Expired Hot Deals

[Equitable Bank] EQ Bank 3 Month 2.45% GIC

  • Last Updated:
  • Apr 17th, 2020 9:35 am
Deal Fanatic
Oct 7, 2007
7596 posts
3679 upvotes
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
I like your approach. For the record, I have never really heard of anyone getting rich of their stocks and I have a feeling that we all end up in the same place at the end except one ride is smooth and steady while the other is like a roller coaster. Never been a big fan of the roller coaster.
Deal Fanatic
Aug 25, 2005
5049 posts
1868 upvotes
always have a liquid (easy to cash) emergency fund folks (1-2 months of expenses). this GIC is a great place to park it during these crazy times.
Newbie
Jun 4, 2019
57 posts
18 upvotes
Does anyone on here just leave there money in a high GIC or mutual fund instead of investing it? I'm in it for the long haul as I'm only in my thirtys, but a buddy of mine plays it save and seems to be doing better then me with a high TFSA and GIC from Royal Bank. Anyone have any input or knowledge on this? Thanks in advance
Deal Fanatic
Oct 7, 2007
7596 posts
3679 upvotes
Freeskate wrote: Does anyone on here just leave there money in a high GIC or mutual fund instead of investing it? I'm in it for the long haul as I'm only in my thirtys, but a buddy of mine plays it save and seems to be doing better then me with a high TFSA and GIC from Royal Bank. Anyone have any input or knowledge on this? Thanks in advance
Yes, someone very close to me does this. They have never put any money in the stock market and they have done okay. They're not super rich but they have never lost money either. Also, their money compounds over time so it does grow albeit slowly. If you hate losing money like I do, I think it is perfectly fine to invest in CDIC-insured GIC's. Being able to sleep well is good for your health. :)
Deal Fanatic
User avatar
Jul 4, 2005
6479 posts
926 upvotes
Ottawa
I missed out on the tangerine gic so parking a few $5k gics in there, just my emerg funds.
Sr. Member
User avatar
Aug 24, 2010
715 posts
156 upvotes
jeeva86 wrote: I missed out on the tangerine gic so parking a few $5k gics in there, just my emerg funds.
Tangerine has a 2.8% rate for 5 months for opening up a savings account with them. I just put my emergency funds in there. Much better idea than having your money locked in a GIC
Deal Fanatic
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Jul 4, 2005
6479 posts
926 upvotes
Ottawa
vencc wrote: Tangerine has a 2.8% rate for 5 months for opening up a savings account with them. I just put my emergency funds in there. Much better idea than having your money locked in a GIC
Must be for new accounts? It’d be rare for rfd’ers to not already have a ting savings account.
Deal Addict
Nov 23, 2008
4363 posts
1269 upvotes
spy cl wrote: 3 months offer for 2.45% is decent, but after 3 months, it will be really hard to find something better than 1.5%
yes agreed, but what's your point?
Deal Addict
Nov 23, 2008
4363 posts
1269 upvotes
choclover wrote: Yes, someone very close to me does this. They have never put any money in the stock market and they have done okay. They're not super rich but they have never lost money either. Also, their money compounds over time so it does grow albeit slowly. If you hate losing money like I do, I think it is perfectly fine to invest in CDIC-insured GIC's. Being able to sleep well is good for your health. :)
totally agree with the sleep part of it!

But unfortunately, GIC rates are too miserable to be in them long term. They barely keep up with inflation.

see how property prices have risen in the past 20 years. A GIC couldn't keep up with that.
Ditto for education prices, gas prices, etc.
Newbie
Jun 4, 2019
57 posts
18 upvotes
If your getting back 3% or higher and you don't have to pay any fees to your advisor don't you end up the same as investing? Just asking as I took a beating like everyone with my BMO investments
Deal Fanatic
User avatar
Jul 4, 2005
6479 posts
926 upvotes
Ottawa
I realized my wife had an EQ account so I made an EQ connection and was able to transfer $30K immediately! Never came across any other bank that allows an easy setup and process for such transfers.
Member
Aug 29, 2010
321 posts
268 upvotes
jeeva86 wrote: I realized my wife had an EQ account so I made an EQ connection and was able to transfer $30K immediately! Never came across any other bank that allows an easy setup and process for such transfers.
hmm strange.. it usually takes up to 3 weeks for the transfer to be complete + hold removed so I can purchase GIC with it..
EQ is decent bank, but their weakness is the speed of transfer and how long they hold the fund for.
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User avatar
Jul 4, 2005
6479 posts
926 upvotes
Ottawa
chinook79 wrote: hmm strange.. it usually takes up to 3 weeks for the transfer to be complete + hold removed so I can purchase GIC with it..
EQ is decent bank, but their weakness is the speed of transfer and how long they hold the fund for.
3 weeks?? what are you talking about? you can link and push faster than that!

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