When I see "4.00% Coast Capital for 33 months" (rate very good if annually) and you say "Don't do the 18 months", I wonder these rates are not annual? Or just don't do long term because the interest rate might go up? Sorry I am no expert so the question may dumb.
No worries. Yes, all posted rates in Canada are annually and most will calculate the interest during the period daily.
The "don't do the 18 months" is specific to Meridian as rates will likely go up - and there are better options for that time period. The 90 days is fine, especially if you already have an account with Meridian.
➤ Koodo $40/6GB + $45/10GB ✓ Public Mobile $8/50min ✓ Shaw 150 ✓ Tangerine Bank ✓
I have provided consulting services to Bell, Virgin, Rogers, Fido, Telus and Koodo, as well as many major financial institutions in Canada.
Feb 15th, 2018 1:36 pm
Ychanceit
Deal Addict
Dec 25, 2013
1128 posts
679 upvotes
Toronto

Feb 15th, 2018 1:36 pm

ChiliPalmer wrote: ↑ No worries. Yes, all posted rates in Canada are annually and most will calculate the interest during the period daily.
The "don't do the 18 months" is specific to Meridian as rates will likely go up - and there are better options for that time period. The 90 days is fine, especially if you already have an account with Meridian.
Sorry, I agree, the 90 day rate is good. I to am interested in that. Does anyone know if you sign up for a meridian account do you get hit with a credit check?
Feb 15th, 2018 2:36 pm
zhaiming97 [OP]
Newbie
Jan 20, 2007
98 posts
52 upvotes
Mississauga

Feb 15th, 2018 2:36 pm

ChiliPalmer wrote: ↑ No worries. Yes, all posted rates in Canada are annually and most will calculate the interest during the period daily.
The "don't do the 18 months" is specific to Meridian as rates will likely go up - and there are better options for that time period. The 90 days is fine, especially if you already have an account with Meridian.
Thanks, agreed.
Feb 15th, 2018 2:38 pm
zhaiming97 [OP]
Newbie
Jan 20, 2007
98 posts
52 upvotes
Mississauga

Feb 15th, 2018 2:38 pm

Ychanceit wrote: ↑ Sorry, I agree, the 90 day rate is good. I to am interested in that. Does anyone know if you sign up for a meridian account do you get hit with a credit check?
I don't know this but it seems the 90 days deal is dead already, the link is now giving an error page. Guess you are out of luck.
Feb 15th, 2018 5:55 pm
RCML27
Deal Addict
May 28, 2007
1767 posts
1208 upvotes

Feb 15th, 2018 5:55 pm

Just tried out the link and it is working for me. Will wait till the end of May for the Tangerine offer to end, then if this is still available and no new Tangerine offer arises, then I'll put some money in this.
Feb 15th, 2018 11:40 pm
thiefa
Deal Addict
User avatar
Aug 6, 2010
1360 posts
510 upvotes
Toronto

Feb 15th, 2018 11:40 pm

Ychanceit wrote: ↑ Sorry, I agree, the 90 day rate is good. I to am interested in that. Does anyone know if you sign up for a meridian account do you get hit with a credit check?
I signed up 2 years ago. It was a soft hit
Beep Boop
Feb 19th, 2018 1:32 pm
taipan
Jr. Member
User avatar
Mar 11, 2006
163 posts
70 upvotes
Edmonton

Feb 19th, 2018 1:32 pm

scoper wrote: ↑ Oaken's rate for 18 months is now 3%.
Has anyone used Oaken? There were some news stories talking about them being higher risk based on the quality of the credit they issue.
https://www.theglobeandmail.com/globe-i ... e35114128/

They are CDIC insured and I've read that CDIC is actually quite good at issuing payment if a bank collapses. I guess you do risk losing the interest as only the principal will be insured.
Feb 19th, 2018 2:06 pm
scoper
Deal Guru
Aug 5, 2006
10315 posts
7462 upvotes
Global Village

Feb 19th, 2018 2:06 pm

taipan wrote: ↑ Has anyone used Oaken? There were some news stories talking about them being higher risk based on the quality of the credit they issue.
https://www.theglobeandmail.com/globe-i ... e35114128/

They are CDIC insured and I've read that CDIC is actually quite good at issuing payment if a bank collapses. I guess you do risk losing the interest as only the principal will be insured.
I have, signed up for their 18-month 2.75% GIC back in 2016, no issues.
All day I dream about sports

My Banks: Tangerine, Meridian, EQ Bank, Simplii
Feb 19th, 2018 6:31 pm
Ychanceit
Deal Addict
Dec 25, 2013
1128 posts
679 upvotes
Toronto

Feb 19th, 2018 6:31 pm

Why can't EQ offer us 2.3% for a TFSA, does it cost them more?

I mean as opposed to 2.3% on a regular savings account
Feb 20th, 2018 11:15 am
CDICSADC1967
Newbie
Feb 19, 2018
0 posts

Feb 20th, 2018 11:15 am

taipan wrote: ↑
They are CDIC insured and I've read that CDIC is actually quite good at issuing payment if a bank collapses. I guess you do risk losing the interest as only the principal will be insured.
Hi, Jaclyn here from CDIC. We'd like to clarify that we protect both principal and interest combined, to a max of $100,000 per deposit category. More info: http://www.cdic.ca/en/about-di/what-we- ... fault.aspx

Thanks!
Feb 21st, 2018 11:22 am
xenocidic
Sr. Member
Oct 19, 2007
647 posts
327 upvotes

Feb 21st, 2018 11:22 am

Ychanceit wrote: ↑ Why can't EQ offer us 2.3% for a TFSA, does it cost them more?

I mean as opposed to 2.3% on a regular savings account
Providing a TFSA does cost more, since there is reporting to be done to the government, etc.

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