Personal Finance

Bank of Canada and GIC rates

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  • Feb 4th, 2023 1:35 pm
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Aug 22, 2004
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Airport Rd & Que…
hyperactiveme wrote: 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?
Depends on what you think the mistake might be.

Too low a rate? No, that's among the highest 1 yr GIC rates.

Not long enough? Maybe, who knows what rates will be like in 1 year. Probably lower. Could be higher. So maybe lock in longer? Depends on when/what you need the money for.

Locking up the money? Do you need it before 1 yr? You cannot redeem a GIC before it matures.

Not enough of a return? Stock market will give you a different return. But it could be way higher, or way lower, or about the same.

Did I answer your question? Not really, it all depends on your personal circumstances.
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Feb 1, 2008
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TripleQ wrote: Not enough of a return? Stock market will give you a different return. But it could be way higher, or way lower, or about the same.
This. Don't need it but at this point sucking it up I guess.
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Dec 11, 2011
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CALEDON
jadoogar wrote: Tangerine lowered their 2-5 year GIC rates as of today. Others will likely follow.

Jan. 21 RT.jpg
why no TD in your image?
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Feb 23, 2008
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I noticed 1yr rates have dropped to 4.99% in TD Direct investing. Does this mean 1yr rates have peaked already and are now going down?
Lets Go Blue Jays!!!
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Oct 13, 2008
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CIBC dropped all GIC rates (1-5 years), BMO dropped their 4 and 5 year GIC rates.
Jan. 24 RT.jpg
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Jan 21, 2017
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jadoogar wrote: CIBC dropped all GIC rates (1-5 years), BMO dropped their 4 and 5 year GIC rates.

Jan. 24 RT.jpg
I take it that this listing does not include short term TFSA GICs or do they even exist? I'm looking to put some money in a 90/120-day TFSA GIC if possible. All I see on People's Trust are non-registered GICs for short term options.
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Dec 6, 2006
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Lukus2017 wrote: I take it that this listing does not include short term TFSA GICs or do they even exist? I'm looking to put some money in a 90/120-day TFSA GIC if possible. All I see on People's Trust are non-registered GICs for short term options.
For short term those high interest ETF probably be better.
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Jan 21, 2017
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boyohboy wrote: For short term those high interest ETF probably be better.
I'm new to all of this... can you suggest an example of an high interest ETF product that you would recommend?
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Dec 6, 2006
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Lukus2017 wrote: I'm new to all of this... can you suggest an example of an high interest ETF product that you would recommend?
There is an active thread on this sub forum to get more details: High Interest Cash ETFs.
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Dec 4, 2007
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jadoogar wrote: CIBC dropped all GIC rates (1-5 years), BMO dropped their 4 and 5 year GIC rates.

Jan. 24 RT.jpg
This is it, they know the BoC is going to stop raising the rate
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Jan 31, 2004
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God dammit its so long to remove the hold on my funds in my Peoples Trust account.
I need to take there 5.4% GIC. I am pretty sure its gonna drop in a few hours/days....
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Mcklain wrote: God dammit its so long to remove the hold on my funds in my Peoples Trust account.
I need to take there 5.4% GIC. I am pretty sure its gonna drop in a few hours/days....
Can People’s not hold the rate till your funds clear, Meridian was able to do it for me?
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Lukus2017 wrote: I take it that this listing does not include short term TFSA GICs or do they even exist? I'm looking to put some money in a 90/120-day TFSA GIC if possible. All I see on People's Trust are non-registered GICs for short term options.
There’s a column for 3 month GICs
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Oct 13, 2008
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EQ lowered their rates as of today. At this rate, we will soon see sub 4.00% rates.

I am expecting a 0.25% rate increase by BoC today.
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Jan 21, 2017
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Rockdaddy22 wrote: There’s a column for 3 month GICs
The reason I'm asking is because it shows People's Trust has offering a 3-month GIC but when I go to their website, the shortest term for a TFSA GIC is 1-year.
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Jan 31, 2004
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Hey guys, I know this is a little off topic but looking for a quick answer if possible.
I just realized today that I took a 2 year TERM GIC (6500$) 1 week ago with people's trust INSTEAD of a 2 year TFSA GIC.

Tring to get a hold of the line but do you know if its possible to transfer it to a TFSA or just cancel it and just get the 2 year TFSA afterwards?

Thanks.

UPDATE: Great service from People's Trust. On hold for 5 minutes and the person was able to cancel my original 2 year TERM GIC and transfer the $ to my E-Savings account.
I was then able to purchase the right product this time. (2 year TFSA GIC)
No hold or anything. I was impressed!
Last edited by Mcklain on Jan 25th, 2023 11:02 am, edited 1 time in total.
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Bank of Canada raised their rates today by 25 basis points.
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GICs are likely going to drop in the next few days and it's now or never to invest in GICs?
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Mar 22, 2004
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pewlykertor wrote: GICs are likely going to drop in the next few days and it's now or never to invest in GICs?
Seems like we missed the peak and gambled incorrectly.
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Dec 22, 2006
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Calgary
Mcklain wrote: God dammit its so long to remove the hold on my funds in my Peoples Trust account.
I need to take there 5.4% GIC. I am pretty sure its gonna drop in a few hours/days....
You can call and ask them to remove the hold so you can buy the GIC. I've done that before.

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