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

DoorCrasher wrote: ↑ you have to do the math comparing what you'll lose with what you'll earn extra...

Ya probably not worth it… do you expect the rates to rise annually with next boc interest hike ? Interesting they upped it just two weeks prior… meaning probably another bump come first week of sept is my thinking

mrfrugal83 wrote: ↑ Ya probably not worth it… do you expect the rates to rise annually with next boc interest hike ? Interesting they upped it just two weeks prior… meaning probably another bump come first week of sept is my thinking

I do expect rates to raise, but who knows? If you look at post /1, some of the terms have lower rates than when posted... they curiously lowered some of the terems, and raised others...

DoorCrasher wrote: ↑ I do expect rates to raise, but who knows? If you look at post /1, some of the terms have lower rates than when posted... they curiously lowered some of the terems, and raised others...

They want you at least minimum locked in a year and playing the gambit lower to not take advantage

blindemboss wrote: ↑ I wonder if Tangerine has already factored in the anticipated hike in September.

One report thinks least 50 to 75 basis points…leaning towards 75.

No one knows, but since they lowered the rates for some of the offered terms, my guess would be... no

Ting is really upping the game for 1 YR GIC before the next BOC meeting.
I'll be on the fence until the meeting happens.

DoorCrasher wrote: ↑ No one knows, but since they lowered the rates for some of the offered terms, my guess would be... no

This doesn't necessarily follow. Remember that they don't just have to factor what happens this September, but also have to factor what happens all the way through to September 2027.

For them it's a game of chicken between securing customers, how far rates are going to go up in the short term, and the inevitable future downturn.

NakedAngel wrote: ↑ You write yourself a cheque, then take a photo with the tangerine app. They will start giving you the interest rate the day you take the photo, money won't "actually" be in there till it clears of course.

It doesn't start collecting interest for 5 days. I did this last year with $20k and it clearly stated the date that I would start getting interest on the amount I just deposited.

StevenK330486 wrote: ↑ It doesn't start collecting interest for 5 days. I did this last year with $20k and it clearly stated the date that I would start getting interest on the amount I just deposited.

That’s incorrect. Starts earning interest immediately. The date provided is when the funds become available, i.e. no longer held.

StevenK330486 wrote: ↑ It doesn't start collecting interest for 5 days. I did this last year with $20k and it clearly stated the date that I would start getting interest on the amount I just deposited.

Where does it say that?

When I did my deposit, the system let me put all the monies that's on hold into a GIC. The 5 days hold was in GIC instead.

I can understand they being stingy with 0.1% in regular savings account by not giving interest during 5 days hold period.

OneAndTrueHeir wrote: ↑ This doesn't necessarily follow. Remember that they don't just have to factor what happens this September, but also have to factor what happens all the way through to September 2027.

For them it's a game of chicken between securing customers, how far rates are going to go up in the short term, and the inevitable future downturn.

Exact. they take into consideration multiple factors to establish their rates. Not only BOC rate. Not because BOC rates will raise that savings rates will raise as well. Or raise of the same %...

DoorCrasher wrote: ↑ Exact. they take into consideration multiple factors to establish their rates. Not only BOC rate. Not because BOC rates will raise that savings rates will raise as well. Or raise of the same %...

Ah, I see your point. I misread your post, and we're totally on the same page.

S5 wrote: ↑ That’s incorrect. Starts earning interest immediately. The date provided is when the funds become available, i.e. no longer held.

Are you 100% sure about that? If you are I won't argue because I don't know.

peteryorkuca wrote: ↑ Where does it say that?

When I did my deposit, the system let me put all the monies that's on hold into a GIC. The 5 days hold was in GIC instead.

I can understand they being stingy with 0.1% in regular savings account by not giving interest during 5 days hold period.

Yes, I did the same thing. Deposited cheque into chequings account ($5k at the time) then moved everything ($25k) into savings. On the app I clicked >>savings >> account details >> notice. It said $6000 available now, $19k available (collect interest) September 12th.

So I figured it would only be collecting interest after September 12th. But as I said to the other guy, I'm not sure. I'll see if I can pull last year's statements to check.

StevenK330486 wrote: ↑ Are you 100% sure about that? If you are I won't argue because I don't know.

Yes. I’ve deposited many cheques and have kept substantial sums there so I have lots of reasons to keep track of their interest calculations.

Wow 4.7% 1 year TFSA... that is really tempting now. I think I'll wait until Sept BoC to see if that creeps up any higher, and if not I will take it. Worth the wait up until this point.

jadoogar wrote: ↑ Tangerine has bumped up their 1 year rate to 4.6%, see other rates in attached snip.

ovaltene wrote: ↑ Wow 4.7% 1 year TFSA... that is really tempting now. I think I'll wait until Sept BoC to see if that creeps up any higher, and if not I will take it. Worth the wait up until this point.

Damn. I was thinking that with CA inflation going down these banks would start lowering their GIC rates like Oaken is doing. Very tempting...

Where did you see 1 year 4.7%? Is it targeted?

RoyZ71425 wrote: ↑ Where did you see 1 year 4.7%? Is it targeted?

Think this is for Registered accounts only.

Eg. RRSP, TFSA, etc

RoyZ71425 wrote: ↑ Where did you see 1 year 4.7%? Is it targeted?

https://www.tangerine.ca/en/products/TF ... nvestment/

It's not targeted. It's 4.7% for 1 year if it's in your TFSA or RSP.

Should we wait till sept to see where the rates go?