Personal Finance

Bank of Canada and GIC rates

  • Last Updated:
  • Jan 28th, 2023 1:24 am
Deal Addict
Oct 13, 2008
1626 posts
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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.
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Deal Expert
Mar 22, 2004
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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
Oct 13, 2008
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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 $30/25gb x 3 lines, $10/Talk& Text line - 24 mths
300 LD Can/US minutes, 2000 LD minutes to India, Unlimited CAN-Int'l Text ($0), 0$ smartwatch plan
Rogers $44.99 for 24 mths, Ignite internet
CIBC, Tang and EQ
Jr. Member
Jul 5, 2017
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Note that Saven doesn't have a TFSA option for their GICs.
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Feb 24, 2012
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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?
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Nov 26, 2011
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ashihtaka wrote: Just confirming we have to open account through peoples trust to invest in their gics?
I would say yes
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Aug 3, 2009
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Saven is not CDIC insured? I don’t see it on CDIC website
Member
Mar 1, 2016
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cyphr wrote: Saven is not CDIC insured? I don’t see it on CDIC website
It is a division of First Ontario credit union, so there is no CDIC insurance. Deposits are instead covered under the FSRA deposit insurance program (250K non registered and unlimited registered).
Deal Guru
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Mar 8, 2003
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Richmond Hill
BigDurian wrote: It is a division of First Ontario credit union, so there is no CDIC insurance. Deposits are instead covered under the FSRA deposit insurance program (250K non registered and unlimited registered).
Curious to know about CDIC, does it cover registered unlimited?
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Nov 8, 2006
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Toronto
wlee wrote: Curious to know about CDIC, does it cover registered unlimited?
Almost all accoounts in the registered type are covered up to 100K. Not all investment types are covered.
Registred accounts are NOT unlimited.

Here’s an example of a portfolio within a RRSP at one CDIC member institution – and what does (✓) and does not (✗) qualify for CDIC coverage:

$ 20,000 in a GIC ✓
$ 90,000 in a term deposit ✓
$ 50,000 in stocks and bonds ✗
$ 130,000 in mutual funds ✗

Total Portfolio = $290,000
Total Eligible Deposits = $110,000
Total Deposits Protected by CDIC = $100,000


Source: https://www.cdic.ca/your-coverage/how-deposit-insurance-works/
Deal Addict
May 31, 2018
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Finally pulled the trigger and built a 5 year ladder at Meridian @ 5% with about 2/3 of our cash. Be interesting to see how this plays out when we check back in 5 years. Will wait and see with the other third as we're good with various HISA until June or so.
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Jan 31, 2018
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Winnipeg
FarmerHarv wrote: Finally pulled the trigger and built a 5 year ladder at Meridian @ 5% with about 2/3 of our cash. Be interesting to see how this plays out when we check back in 5 years. Will wait and see with the other third as we're good with various HISA until June or so.
US inflation data released today shows a decrease in year-on-year inflation, and the first month-to-month price decline from November to December. So central bank rates will probably stay high or increase just a touch more, but I am getting more and more confident that GIC rates have peaked. If you want the stability of GICs, I think you jumped in at a good time.
Deal Addict
Oct 13, 2008
1626 posts
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Mississauga
Special New Year rates from HSBC for 1/2/3 year GIC terms. See table below.

Updated
Jan. 14 RT.jpg
Last edited by jadoogar on Jan 14th, 2023 9:06 am, edited 2 times in total.
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Jan 19, 2007
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jadoogar wrote: Special New Year rates from HSBC for 1/2/3 year GIC terms. See table below.

Jan. 13 RT.jpg
You can do better through a broker account for 1YR
  • 1YR - HSBC BANK CANADA Jan 13, 2024 Annual 5.03
  • 2YR - HSBC BANK CANADA Jan 13, 2025 Compound 4.63
  • 5YR - HSBC BANK CANADA Jan 13, 2028 Compound 4.00
Sr. Member
Oct 7, 2013
646 posts
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jadoogar wrote: Special New Year rates from HSBC for 1/2/3 year GIC terms. See table below.
Jan. 13 RT.jpg
Just an FYI

EQ's 15 month rate is now 4.95%

Renewed some GIC's at EQ yesterday
Deal Addict
Oct 13, 2008
1626 posts
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Mississauga
unclefester wrote: Just an FYI

EQ's 15 month rate is now 4.95%

Renewed some GIC's at EQ yesterday
I will get the table updated. Thanks @unclefester on catching that miss.
Telus $30/25gb x 3 lines, $10/Talk& Text line - 24 mths
300 LD Can/US minutes, 2000 LD minutes to India, Unlimited CAN-Int'l Text ($0), 0$ smartwatch plan
Rogers $44.99 for 24 mths, Ignite internet
CIBC, Tang and EQ
Deal Addict
May 12, 2004
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Mississauga
I see RBC has a 4.85% 5 year non reedamble GIC as a special. Is that not a good deal?
Deal Addict
Apr 18, 2008
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Toronto
chausingyulds wrote: Is there a list for cashable GICs?
Cynophile wrote: I’d like to know this tool
The two I've seen discussed in RFD are
-- HSBC 1-year 4.38% (redeemable on or after 90 days with no penalty) https://www.hsbc.ca/investments/gic/pro ... edeemable/
-- Hubert Financial 1-year 4.6% average (interest paid only up to last full quarter-term -- read the details!!) https://www.happysavings.ca/products/te ... ear-terms/

(I guess that means all other choices are worse than these two.)
Amerifriend threads need to include instructions on how to acquire an amerifriend. :confused:

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