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Oaken Financial

5 year GIC - 2.00% guaranteed interest

  • Last Updated:
  • Oct 24th, 2020 11:35 am
Sr. Member
Dec 5, 2016
721 posts
1117 upvotes
IslandDeal wrote: I think we are going to hit ZERO interest rates.

For fun, look at HSBC japan rates. (They started printing yens like it was monopoly money before Canada did.)

https://www.hsbc.co.jp/en-gb/product-services


https://www.hsbc.co.jp/-/media/cl-japan ... e-2020.pdf


Zero Rates.jpg
While I'm not optimistic about the short and medium term outlook about the global financial situation, Japan was dealing with years of deflation and their central bank bought literally everything.
Deal Addict
User avatar
Aug 13, 2020
1573 posts
6941 upvotes
Vancouver Island
ovaltene wrote: 5 year 2% is absolutely awful if it's nonredeemable and inflexible. For 5 years I'd rather play the odds on a conservative balanced couch potato portfolio and possibly annualize 5%, unless I absolutely, life and death, need that money exactly in 2025.
You bring up a valid point Ovaltene !

And note that if you are doing this outside of a tax sheltered RRSP/TFSA, with a risk-free GIC you could pay Double the income tax as there is no 50% Capital Gains exemption.
 
 
Deal Guru
May 23, 2003
10229 posts
1652 upvotes
GTA
I used to do ladders of multiple GICs with different terms but with the rates what they are now it isn't worth it. If you have extra cash you need access to it is better to play the HISA game and move around for different promos or use EQ bank, Motive, CTFS, etc for 1.5% rates.

I do use Oaken for a business account though because it is hard to get those HISA rates for business accounts and last I checked Oaken's savings account rate was 1.4%

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