Wasn't the October 31 promotion the same where only new funds deposited into the savings account are eligible for 3%? Also, if they are basing the opening balance on the closing balance on October 31 in the savings account, couldn't one theoretically transfer the money from the savings account to the chequing account on October 30 or even on the 31st?Yes 2.8% but that's only on new money beyond your Oct 31 balance. In other words, you have to bring new money in to get the new rate, and any $ you have there already only earns 1.1%.
I also wonder how they calculate this. I see in prior offers (and most likely the current one) that it is based on the average daily closing balance in excess of the opening amount. Is the average based on simple average? Weighted average? Has anyone successfully verified the promotional interest amount from prior promotions?
Also, is it 2.8% on top of the 1.1%? Or is it an additional 1.7% to get to the 2.8%?