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Scotiabank

Scotiabank offers 388 Day Special Rate GIC 5.2%

  • Last Updated:
  • Apr 23rd, 2023 12:13 pm
Jr. Member
Sep 11, 2012
164 posts
96 upvotes
Vancouver

[Scotiabank] Scotiabank offers 388 Day Special Rate GIC 5.2%

Retailer:
Scotiabank
More offers from Scotiabank
To celebrate Chinese Luna New Year, Scotiabank is offering 388 days 5.2% (annualized rate) non-redeemable GIC.

This is the highest rate I have seen among the big 5 banks, they didn't post the rate on their website. You need to schedule an appointment with an advisor to secure this special offer.

I spoke to my bank advisor, this rate is valid till Feb 19th.

Happy banking, happy saving !!!
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Last edited by TomRFD on Feb 6th, 2023 4:53 pm, edited 1 time in total.
Reason: updated retailer name
152 replies
Newbie
Mar 28, 2016
28 posts
28 upvotes
Confirm in Surrey BC the offer is there.
Newbie
Sep 3, 2014
33 posts
25 upvotes
Work at the one of the larger big 5s, we have cashables at 4%, prime linked cashables at 4.25%, and, 1 year (365days) non redeemables at 5.1% atm, it used to be 5.15% prior to rates being changed earlier this week for the last 3 months but always subject to change of course at anytime unless you lock a quote in or do it while the rate is valid. Usd 1 year and 2 years were 5.1 and 5.3% earlier this week too. You’ll have to come in/book a phone/virtual appointment since our rates fluctuate of course depending on competitors, future expectations, etc. Oddly enough, I noticed some of the websites that post HISA and GIC rates understated the rates we could give to clients but rather promoted online non brick and mortar rates which would make sense, prior to gic and mortgage rate changes this week we had 2-5 year non redeemables each at 5.2% as well. Always worth asking quickly for a quote to understand all of your available options before you make a decision, also depends on who you meet, an inexperienced individual probably would misquote you half the time anyways since barriers to entry are much lower these days.
Deal Expert
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Oct 26, 2003
39293 posts
6324 upvotes
Winnipeg
you get money locked in for longer than a year and it is only compounded annually...
Member
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Jun 7, 2013
446 posts
349 upvotes
KANATA
With the gains in market this past month moving money into a safe 5.2 percent space might be a sound decision.
I did take advantage of this offer a week ago in tfsa.
Sr. Member
Mar 7, 2020
566 posts
888 upvotes
divx wrote: you get money locked in for longer than a year and it is only compounded annually...
You are questioning the premise on what a GIC does here?
For some it works. I sold my house several months ago, locked a 1 year GIC @ 5.3 on the equity, enough time till I start looking for a new house next year. For me, it was a zero risk option….and in this current market, recommended. Yes, inflation and income tax kills it, but still...
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Oct 19, 2007
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BenL9232 wrote: You are questioning the premise on what a GIC does here?
For some it works. I sold my house several months ago, locked a 1 year GIC @ 5.3 on the equity, enough time till I start looking for a new house next year. For me, it was a zero risk option….and in this current market, recommended. Yes, inflation and income tax kills it, but still...
Unless you bought a GIC under $100,000 this is NOT zero risk
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Mar 7, 2020
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wally_walrus wrote: Unless you bought a GIC under $100,000 this is NOT zero risk
please elaborate. It was well over $100k, money I dont need right now.
Sr. Member
Jan 24, 2007
522 posts
168 upvotes
Toronto
BenL9232 wrote: please elaborate. It was well over $100k, money I dont need right now.
GIC deposits are eligible for coverage up to $100,000 by the Canada Deposit Insurance Corporation (CDIC) at each financial institution if deposited at a member bank of the CDIC . Be aware, if you hold more than $100,000 in GICs from any one financial institution, the excess amount will not be protected against loss.
Sr. Member
Mar 7, 2020
566 posts
888 upvotes
d0rksterr wrote: GIC deposits are eligible for coverage up to $100,000 by the Canada Deposit Insurance Corporation (CDIC) at each financial institution if deposited at a member bank of the CDIC . Be aware, if you hold more than $100,000 in GICs from any one financial institution, the excess amount will not be protected against loss.
Fair enough:)
I'm not too worried, some might think I should be, but I'm not. Looking at bonds, high dividend stocks, savings, etc, GIC was the choice, and highly recommended by my friend, who holds a very high position at a regional bank. What's done is done now lol.
Sr. Member
Nov 5, 2018
841 posts
1009 upvotes
d0rksterr wrote: GIC deposits are eligible for coverage up to $100,000 by the Canada Deposit Insurance Corporation (CDIC) at each financial institution if deposited at a member bank of the CDIC . Be aware, if you hold more than $100,000 in GICs from any one financial institution, the excess amount will not be protected against loss.
BenL9232 wrote: Fair enough:)
I'm not too worried, some might think I should be, but I'm not. Looking at bonds, high dividend stocks, savings, etc, GIC was the choice, and highly recommended by my friend, who holds a very high position at a regional bank. What's done is done now lol.
Let's be honest. When do you think the big 5 banks are going to foreclose?
Deal Addict
Jun 26, 2007
1565 posts
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Ferinthu1 wrote: Let's be honest. When do you think the big 5 banks are going to foreclose?
Since CDIC exists, it would cost the federal government significantly more for any major bank to go out of business than it would for a bailout not even including secondary effects that could totally wreck the economy. I wouldn't be too worried.
Newbie
Feb 3, 2023
1 posts
I called an advisor and was told I would need to open a chequing account to fund the GIC. All chequing accounts have some sort of fee on it unless I maintain a minimum balance. Not too interested in doing so. Another option is to open the GIC through an advisor and do all transactions through the advisor/branch. Anyone have any tips around purchasing the GIC and having a chequing account with no fee and min balance?
Deal Fanatic
Jun 13, 2010
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GTA
wally_walrus wrote: Unless you bought a GIC under $100,000 this is NOT zero risk
Stick with the big 5 or other well established intuitions and avoid places like Billy Bob's Online Bank and you'll be fine.
Deal Addict
Jan 23, 2006
3097 posts
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Lol, and the markets think the inflation is over? People have too much money and nothing to buy. Good luck to the Feds…
iamalittlepepper wrote: Non of the Royal Purple is BMW qualified which voids your drivetrain warranty.. especially for those who owns the 3.0L N54 engine
tcjsqls wrote: you have no ideas how a report of stolen credit card (...) affect your credit. Happened twice in your history, that bank won't issue a credit card for you
Newbie
Sep 3, 2014
33 posts
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d0rksterr wrote: GIC deposits are eligible for coverage up to $100,000 by the Canada Deposit Insurance Corporation (CDIC) at each financial institution if deposited at a member bank of the CDIC . Be aware, if you hold more than $100,000 in GICs from any one financial institution, the excess amount will not be protected against loss.
It also depends on the issuing entity that you’re using when you’re having the gic transaction completed. For example, from the branch, we can have them issued by 4 different entities under the same institution’s umbrella in a sense, meaning we can do a max of $100,000 CAD each to allow for “$400,000 CAD” of coverage; that being said because it’s not a very common concern these days about a big 5 flopping at the moment, not every advisor would know of this being a possibility but it definitely exists. It’ll say which entity issued the gic on the paperwork/digital copy.
Deal Addict
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Mar 24, 2012
3041 posts
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MARKHAM
Scotiabank system is down for today it seems.
Deal Addict
Apr 10, 2011
3912 posts
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Canada
Thanks for your post. I wish you would have mentioned specific banks that apply to the rates, but that could be a lot of extra work.

