Personal Finance

Bank of Canada and GIC rates

  • Last Updated:
  • Mar 28th, 2024 6:50 am
Deal Addict
Jan 31, 2018
1515 posts
2810 upvotes
Winnipeg
jadoogar wrote: The 4.75% promotional rate is no longer being offered.
Scotiabank promo rates are gone now. Just prior to new year I was being offered 2- and 3-yr at 5.1%. They are now 2-yr at 4.75% and 3-yr at 4.43%. Probably even lower for people without the Ultimate account bonus.

[EDIT] apologies, I missed that you addressed this![/EDIT]

4- and 5-yr rates barely above 4%, lowest I've seen for months. I think the banks have read the tea leaves, and the gravy train is over. Even if rates go up, they're going to start increasing their profit margins.
Sr. Member
Nov 30, 2011
954 posts
881 upvotes
jadoogar wrote: As announced the rates for Meridian dropped on the longer 3-5 year GIC rates, HSBC also dropped their promotional 1-3 year GIC rates.

Dec 30 RT.jpg
With longer term GICs less than short term there's no advantage to the laddering technique correct? They only advantage of buying beyond 1 year is if you think they will continue to drop in the next few years and would like to lock in the rate now (?)
Deal Addict
User avatar
Dec 13, 2016
4531 posts
4060 upvotes
A few newb HSBC questions.

When you open an HSBC GIC account online, does it show in your account summary? Can you see it online?

If you choose a Monthly payment on a 12 month GIC deposit, where does the interest go? Your GIC account or somewhere esle?
Deal Addict
User avatar
Jan 31, 2004
3279 posts
1272 upvotes
Montreal
Peoples Trust 2 year is now at 5.3%
| Intel I7 9700K | Asus Z390-E Gaming | Kingston HX426C13PB3k2/32 @ 2666mhz | Asus Strix RTX 2080 Super | 970 Evo Plus 500gb NVMe | Seasonic 750PX | Define R6 USB-C | H115I Pro | Klipsch R-41PM | Dell U3818DW | Logitech Craft | Logitech MX Master 3S |
Deal Fanatic
Dec 6, 2006
5805 posts
1972 upvotes
Toronto
Mcklain wrote: Peoples Trust 2 year is now at 5.3%
Wait.. it goes UP? Perhaps there is still hope!
Member
Sep 5, 2007
390 posts
265 upvotes
BC
jadoogar wrote: The 4.75% promotional rate is no longer being offered.
When was this offered? I spoke to HSBC in early December at at that time, it was still 4.25% for a 1 year redeemable GIC.
Deal Addict
User avatar
Oct 13, 2008
2199 posts
4616 upvotes
Mississauga
2 year rate up at People's trust, same as Saven Financial, but rates lowered on 3-5 year at People's Trust.
Jan. 6 RT.jpg
Telus $30/75gb US-Canada Plan x 3 lines, $10/Talk& Text line - 24 mths
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
Deal Addict
User avatar
Oct 13, 2008
2199 posts
4616 upvotes
Mississauga
crazysword wrote: When was this offered? I spoke to HSBC in early December at at that time, it was still 4.25% for a 1 year redeemable GIC.
The 4.75% promotion was for a non-redeemable rate (1/2/3 years).
Telus $30/75gb US-Canada Plan x 3 lines, $10/Talk& Text line - 24 mths
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
Member
Sep 5, 2007
390 posts
265 upvotes
BC
jadoogar wrote: The 4.75% promotion was for a non-redeemable rate (1/2/3 years).
Thanks. In that case, the offer wasn't great given we are seeing 5+ now.
Sr. Member
Aug 24, 2019
987 posts
1450 upvotes
No inside information, but the feeling is that gic rates will move up a little. Let's see what happens next.
Deal Addict
User avatar
Dec 13, 2016
4531 posts
4060 upvotes
It looks like HSBC raised their 1 year fixed to 4.88%
Deal Addict
User avatar
Oct 13, 2008
2199 posts
4616 upvotes
Mississauga
Motive lowered their 2-5 year GIC rates. See table below.
Jan. 9 RT.jpg
Telus $30/75gb US-Canada Plan x 3 lines, $10/Talk& Text line - 24 mths
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
Deal Addict
User avatar
Jan 31, 2004
3279 posts
1272 upvotes
Montreal
blainehamilton wrote: 5.3% 2 year at people's trust seems to be the sweet spot right now.
Yup, I transfered some money there last week and waiting for it to clear so I can open it up before they drop the rate!
Last edited by Mcklain on Jan 9th, 2023 6:27 pm, edited 1 time in total.
| Intel I7 9700K | Asus Z390-E Gaming | Kingston HX426C13PB3k2/32 @ 2666mhz | Asus Strix RTX 2080 Super | 970 Evo Plus 500gb NVMe | Seasonic 750PX | Define R6 USB-C | H115I Pro | Klipsch R-41PM | Dell U3818DW | Logitech Craft | Logitech MX Master 3S |
Deal Addict
User avatar
Oct 13, 2008
2199 posts
4616 upvotes
Mississauga
blainehamilton wrote: 5.3% 2 year at people's trust seems to be the sweet spot right now.
Saven Financial also offers 5.3% for 1 and 2 year GIC's.
Telus $30/75gb US-Canada Plan x 3 lines, $10/Talk& Text line - 24 mths
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
Deal Expert
Mar 22, 2004
16012 posts
7476 upvotes
RFD
blainehamilton wrote:
5.3% 2 year at people's trust seems to be the sweet spot right now.
Mcklain wrote: Yup, I transfered some money tehre last week and waiting for it to clear so I can open it up before they drop the rate!
jadoogar wrote: Saven Financial also offers 5.3% for 1 and 2 year GIC's.
Saven or People's Trust? Which has the easier process and better UI?
Deal Addict
User avatar
Oct 13, 2008
2199 posts
4616 upvotes
Mississauga
radeonboy wrote: Saven or People's Trust? Which has the easier process and better UI?
I have money in Saven, haven't used People's Trust so can't comment on them. The only downside to Saven is the 5 day wait when you are trying to pull funds from another FI plus another 5 business day hold on those funds before you can access them. I like Tangerine in that regard, much faster access to funds except you have to play lottery to get good rates at Tangerine.
Telus $30/75gb US-Canada Plan x 3 lines, $10/Talk& Text line - 24 mths
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
Member
Jul 5, 2017
245 posts
203 upvotes
Note that Saven doesn't have a TFSA option for their GICs.
Deal Addict
User avatar
Feb 24, 2012
3086 posts
1101 upvotes
Toronto
Mcklain wrote: Peoples Trust 2 year is now at 5.3%
Just confirming we have to open account through peoples trust to invest in their gics?
Deal Addict
User avatar
Nov 26, 2011
3447 posts
894 upvotes
ashihtaka wrote: Just confirming we have to open account through peoples trust to invest in their gics?
I would say yes

Top