Bank of Canada and GIC rates

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.

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?

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.

Note that Saven doesn't have a TFSA option for their GICs.

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?

ashihtaka wrote: ↑ Just confirming we have to open account through peoples trust to invest in their gics?

I would say yes

Saven is not CDIC insured? I don’t see it on CDIC website

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).

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?

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/

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.

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.

Is there a list for cashable GICs?

Special New Year rates from HSBC for 1/2/3 year GIC terms. See table below.

Updated

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

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

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.

I see RBC has a 4.85% 5 year non reedamble GIC as a special. Is that not a good deal?

chausingyulds wrote: ↑ Is there a list for cashable GICs?

I’d like to know this tool