FYI. RBC offer 3.2% for 90 days. BMO offer 3.2% for one year term with 30 days cashable. If you don’t want to lock more than 31 days, you can try BMO.
Tangerine
1 year non registered GIC at 4.85%, (not targeted offer, open to everyone, new or actual clients)
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- HappyValley1
- Deal Addict
- Apr 22, 2012
- 1206 posts
- 360 upvotes
- TORONTO
- freelancer00
- Newbie
- Nov 28, 2021
- 7 posts
- 3 upvotes
I suggest doing the 90 days if you have just cash sitting in the bank account you don't plan to use during that time. BOC(Bank of Canada) will raise rates again in the fall thus the GIC rates will also go up in tandem.
Also, suggest TFSA if you aren't maxed and are familiar with the annual withdrawal/contribution limitations for tax-free interest if you are going the GIC route for a longer term.
Not a FA, but this is just from using some basic financial knowledge.
Also, suggest TFSA if you aren't maxed and are familiar with the annual withdrawal/contribution limitations for tax-free interest if you are going the GIC route for a longer term.
Not a FA, but this is just from using some basic financial knowledge.
- sidde0
- Deal Addict
- Jul 8, 2008
- 1113 posts
- 450 upvotes
- Toronto
What is the con for having more than $100k at Scotia 90-day GIC for instance? I dont see Scotia going bankrupt any time soon, so any amount in excess of $100k should be safe right?
- frankmp
- Deal Addict
- Oct 7, 2007
- 2967 posts
- 1983 upvotes
- Edmonton
Where you getting this? All I see is 1.5% and that's for amounts >$500kHappyValley1 wrote: ↑ FYI. RBC offer 3.2% for 90 days. BMO offer 3.2%for one year term with 30 days cashable. If you don’t want to lock more than 31 days, you can try BMO.
- buymore4less
- Member
- May 19, 2004
- 206 posts
- 140 upvotes
- Calgary, AB
Just adding some math for those waiting for higher rates in Sept.
Current 1 year = 4.50% vs. hold in savings account for 90 days and then lock in for 270 days at anticipated higher rates in Sept.
If you take 1.75% (bank rate) for 90 days and then get 5.00% (with an estimated 0.75% rate hike in Sept) for 270 days = you'll get 4.2% avg for the whole year
If 1.75% for 90 days and then 1 full year at 5.25% (est 0.75% above current 1 year rate) then Avg for the year is 4.38%
Both are slightly less than the 4.50% being offered for 1 year rates right now.
All subject to how much you think rates will rise in Sept and how long you are willing to lock in for.
Current 1 year = 4.50% vs. hold in savings account for 90 days and then lock in for 270 days at anticipated higher rates in Sept.
If you take 1.75% (bank rate) for 90 days and then get 5.00% (with an estimated 0.75% rate hike in Sept) for 270 days = you'll get 4.2% avg for the whole year
If 1.75% for 90 days and then 1 full year at 5.25% (est 0.75% above current 1 year rate) then Avg for the year is 4.38%
Both are slightly less than the 4.50% being offered for 1 year rates right now.
All subject to how much you think rates will rise in Sept and how long you are willing to lock in for.
- Arrow
- Deal Fanatic
- Apr 1, 2001
- 6830 posts
- 1257 upvotes
buymore4less wrote: ↑ Just adding some math for those waiting for higher rates in Sept.
Current 1 year = 4.50% vs. hold in savings account for 90 days and then lock in for 270 days at anticipated higher rates in Sept.
If you take 1.75% (bank rate) for 90 days and then get 5.00% (with an estimated 0.75% rate hike in Sept) for 270 days = you'll get 4.2% avg for the whole year
If 1.75% for 90 days and then 1 full year at 5.25% (est 0.75% above current 1 year rate) then Avg for the year is 4.38%
Both are slightly less than the 4.50% being offered for 1 year rates right now.
All subject to how much you think rates will rise in Sept and how long you are willing to lock in for.
Thanks for these calculations! What if bank rates are currently 2.75% or 3.00%?
- HappyValley1
- Deal Addict
- Apr 22, 2012
- 1206 posts
- 360 upvotes
- TORONTO
Please call your BMO FP, she / he can offer that rate.
Make sure it is 1 yr term GIC but 30 days cashable. Good luck.
RBC 90 days GIC just came out with 3.2% promotional rate.
You also need to ask the FP or Personal banker.
