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[Luminus Financial] Luminus Financial 18 month GIC 2.5%

  • Last Updated:
  • Jun 1st, 2020 1:56 am
7 replies
Deal Addict
User avatar
Apr 3, 2013
1238 posts
901 upvotes
Toronto
DICO, not CDIC, for those concerned about deposit insurance.
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Tangerine
Deal Addict
May 21, 2004
2273 posts
1387 upvotes
GTA
dgiang wrote: Never heard of this company before, but they're located at 1 Yonge Street Toronto.

GIC Rates
1 Year - 2.40 %
18 Months - 2.50%
2 Year - 2.60%

https://www.luminusfinancial.com/Personal/Rates/
1 Yonge Street could just be a mail forwarding address. Anyone can confirm whether their operation is actually at 1 Yonge Street?
Deal Addict
May 21, 2004
2273 posts
1387 upvotes
GTA
Just found these in their FAQ:

What is the cost for a dormant account?
Luminus will charge $10 per month if an account is inactive after one year.

What is the annual membership dues fee?
The annual membership dues fee is $9.99 per year and is only applicable for active demand accounts. It will be collected annually at the end of November. All members pay for this and it is to support our membership in the INTERAC Network, THE EXCHANGE NETWORK, certain Government Relations activities, etc. Click here for more details.

Sounds like they'll charge you for being dormant or charge you for being active. No thanks. There are better alternatives.
Deal Addict
User avatar
May 22, 2006
2115 posts
720 upvotes
Toronto
No thanks OP. I'm not going be your guinea pig for this experiment...
Sr. Member
Sep 14, 2012
549 posts
575 upvotes
Toronto
This is a rather small credit union. It's started originally as a credit union for Toronto Star employees. Their financial statements are on line here:

https://luminusfinancial.com/Business/A ... teReports/

Just to highlight the small size of the operations:

For the fiscal year of 2018, a total of 179 credit applications were approved and funded with a value of
$39,751,604.
Deal Addict
Dec 7, 2011
2204 posts
628 upvotes
Whitehorse
Wow, they pay more than my line of credit costs. Hmmm....
Newbie
Nov 22, 2005
53 posts
41 upvotes
Port Coquitlam
Never even heard of it. Not a chance

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