After checking a few of the biggest, their sites would sometimes say "call to request...". I'd call and get someone from India (no disrespect to India). They'd say something like "we can definitely help you". I'd say "what's the rate?" They'd say I'll have someone contact you shortly, assuming they'd route an urgent call request to the main office. After 2 business days, no reply.

I'd walk into a branch. They said "we can get an appointment for you with an advice on... (2-3 days later)". It's a joke right now with some of them. Sure, they can use the excuses about labor shortages and it being a business time of the year. Some of them are still using strict COVID protocols.
Maybe it's the weather. Whatever. Honestly, I'd rather lose 0.1% on interest and get a more accomodating bank.

(Scotiabank was not one of the above problem banks.)

Online banks aren't perfect either. Oaken Financial is a joke. 30+ minute wait times on the phone to get someone. The first time, I could hear the agent making sounds in her kitchen with pots. The second time, it sounded like she started washing her hands in a small space (likely bathroom) after a minute into the call. SERIOUSLY! Work from home has gone a little excessive. Oaken Financial (Oaken Bank) said the wait time at the moment to setup a new accout is about 10 DAYS!!!

Canada needs much more competition in the banking world. Now that RBC bought HSBC, there goes one more competitor. (Same with Rogers and Shaw.)

Cheers to Scotiabank for its better rates if they're easily available, and available to all.
xChaoticDream wrote: Work at the one of the larger big 5s, we have cashables at 4%, prime linked cashables at 4.25%, and, 1 year (365days) non redeemables at 5.1% atm, it used to be 5.15% prior to rates being changed earlier this week for the last 3 months but always subject to change of course at anytime unless you lock a quote in or do it while the rate is valid. Usd 1 year and 2 years were 5.1 and 5.3% earlier this week too. You’ll have to come in/book a phone/virtual appointment since our rates fluctuate of course depending on competitors, future expectations, etc. Oddly enough, I noticed some of the websites that post HISA and GIC rates understated the rates we could give to clients but rather promoted online non brick and mortar rates which would make sense, prior to gic and mortgage rate changes this week we had 2-5 year non redeemables each at 5.2% as well. Always worth asking quickly for a quote to understand all of your available options before you make a decision, also depends on who you meet, an inexperienced individual probably would misquote you half the time anyways since barriers to entry are much lower these days.
Last edited by RxMills on Feb 4th, 2023 12:00 pm, edited 3 times in total.
Deal Addict
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Dec 20, 2004
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Wife took advantage on this for many of her GICs that came to maturity in January. And she did the same for her mom. Timing was perfect. Some people have 0 tolerance for risk, and 5.2% with guaranteed capital is pretty sweet and has not been seen it quite a while.

Late last year she had a few others coming to maturity and she got I think 4.85% for 18 months which was not bad either.
Jr. Member
Sep 11, 2012
164 posts
96 upvotes
Vancouver
I asked 1 year GIC rate from few advisors that work in different banks. Even for large deposit, this was by far the highest offer in the market from big 5. It sounds like the banks think rate will start dropping later this year.

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