Personal Finance

Best GIC rate right now

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  • Nov 24th, 2013 12:30 pm
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[OP]
Sr. Member
Oct 3, 2005
936 posts
28 upvotes

Best GIC rate right now

Hi,

I know people will probably say don't waste your time with GIC's but wanted to put some away in one. Do you know who is offering the best rate?

ING direct overs 1.35% on their daily so it would have to be better than that.

I see that CIBC is offering 2.25 for 30 months. I also have a TD waterhouse so I can buy something in that, although I never have before.

Thanks.
14 replies
Newbie
May 9, 2013
66 posts
119 upvotes
Toronto
pcfinancial have a promotional rate of 2.25% in HISA, you might wanna park your money there while shopping for better rates/investment options
Sr. Member
Dec 4, 2004
528 posts
237 upvotes
GTA
What term? 5 year BNS through TDW is 2.65%, 10 year BMO through TDW is 3.5%...
Deal Addict
User avatar
Dec 23, 2005
2644 posts
135 upvotes
Calgary
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Banned
User avatar
Jul 16, 2003
10398 posts
1462 upvotes
Toronto
HomeTrust has been very aggressive with rates recently, and until the end of this month you get a bonus of 0.25%. Also, there is a possibility of a referral fee (PM for details).
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Sr. Member
Mar 6, 2010
725 posts
82 upvotes
Just use the ING payroll and referral bonus, $150 instantly with 1.4% TFSA interest. It beat any current interest rate. Avoid any long time GIC right now, the interest rate is historically low right now.
Deal Addict
Apr 13, 2006
1011 posts
65 upvotes
Mississauga
We have market linked gics coming December 2nd that will likely pay better.
My views represent solely my views, and not the company in which I work for.
Member
Nov 6, 2012
229 posts
40 upvotes
AB
Servus Credit Union here in AB...16 month @ 2.55%
Deal Addict
Nov 6, 2003
3409 posts
295 upvotes
crmac10 wrote:
Nov 21st, 2013 6:46 pm
Servus Credit Union here in AB...16 month @ 2.55%
Thanks, that's the highest 1 year GIC rate I've seen. Booked an appointment.
Banned
Nov 27, 2006
2200 posts
440 upvotes
Toronto
i just dont get the point of wasting your time rate shoping for a GIC. LIke I just dont get it at all. unless you have like a few million dollars I dont see the point.

wooooow you're going to get an extra 15 beeps going to some ***** credit union...
Deal Addict
Oct 7, 2007
4417 posts
1405 upvotes
Just something to keep in mind...CDIC insurance coverage gives some GIC investors more comfort than provincial coverage. I just learned the other day that some credit unions like the ones in BC are backed by the province and if there is a failure, it can take up to 99 years to get reimbursed. I did not know this. So just something to consider.
Deal Addict
Nov 6, 2003
3409 posts
295 upvotes
choclover wrote:
Nov 21st, 2013 9:44 pm
Just something to keep in mind...CDIC insurance coverage gives some GIC investors more comfort than provincial coverage. I just learned the other day that some credit unions like the ones in BC are backed by the province and if there is a failure, it can take up to 99 years to get reimbursed. I did not know this. So just something to consider.
I googled, but couldn't find anything about it can takes up to 99 years to get reimbursed. Can you point me to the right link?
I did read http://www.cudgc.ab.ca/faqs.html, it says "Payments will be made as quickly as possible", 99 years is not ASAP. To me, weeks or months are reasonable ASAP, anything beyond a year is not ASAP.
Deal Fanatic
Jul 1, 2007
8068 posts
902 upvotes
cko64 wrote:
Nov 22nd, 2013 12:15 am
I googled, but couldn't find anything about it can takes up to 99 years to get reimbursed. Can you point me to the right link?
I did read http://www.cudgc.ab.ca/faqs.html, it says "Payments will be made as quickly as possible", 99 years is not ASAP. To me, weeks or months are reasonable ASAP, anything beyond a year is not ASAP.
A province can't print money. If there's some massive financial failure it can take the province 99 years to raise the money through taxation to pay back depositors.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Addict
Oct 7, 2007
4417 posts
1405 upvotes
cko64 wrote:
Nov 22nd, 2013 12:15 am
I googled, but couldn't find anything about it can takes up to 99 years to get reimbursed. Can you point me to the right link?
I did read http://www.cudgc.ab.ca/faqs.html, it says "Payments will be made as quickly as possible", 99 years is not ASAP. To me, weeks or months are reasonable ASAP, anything beyond a year is not ASAP.
To be totally honest, I was told about the "99 years" by an executive at a financial institution who I think is a competitor of Peoples Trust. I was having a discussion with him about what had happened at PT and was asking him some questions about their security. During the discussion I raised the following scenario. I was asking him to explain how their institution would deal with a hypothetical situation where someone hacked into their system and fraudulently stole a large sum of money as CDIC does not cover fraud. He was telling me that CDIC would not cover the fraud directly but that if the institution failed because of the fraud then CDIC would step in and make investors whole. I still have to confirm this statement with CDIC but the same fellow mentioned in the same breath that credit unions in BC and Manitoba are not covered by CDIC but by CUDIC which is effectively the respective provinces and that it could take up to 99 years to be reimbursed. Again, I did not verify this but at his level of responsibility I am putting some faith in what he is telling me.

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