Personal Finance

Bank of Canada and GIC rates

  • Last Updated:
  • Jan 28th, 2023 1:24 am
Jr. Member
Dec 19, 2018
158 posts
112 upvotes
Who has the best cashable/redeemable GIC rate right now? Thinking of parking cash somewhere. Need to be able to access it on short notice (30-60 days) ideally without any penalties or fees.
Deal Guru
Dec 5, 2006
13401 posts
8763 upvotes
Markham
Do you think GIC rate will increase after BOC meeting?
Deal Addict
May 31, 2018
1145 posts
2875 upvotes
smartie wrote: Do you think GIC rate will increase after BOC meeting?
If rates increase again, GIC’s will bounce just high enough to get people to buy, but they won’t reach previous highs. The banks have figured out that by dropping a bit people will rush to buy before they drop any further, and will continue this yo-yo until folks have had enough and will hold out for more. We’ve been starved for decent rates for so long though, that 5% looks like a windfall and most are happy to get anywhere near that… the banks know it and currently don’t have any incentive to go any higher.
Deal Addict
User avatar
Jul 25, 2015
1982 posts
1659 upvotes
Burnaby, BC
smartie wrote: Do you think GIC rate will increase after BOC meeting?
Depends what outcome the meeting will have. If the meeting decides to hike the rate by 1% or 0%
Deal Addict
User avatar
Nov 26, 2011
3318 posts
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Piklishi wrote: Depends what outcome the meeting will have. If the meeting decides to hike the rate by 1% or 0%
I can guarantee it won’t be 1%, maybe .25%.
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User avatar
Jul 25, 2015
1982 posts
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Burnaby, BC
Rockdaddy22 wrote: I can guarantee it won’t be 1%, maybe .25%.
I brought an example, hence the wide range. I agree with you and I think it's going to be .25 or .5.
Deal Addict
Nov 8, 2006
1040 posts
494 upvotes
Toronto
musiclover4 wrote: Who has the best cashable/redeemable GIC rate right now? Thinking of parking cash somewhere. Need to be able to access it on short notice (30-60 days) ideally without any penalties or fees.
Depending if its a large amount of cash, 30-60 days, might as well HISA.
Oaken Financial has 3.4%.

If you dont have an account, stay put where you are. Not worth the trouble since it takes a few days to move the money, and its per annum interest.
Jr. Member
Dec 19, 2018
158 posts
112 upvotes
marketb wrote: Depending if its a large amount of cash, 30-60 days, might as well HISA.
Oaken Financial has 3.4%.

If you dont have an account, stay put where you are. Not worth the trouble since it takes a few days to move the money, and its per annum interest.
Thanks. I think RBC is quoting me higher but will have to check.
Newbie
Jan 17, 2019
21 posts
7 upvotes
ohnabatko wrote: 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
What is your advice for getting that rate? Talk to someone in person?
Deal Addict
User avatar
Jan 19, 2007
1378 posts
723 upvotes
Torontario
wat660 wrote: What is your advice for getting that rate? Talk to someone in person?
Open an RBC DI account :)
Minimum Purchase (CAD) for a 1 year term: Registered accounts: $3,500 | Non-registered accounts: $20,000
Newbie
Jan 17, 2019
21 posts
7 upvotes
ohnabatko wrote: Open an RBC DI account :)
Minimum Purchase (CAD) for a 1 year term: Registered accounts: $3,500 | Non-registered accounts: $20,000
If I may ask, what's the difference between opening an RBC DI account vs. HSBC account? What's the difference or benefits on a HISA vs. GIC with HSBC at the moment if the rates are similar?

Sorry kind of new to thisSmiling Face With Open Mouth And Cold Sweat
Member
Jun 28, 2009
302 posts
142 upvotes
Hi all. I have a significant amount of money and currently do not have any investments, including not using any of my TFSA contributing room.

I have tried to do some preliminary research but it is all a little daunting. Since I do not have any knowledge on this right now, I was just going to invest the maximum amount in a 1 year GIC.

I had an appointment with a TD financial adviser in December but he died (really sad) and I've left it since then.

My money is currently in a TD bank account. Should I invest in a GIC TFSA there or somewhere else?

Can anyone provide me any resources for the future about how I can go about investing my money?
Deal Guru
Dec 5, 2006
13401 posts
8763 upvotes
Markham
baskiddball wrote: Hi all. I have a significant amount of money and currently do not have any investments, including not using any of my TFSA contributing room.

I have tried to do some preliminary research but it is all a little daunting. Since I do not have any knowledge on this right now, I was just going to invest the maximum amount in a 1 year GIC.

I had an appointment with a TD financial adviser in December but he died (really sad) and I've left it since then.

My money is currently in a TD bank account. Should I invest in a GIC TFSA there or somewhere else?

Can anyone provide me any resources for the future about how I can go about investing my money?
If you don't know investment, then go slow.

If you don't need those money, keep majority in GIC and spend more time to do research on investment is better than rush in and panic selling. Cann keep small amount to try. Index is a good starter, but again, go slow and start small
Member
Jun 28, 2009
302 posts
142 upvotes
smartie wrote: If you don't know investment, then go slow.

If you don't need those money, keep majority in GIC and spend more time to do research on investment is better than rush in and panic selling. Cann keep small amount to try. Index is a good starter, but again, go slow and start small
Thank you so much for taking the time to respond.

The person above me just talked about a 1 year 5.2 percent GIC at Scotiabank. Should I move my money from TD to another place I can get a rate like that?

Do I have to spend money at TD for the advisor if I invest in an Index fund? Do I buy the index myself? Is that a mutual fund?

I am trying to understand before I invest all of my TFSA contribution room. Any advice or a starting point would be very appreciated.
Deal Addict
Oct 13, 2008
1626 posts
2176 upvotes
Mississauga
HSBC lowered their 4 and 5 year GIC rates as of today.
Jan. 17 RT.jpg
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Deal Expert
Mar 22, 2004
15264 posts
6327 upvotes
RFD
jadoogar wrote: HSBC lowered their 4 and 5 year GIC rates as of today.

Jan. 17 RT.jpg
Thanks for this. Didn't realize motusbank was so competitive
Deal Addict
Oct 22, 2014
4383 posts
2729 upvotes
Toronto
Massive drop in 5y yields since Jan 1, and confirmed by today's Dec CPI print of a drop. Looks like we have seen the top in 5y GIC rates
Deal Fanatic
Dec 6, 2006
5607 posts
1805 upvotes
Toronto
What's in CIBC Investor Edge currently, better than the "CIBC Bonus" rates for 1-2 years term in OP:
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