Looking for opinions on Canadian Tire Financial

[frankw]

Greetings all..... I am looking for people's opinions on Canadian Tire Financial Services, also known to the CDIC as Canadian Tire Bank. Experiences, problems, how they handled problems, etc.

I will have 200K to dump into high interest savings and GICs come July for several years.

CTFS is offering as of yesterday 3.05% + 1.25% for 90 days high interest savings accounts and their 1 year GIC is at 3.75%.

HSBC at the moment is not offering anything great so I've narrowed it down to CTFS.

If I understand the CDIC website correctly, I can do a personal GIC for 100K and a joint GIC for another 100K and have both insured. I still have to verify that....

So as a bank, how do they stand?

[dreadknot69]

I don't know what it's like now, or even if its the same group, but a few years ago, I had a line of credit from them. The credit line was handled by Laurentian Bank and it was an exquisite pain in the butt to deal with them.

For example, to set up web access, I hit the website, needed a PIN, so I called the CTFS number and was told that I had to call another number, since it was Laurentian bank. I would call that number, then get told I had to enter my PIN number. Okay, but you told me to call this number to set up my PIN. And so on. And this was all electronic with no live person to get to.

I don't think I ever did get the web access sorted out properly. In the end, was more than happy to pay it off and stop dealing with them.

I suspect that they're better now, since people seem to be using them. Perhaps it's just the line of credit that was a b*tch to deal with.

[angiek]

I have had an account with them for a couple of months. I found them easy to work with opening and adding money to the account. I haven't done a withdrawal or paid a bill form that account yet.

[illusion81]

I'm in a similar boat as you and decided to setup a CT account. All I can comment on at this point is that setting up the account was completely painless and without any issues. There were no issues with setting up the net access either and I found the rep on the phone to be very knowledgable and friendly. I'm going to be setting up a couple 1 year GIC's totalling over 6 figures. It's nice that they offer a bonus .25% on GIC's over 20K (3.75% total), but you have to call in to get that setup. I think they are pretty reputable and from what I read on this forum, others seem to feel the same way. Didn't come across any horror stories yet like ICICI Bank.

[Tiffanie]

I don't know what it's like now, or even if its the same group, but a few years ago, I had a line of credit from them. The credit line was handled by Laurentian Bank and it was an exquisite pain in the butt to deal with them.

For example, to set up web access, I hit the website, needed a PIN, so I called the CTFS number and was told that I had to call another number, since it was Laurentian bank. I would call that number, then get told I had to enter my PIN number. Okay, but you told me to call this number to set up my PIN. And so on. And this was all electronic with no live person to get to.

I don't think I ever did get the web access sorted out properly. In the end, was more than happy to pay it off and stop dealing with them.

I suspect that they're better now, since people seem to be using them. Perhaps it's just the line of credit that was a b*tch to deal with.

That was why CTFS is no longer offering LOC with Laurentian Bank. The only LOC that CTFS offers now is strictly with the One & Only mortgage & they do NOT piggy back with another bank. They do have a Personal Loan but they only offer it to Master Card customer that would qualify for it. Invite only. When dealing with CTFS for a banking product (mortgage, GIC, HIS acct) you are now only dealing with CTFS & not another bank which is what made your experience difficult. Hope this helps :)

[Tiffanie]

I have had an account with them for a couple of months. I found them easy to work with opening and adding money to the account. I haven't done a withdrawal or paid a bill form that account yet.

Just a FYI ....
You can only pay bills from one account with CTFS & thats the One & Only account. The one & only account is a FREE bank account, LOC, and your mortgage all condensed into one bucket. The HIS Acct has the ability to do everything BUT pay bills as its not an actual bank acct... its intended to be used to compliment your existing financial institution with a great interest rate that the major banks cant compete with.

[Tiffanie]

CTFS is offering as of yesterday 3.05% + 1.25% for 90 days high interest savings accounts and their 1 year GIC is at 3.75%.


Rates as of May 16th are as follows ....
1 yr GIC -- 3.50% + .25 bonus for 20K or more
2 yr GIC -- 3.75% + .25 bonus for 20K or more
3 yr GIC -- 3.85% + .25 bouns for 20K or more
4 yr GIC -- 3.95% + .25 bonus for 20K or more
5 yr GIC -- 4.00% + .25 bonus for 20K or more

HIS Acct 3.05% + 1.25% bonus for 90 days starting on the day your chq is deposited into the HIS Acct. The bonus 1.25% is being offered to new customers on the 1st HIS Acct they have with CTFS.

Hold on funds 4 business days. Takes 24-48 business hrs to move funds from HIS to bank or bank to HIS.

Prime rate just lowered to 3.85% (0.90 below prime)
1 year fixed -- 4.75%
2 year fixed -- 4.80%
3 year fixed -- 4.89%
4 year fixed -- 5.15%
5 year fixed -- 4.99% !!!!!!!!!!