- frankmp
- Deal Addict
- Oct 7, 2007
- 2967 posts
- 1983 upvotes
- Edmonton
Thx, hope it's not a begging game and only available to a few chosen few ...HappyValley1 wrote: ↑ Please call your BMO FP, she / he can offer that rate.
- BigBlackBadal
- Newbie
- Dec 19, 2020
- 55 posts
- 23 upvotes
- Canada
So 1 year for 4.50% for say $10K, the return would be $450? Sounds right? Or it will be more than $450?
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- S5
- Deal Addict
- Oct 4, 2009
- 3590 posts
- 2953 upvotes
- Montreal
Yes, $450.BigBlackBadal wrote: ↑ So 1 year for 4.50% for say $10K, the return would be $450? Sounds right? Or it will be more than $450?
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- lingecw
- Sr. Member
- Jan 21, 2012
- 662 posts
- 363 upvotes
After you pulled in money to Tangerine, money will be on hold for several business days. Do you need to wait for that many days until the hold is removed to buy GIC or you can do so right away?
- xzero3631
- Member
- Sep 30, 2009
- 220 posts
- 211 upvotes
Would like to know this as well, wrote a cheque to myself and unsure if I can buy seperate Tfsa gics now or untill funds are cleared
- wkqkqkfk
- Jr. Member
- Jun 8, 2007
- 131 posts
- 123 upvotes
- Vancouver
I was able to open and move funds that are still on hold under 5 business day policy. It just sits in a different account (newely opened GIC in this case) but still with hold status. Maturity date shows 1 year from the day funds (on hold) were moved to GIC.
The description on hold says "accumulating interest" so I assume funds accumulates interest on the day of the deposit and can be moved to any places like GIC, just cannot withdrawal or transfer out.
Last edited by wkqkqkfk on Jul 28th, 2022 5:27 pm, edited 1 time in total.
- DoorCrasher [OP]
- Deal Fanatic
- Nov 21, 2013
- 8130 posts
- 9317 upvotes
- Montréal
Have not tried, but my guess is money is not available for withdaws, transfers or anything until the hold removed. The hold is to make sure that funds are available, just like a hold for a deposit at an ATM
- retrothing
- Deal Addict
- Sep 19, 2005
- 3116 posts
- 2251 upvotes
- Canadia
$450 pre-tax. If you're investing within a TFSA there is no tax. Within RRSP, it's deferred. If it's a cash account, you'll be taxed at your full marginal rate.BigBlackBadal wrote: ↑ So 1 year for 4.50% for say $10K, the return would be $450? Sounds right? Or it will be more than $450?
- jadoogar
- Deal Addict
- Oct 13, 2008
- 2200 posts
- 4616 upvotes
- Mississauga
Anyone know what form number do I need to transfer a RRSP from another bank to Tangerine RSP savings account? I looked under documents on their website but could not find the relevant form.
Telus $30/75gb US-Canada Plan x 3 lines, $10/Talk& Text line - 24 mths
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
- weedb0y
- Deal Expert
- Aug 6, 2001
- 17811 posts
- 5762 upvotes
- Stuck in a Box
Economy is too fragile at the moment. Not sure if we are going to see another .75. Too many variable mortgages out there, including myself.buymore4less wrote: ↑ Just adding some math for those waiting for higher rates in Sept.
Current 1 year = 4.50% vs. hold in savings account for 90 days and then lock in for 270 days at anticipated higher rates in Sept.
If you take 1.75% (bank rate) for 90 days and then get 5.00% (with an estimated 0.75% rate hike in Sept) for 270 days = you'll get 4.2% avg for the whole year
If 1.75% for 90 days and then 1 full year at 5.25% (est 0.75% above current 1 year rate) then Avg for the year is 4.38%
Both are slightly less than the 4.50% being offered for 1 year rates right now.
All subject to how much you think rates will rise in Sept and how long you are willing to lock in for.
- DoorCrasher [OP]
- Deal Fanatic
- Nov 21, 2013
- 8130 posts
- 9317 upvotes
- Montréal
- weedb0y
- Deal Expert
- Aug 6, 2001
- 17811 posts
- 5762 upvotes
- Stuck in a Box
The 1000+ unemployed from Shopify would agree at the moment.DoorCrasher wrote: ↑ This. Bank of Canada have to find a balance between inflation and recession....
- Airbum88
- Deal Addict
- Sep 18, 2004
- 1412 posts
- 563 upvotes
How do I transfer money to a tangerine account ?
Limits on e-transfer is too small
Limits on e-transfer is too small
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