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[Equitable Bank] EQ Bank 3 Month 2.45% GIC

  • Last Updated:
  • Apr 17th, 2020 9:35 am
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Apr 2, 2010
2037 posts
1506 upvotes
GTA
theflyingsquirrel wrote: I think you put your money in most stock after a few months, you are going to have some habdomse return.
You are right, the markets are low but I would be cautious, your best return might not be guaranteed in months but if you can wait 5 years at least that would be a safe bet.

I say this because although its bad, we can't predict it cant get worse, be ready to 'loose' a bit more before it starts coming back. However this could take years so if you have the stomach to bear potential loss in apparent value of stocks it will pay off once they climb over the next few years.

I would add, these apply to the top companies like banks or something else along those lines.
Sr. Member
Jan 21, 2013
576 posts
565 upvotes
Markets are incredibly volatile right now. This post is great timing because i'm waiting a couple of months for things to settle down. I don't think we've hit the theoretical "bottom" yet.

Time in market > timing market and lump-sum contributions are usually recommended but during these times I'd consider doing dollar-cost averaging (DCA) instead (where you contribute at a fixed interval/threshold, evening things out).
Deal Addict
Sep 3, 2005
1926 posts
465 upvotes
Toronto
amplified wrote: Basically, for some this gets you an extra month and a half if you have cash in a HISA at simplii (2.8%) or tangerine (2.5%) so long as you can transfer in money to EQ before they change the GIC offer.
3 months offer for 2.45% is decent, but after 3 months, it will be really hard to find something better than 1.5%
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Jun 6, 2010
6995 posts
3318 upvotes
Toronto, Ontario
spy cl wrote: did you buy any stock recently?
No. Still waiting.
martydxb wrote: You are right, the markets are low but I would be cautious, your best return might not be guaranteed in months but if you can wait 5 years at least that would be a safe bet.

I say this because although its bad, we can't predict it cant get worse, be ready to 'loose' a bit more before it starts coming back. However this could take years so if you have the stomach to bear potential loss in apparent value of stocks it will pay off once they climb over the next few years.

I would add, these apply to the top companies like banks or something else along those lines.
Yeah. Be patient. Use your TFSA.
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
Guide to get free movie BOGO code from Virgin Mobile
How to setup PAP in Tangerine
[OP]
Sr. Member
Mar 14, 2014
574 posts
707 upvotes
US Fed just cut the rate 100 basis points to 0%. The BoC is sure to follow and this EQ offer is looking a bit more appealing while it lasts.
Deal Guru
Mar 22, 2004
13099 posts
3562 upvotes
RFD
genericasianguy wrote: Markets are incredibly volatile right now. This post is great timing because i'm waiting a couple of months for things to settle down. I don't think we've hit the theoretical "bottom" yet.

Time in market > timing market and lump-sum contributions are usually recommended but during these times I'd consider doing dollar-cost averaging (DCA) instead (where you contribute at a fixed interval/threshold, evening things out).
martydxb wrote: You are right, the markets are low but I would be cautious, your best return might not be guaranteed in months but if you can wait 5 years at least that would be a safe bet.

I say this because although its bad, we can't predict it cant get worse, be ready to 'loose' a bit more before it starts coming back. However this could take years so if you have the stomach to bear potential loss in apparent value of stocks it will pay off once they climb over the next few years.

I would add, these apply to the top companies like banks or something else along those lines.
I have a Tangerine Balanced Growth Portfolio TFSA Investment Fund and a few months before all of this COVID19 it was at +$900. I checked the other day and it tanked down to -$3085. I figure the markets will indeed go back up after COVID19, I can afford not to touch this account on a long term multi year basis. I figure I should not worry as things will rebound as the markets usually always do, especially once we're through with COVID19. Am I correct not to be worried as this is one of my long term investments?

I also have money in EQ Bank as well at 2.00% but at least that is relatively secure, though I may shop around it put it in this offers GIC.
Sr. Member
Jan 21, 2013
576 posts
565 upvotes
radeonboy wrote: Am I correct not to be worried as this is one of my long term investments?
You are correct, no need to be worried as it is a long-term investment and while the value of it has decreased you own the units and it will no doubt rebound in the long-term. In addition you also gain compounding interest with your holdings regardless.
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User avatar
Apr 2, 2010
2037 posts
1506 upvotes
GTA
radeonboy wrote: I have a Tangerine Balanced Growth Portfolio TFSA Investment Fund and a few months before all of this COVID19 it was at +$900. I checked the other day and it tanked down to -$3085. I figure the markets will indeed go back up after COVID19, I can afford not to touch this account on a long term multi year basis. I figure I should not worry as things will rebound as the markets usually always do, especially once we're through with COVID19. Am I correct not to be worried as this is one of my long term investments?

I also have money in EQ Bank as well at 2.00% but at least that is relatively secure, though I may shop around it put it in this offers GIC.
I know seeing the negative numbers can be disheartening but you should confidently recover the money in a few years, surely by 5 or max 10.

Some tips,
Try to look at the 2008 stock market crash, what was the outcome? The people who kept their money or bought more investments during the crisis got back their money and made some more, it just took more time.

Also if you have more funds that you surely don't need for around 10 years, then consider investing them in monthly batches over the next few months.

Good luck, don't panic, you should see your funds later.
Sr. Member
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Nov 1, 2001
942 posts
289 upvotes
Toronto
Do you have any accounts over the cdic limit? If yes, would you split them out?
Newbie
Jun 4, 2019
57 posts
18 upvotes
I think it would've been smart to pull my investment two months ago put the money in something like this, then when this epidemic ends put it back! Anyone do this??
Jr. Member
Apr 12, 2013
172 posts
73 upvotes
Freeskate wrote: I think it would've been smart to pull my investment two months ago put the money in something like this, then when this epidemic ends put it back! Anyone do this??
I doubt many would have had the foresight to pull out when gains were still coming in. If I remember correctly it wasnt until about the 3rd week of February that we started to see a major dip.

Ride it out, keep to the plan, do not invest emergency fund no matter how tempting.
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Jul 29, 2013
1240 posts
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Freeskate wrote: I think it would've been smart to pull my investment two months ago put the money in something like this, then when this epidemic ends put it back! Anyone do this??
These interest rates will no longer exist when the epidemic is over.
I do not think the epidemic ending will end the economic fallout. It is going to take at least one year+ and possibly much longer.
Newbie
Jun 4, 2019
57 posts
18 upvotes
I really took a beating on my investments with BMO. I wonder if sometimes a high GIC is the better bet. Slow and steady. Anyone with more knowledge on the have any input? Thanks
Deal Addict
Oct 3, 2013
1261 posts
1695 upvotes
West
Freeskate wrote: I really took a beating on my investments with BMO. I wonder if sometimes a high GIC is the better bet. Slow and steady. Anyone with more knowledge on the have any input? Thanks
Depends what your investment horizon is. If your window is long-term, I wouldn't worry too much - everyone has taken a beating the last month, even those with a conservative portfolio. The markets will recover once this pandemic is under control, and your value will return. In fact, now is a good time to buy a lot of stocks on heavy discount. This is the definition of "buy low" for stocks; however, of course, we do not know how low the stocks will go.

If you're looking at retiring soon, will need the money for something else, or just aren't in for the emotional rollercoaster, the GIC will be much better for you. It is guaranteed return, a short-term lockup, and you can always break the GIC should you need the money.

My advice? Do a bit of both!

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