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Tangerine

1 year non registered GIC at 4.85%, (not targeted offer, open to everyone, new or actual clients)

  • Last Updated:
  • Aug 10th, 2023 9:09 am
Deal Addict
Apr 22, 2012
1206 posts
360 upvotes
TORONTO
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.
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.
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?
Deal Addict
User avatar
Oct 7, 2007
2967 posts
1983 upvotes
Edmonton
HappyValley1 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.
Where you getting this? All I see is 1.5% and that's for amounts >$500k
Screenshot_20220728-130324.png
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.
Deal Fanatic
User avatar
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%?
Deal Addict
Apr 22, 2012
1206 posts
360 upvotes
TORONTO
frankmp wrote: Where you getting this? All I see is 1.5% and that's for amounts >$500k

Screenshot_20220728-130324.png
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.
Deal Addict
User avatar
Oct 7, 2007
2967 posts
1983 upvotes
Edmonton
HappyValley1 wrote: Please call your BMO FP, she / he can offer that rate.
Thx, hope it's not a begging game and only available to a few chosen few ...
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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Deal Addict
Oct 4, 2009
3590 posts
2953 upvotes
Montreal
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?
Yes, $450.
Wealthsimple Premium
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?
Member
User avatar
Sep 30, 2009
220 posts
211 upvotes
lingecw wrote: 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?
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
Jr. Member
Jun 8, 2007
131 posts
123 upvotes
Vancouver
lingecw wrote: 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?
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.
Deal Fanatic
Nov 21, 2013
8130 posts
9317 upvotes
Montréal
lingecw wrote: 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 wrote: 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
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
Deal Addict
User avatar
Sep 19, 2005
3116 posts
2251 upvotes
Canadia
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?
$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.
Deal Addict
User avatar
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.
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Deal Expert
User avatar
Aug 6, 2001
17811 posts
5762 upvotes
Stuck in a Box
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.
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.
Deal Fanatic
Nov 21, 2013
8130 posts
9317 upvotes
Montréal
weedb0y wrote: 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.
This. Bank of Canada have to find a balance between inflation and recession....
Deal Expert
User avatar
Aug 6, 2001
17811 posts
5762 upvotes
Stuck in a Box
DoorCrasher wrote: This. Bank of Canada have to find a balance between inflation and recession....
The 1000+ unemployed from Shopify would agree at the moment.
Deal Addict
User avatar
Sep 18, 2004
1412 posts
563 upvotes
How do I transfer money to a tangerine account ?
Limits on e-transfer is too small

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