Advice on GICs - Tangerine vs. EQ Bank, and U.S. GICs
I am looking for advice on GIC investments for my parents. They are typically low-risk people and quite wary when it comes to high-interest rate GICs or rates from banks they haven't heard about or had experience with.
My questions are split into two parts, one for the regular GICs, and one for U.S. GICs.
Firstly, I'd like to ask about the regular GICs. Specifically two popular GIC offers I've seen here on RFD; Tangerine and EQ Bank.
1. Tangerine 3.10% 1-year GIC.
I saw a thread earlier in November regarding Tangerine, and 3.1% seemed like a good choice. What do you guys think about investing in this GIC?
2. EQ bank - 3.33% 3-month GIC
I also saw a thread on EQ bank, and going by the posts, it seems like a good short-term investment. I was thinking of going with this first and then moving to Tangerine after the 3-months were over.
I want to know if anyone has tried this 3-month GIC though. Is it legit? I know EQ bank has CDIC insurance as I have called them and checked this myself.
However, what the experience was like dealing with them? For instance, was the process of transferring money in and out afterwards smooth? And were there are any hidden charges or unknown costs I should know about?
Simplii Financial - 3.10% 1-year GIC
I've ruled out Simplii financial because I read articles about them in the past regarding data hacks and leaks. And as mentioned earlier, my parents are the ones investing, so they're not to keen on this option based on that.
Tangerine U.S. GIC 3.00% 1-Year GIC
My parents have some U.S. money they wanted to invest and I was wondering what the best way to invest this would be in terms of GICs. What are your thoughts on Tangerine's U.S. GIC of 3.0%?
Is there any better way for them to invest U.S. money that is of low-risk? If there is anyone here that invests U.S. money who could provide some insight and advice on this, that would be much appreciated!
Looking forward to your responses. Thanks in advance everyone!