Expired Hot Deals

[Meridian Credit Union] Meridian is offering 2.5% GICs, 90 Days or 18 Months

  • Last Updated:
  • Feb 21st, 2018 11:22 am
18 replies
Sr. Member
User avatar
Apr 5, 2016
606 posts
1237 upvotes
BC
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.
[OP]
Newbie
Jan 20, 2007
84 posts
24 upvotes
Mississauga
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.
Deal Addict
Dec 25, 2013
1030 posts
638 upvotes
Toronto
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..
Deal Addict
Dec 25, 2013
1030 posts
638 upvotes
Toronto
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
Sr. Member
User avatar
Apr 5, 2016
606 posts
1237 upvotes
BC
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.
Deal Addict
Dec 25, 2013
1030 posts
638 upvotes
Toronto
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?
[OP]
Newbie
Jan 20, 2007
84 posts
24 upvotes
Mississauga
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.
[OP]
Newbie
Jan 20, 2007
84 posts
24 upvotes
Mississauga
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.
Deal Addict
May 28, 2007
1213 posts
477 upvotes
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.
Deal Addict
User avatar
Aug 6, 2010
1340 posts
484 upvotes
Toronto
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
I love Witcher 3!!
Jr. Member
User avatar
Mar 11, 2006
156 posts
63 upvotes
Edmonton
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.
Deal Fanatic
Aug 5, 2006
6193 posts
3056 upvotes
Global Village
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
Deal Addict
Dec 25, 2013
1030 posts
638 upvotes
Toronto
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
Newbie
Feb 19, 2018
0 posts
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!
Sr. Member
Oct 19, 2007
641 posts
327 upvotes
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.

Top