Tag: Outlook Financial

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Outlook Financial Update

As per my last post on Outlook they took over Implicity and merged all the accounts. I found the process okay, with a couple bumps getting our new logins, but overall not too bad.

My fears of Outlook being lower than Implicity rates seem to be unfounded. Overall their HISA rates appear to be in line with what I received before, and their GIC rates are also very competitive. As of Jan. 2023 you can get 3.25% on all deposits which is one of the best mainstream rates I have seen. You can check out their current rates here.

There are some drawbacks to Outlook, their website and mobile app are limited at best. In particular you can’t transfer money from external accounts from their mobile app, which makes it nearly useless. You also can’t open up GIC’s from their sites, you have to phone in or do it via an online form. Not a great experience, but I don’t need to do that often so I guess it isn’t the end of the world either for so much higher rates than the big 5 banks or Tangerine.

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Implicity Financial

There are a number of high interest savings options in Canada. As I have said before I used Tangerine (previously ING Direct) until their rates went in the toilet after Scotia Bank bought them. I was working in the credit union system at the time and so found Implicity. It is a online only brand from Entegra Credit Union in Manitoba buy available to anyone in Canada. Overall I like them and use them.

Overall Experience

Implicity’s website is basic, as is their online experience. Overall it was a bit of hassle to set up having to manually provide a couple of things, however, it wasn’t crazy. Once setup you get a debit card number and can start logging in. Setting up accounts involves sending in a form with your banking information and getting it linked to your account. Once setup you can move money via EFT’s at no cost. You also get the interest on the day you initiate the transfer which is nice. Like EQ Bank there are no minimums and no fees. Also you can pay bills, send eTransfers and setup multiple accounts. Unfortunately with Implicity you have to send an email to add or change the name of accounts.

They offer a full range of accounts from savings, GIC, TFSA and RRSP options.

Rates

Current rates are competitive generally with other providers. They are currently less than EQ Bank but over time have consistently been better than Tangerine . Credit Unions are insured by their provincial government (so Manitoba in this case) for 100% of deposits as described here no matter where you live in Canada. Given Federal insurance is capped at 100,000 per account type per institution that could impact some people.

Mobile App

Terrible. Don’t download it. You can pay bills, deposit cheques, and inter-account transfers, but you can’t transfer money to external accounts – and isn’t that the entire point?

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