Personal Finance

Bank of Canada and GIC rates

  • Last Updated:
  • Jan 28th, 2023 1:24 am
Deal Addict
Oct 13, 2008
1626 posts
2176 upvotes
Mississauga
Inspectah wrote: Seems like Saven increased their 3-4 year GIC rates today after yesterday's reduction. Is this volatility common?

Screenshot 2023-01-19 192951.jpg
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Deal Addict
Oct 13, 2008
1626 posts
2176 upvotes
Mississauga
Slight changes at Oaken, 18 month now to 5.39%.

People's Bank 2 year GIC rate upto 5.40%.
Jan. 20 RT.jpg
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Newbie
Apr 19, 2015
37 posts
9 upvotes
Northern Ontario, ON
When you go to GIC ion Scotia Bank website, special offer sign comes up. They don't post the rate. I called and asked for it. It is 5.20% for 1 year 23 days which is available only till Feb 19.

I don't know if they allow to combine with airmile offer(not much) for non-registered GIC. I think minimum $5000. I will try...
All should end well. If not well, it is not the ending.
Deal Addict
May 28, 2007
1563 posts
894 upvotes
jadoogar wrote: Slight changes at Oaken, 18 month now to 5.39%.

People's Bank 2 year GIC rate upto 5.40%.

Jan. 20 RT.jpg
And I just put some money in yesterday on a 2 year term for 5.25%. Wonder if it's worth the hassle to call in and ask them to readjust my term to 18 months at 5.39% since I see it hasn't finished processing yet because I still don't see it in my account yet.
Deal Addict
May 28, 2007
1563 posts
894 upvotes
jadoogar wrote: Slight changes at Oaken, 18 month now to 5.39%.

People's Bank 2 year GIC rate upto 5.40%.

Jan. 20 RT.jpg
And I just put some money in yesterday on a 2 year term for 5.25%. Wonder if it's worth the hassle to call in and ask them to readjust my term to 18 months at 5.39% since I see it hasn't finished processing yet because I still don't see it in my account yet.
Member
Jan 21, 2017
470 posts
321 upvotes
Need some advice. We might want to purchase a house later this year if the right conditions materialize. I would be considered a first-time homebuyer so the $35K RRSP for a down would apply.

I currently have $27K in an RRSP with CIBC but it barely pays 1% interest. It matures in February.

I also have about 33K in cash to invest short term. I still have room to contribute to my RRSP (target is 35K) and I've never contributed to a TFSA.

So here's what I'm thinking of doing but my lack of knowledge with investment is limiting my options...

- Move my CIBC RRSP to a different financial institution that offers a better rate, possibly a RRSP GIC locked in for 6 to 12 months (4% return?).
- Top off my RRSP contribution to bring its total to 35K so that if we do buy a house, I can use my RRSP as a down payment.
- Invest the rest (about 25K + Tax Refund) in a TFSA GIC account, again on a 6 to 12 month term at about 4%.

My bank also suggested another investment option, Market-linked guaranteed investments where it could pay out a decent return but it requires a longer commitment. We need a little bit of flexibility given we may want to buy a house so locking anything more than a year could prove restrictive.

Any suggestions welcome!
Deal Guru
Dec 5, 2006
13401 posts
8763 upvotes
Markham
Lukus2017 wrote: Need some advice. We might want to purchase a house later this year if the right conditions materialize. I would be considered a first-time homebuyer so the $35K RRSP for a down would apply.

I currently have $27K in an RRSP with CIBC but it barely pays 1% interest. It matures in February.

I also have about 33K in cash to invest short term. I still have room to contribute to my RRSP (target is 35K) and I've never contributed to a TFSA.

So here's what I'm thinking of doing but my lack of knowledge with investment is limiting my options...

- Move my CIBC RRSP to a different financial institution that offers a better rate, possibly a RRSP GIC locked in for 6 to 12 months (4% return?).
- Top off my RRSP contribution to bring its total to 35K so that if we do buy a house, I can use my RRSP as a down payment.
- Invest the rest (about 25K + Tax Refund) in a TFSA GIC account, again on a 6 to 12 month term at about 4%.

My bank also suggested another investment option, Market-linked guaranteed investments where it could pay out a decent return but it requires a longer commitment. We need a little bit of flexibility given we may want to buy a house so locking anything more than a year could prove restrictive.

Any suggestions welcome!
Are you talking about cashable GIC? Otherwise how can you lock 6-12 months GIC when you will buy a house this year? You never know which day the condition is met
Deal Addict
User avatar
Jul 25, 2015
1982 posts
1659 upvotes
Burnaby, BC
RCML27 wrote: And I just put some money in yesterday on a 2 year term for 5.25%. Wonder if it's worth the hassle to call in and ask them to readjust my term to 18 months at 5.39% since I see it hasn't finished processing yet because I still don't see it in my account yet.
Yes it is.
Member
Jan 21, 2017
470 posts
321 upvotes
smartie wrote: Are you talking about cashable GIC? Otherwise how can you lock 6-12 months GIC when you will buy a house this year? You never know which day the condition is met
Leaning towards locking for 6 months as they're offering the same rate of return anyways.
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Aug 6, 2001
17017 posts
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Stuck in a Box
Lukus2017 wrote: Leaning towards locking for 6 months as they're offering the same rate of return anyways.
You sure you wont need the money in 6 months? Dream home properties can pop up anytime.. and good homes go first.
Member
Oct 11, 2012
312 posts
240 upvotes
weedb0y wrote: You sure you wont need the money in 6 months? Dream home properties can pop up anytime.. and good homes go first.
Yep. I most recently locked in for 15 months but needed the dough for a deal months prior to maturity and lost out. Won’t ever be doing that again.
Deal Addict
Oct 13, 2008
1626 posts
2176 upvotes
Mississauga
Tangerine lowered their 2-5 year GIC rates as of today. Others will likely follow.
Jan. 21 RT.jpg
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Deal Guru
Dec 5, 2006
13401 posts
8763 upvotes
Markham
How easy to transfer money between tangerine and meridian? Thanks
Deal Addict
Oct 13, 2008
1626 posts
2176 upvotes
Mississauga
smartie wrote: How easy to transfer money between tangerine and meridian? Thanks
I had no issues going from Tangerine to Meridian and then back to Tangerine when they offered the 5% promotion for 5 mths.
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Member
Jan 21, 2017
470 posts
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Newbie question here...

How does one go about buying an RRSP GIC / Regular GIC at a financial institution other than my own bank? Can it all be made online or do I need to contact the institution I will be buying from?

What about if I want to transfer some RRSP maturing soon from my current bank to another?
Last edited by Lukus2017 on Jan 22nd, 2023 10:15 pm, edited 1 time in total.
Newbie
Jan 19, 2020
5 posts
2 upvotes
Lukus2017 wrote: How does one go about buying an RRSP GIC / Regular GIC at an financial institution other than my own bank?
I use RBC direct investing. "Place an order" and look for fixed income securities. There RBC has choice of bonds, money market, GICs.
Deal Addict
Oct 13, 2008
1626 posts
2176 upvotes
Mississauga
Motive Financial increased their 1-5 year rates as of this morning. Hoping others will follow Motive.
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Deal Addict
User avatar
Feb 1, 2008
4686 posts
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Niagara Falls, ON
I'm about to put Max out my TFSA (first time depositing) with CIBC 1 year 5.05% GIC. Reading some threads makes this seem like a mistake. Any insight?

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