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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:
  • Nov 2nd, 2022 12:33 am
Deal Addict
User avatar
Jul 23, 2004
2261 posts
795 upvotes
Montreal
Airbum88 wrote: Should we wait till sept to see where the rates go?
That's what I am doing. Going to invest after the September 7th BoC announcement.

Not that big of a deal but kinda sucks that the open account GIC rate is 0.1% less than RRSP or TFSA.
[OP]
Penalty Box
Nov 21, 2013
8128 posts
9301 upvotes
Montréal
Airbum88 wrote: Should we wait till sept to see where the rates go?
My strategy : I opened a 180 days GIC with $XX, a 365 days GIC with $XX, and I am waiting for a raise to invest a little more un another GIC. I expect a rate raise in a near future, but I may ne wrong
Deal Fanatic
May 18, 2009
7436 posts
2388 upvotes
Richmond Hill
Called CS an hr ago, the guy sounded like he was wasted
Deal Guru
User avatar
Sep 21, 2005
13349 posts
12120 upvotes
BoC was forecasting 3.5 per cent growth for this year, 1.75 per cent for next year in July.
Current prime rate is 2.5%. There will be another 1% increase this year.

There are 3 more rate announcement scheduled for 2022:
Wednesday, September 7
Wednesday, October 26
Wednesday, December 7
If inflation stays high, we will get a bigger increase earlier OR with small increases spread over next 3 announcements.

With the US Chair Powell's comment today, Sep 7 rate hike will be at least 0.5% to max 1%.


Next US rate announcement is Sep 21, 2022
Last edited by embguy on Aug 26th, 2022 2:42 pm, edited 1 time in total.
[OP]
Penalty Box
Nov 21, 2013
8128 posts
9301 upvotes
Montréal
yesstyle wrote: Called CS an hr ago, the guy sounded like he was wasted
Like 75% of CSR's in call centers
Jr. Member
Nov 5, 2021
197 posts
126 upvotes
If I open rrsp account for 1 yr give. What happens at maturity. Do I need to move money to another rrsp account or will I have to continue with gic? Like what r my options
Deal Addict
Aug 19, 2006
1992 posts
353 upvotes
Mississauga
Nishant872 wrote: If I open rrsp account for 1 yr give. What happens at maturity. Do I need to move money to another rrsp account or will I have to continue with gic? Like what r my options
After the GIC matures, you can set it to deposit to the regulars RRSP savings account and then do whatever with it (reinvest, move to a different institution, etc)
Sr. Member
Oct 13, 2016
578 posts
701 upvotes
In a galaxy far far …
DoorCrasher wrote: Like 75% of CSR's in call centers
Probably worse if you sell GIC products in an inflationary environment.
Deal Addict
Oct 18, 2014
3835 posts
3698 upvotes
Oakville, ON
krypton wrote: After the GIC matures, you can set it to deposit to the regulars RRSP savings account and then do whatever with it (reinvest, move to a different institution, etc)
Question hmm what if I do a rrsp gic ( since my tfsa room maxed out till next year) then can you move it/have it deposited to a tfsa cash account next year (contribution room Avialable next year ) no tax implications on the rrsp gic initial investment ?
Deal Addict
Oct 13, 2008
1628 posts
2184 upvotes
Mississauga
mrfrugal83 wrote: Question hmm what if I do a rrsp gic ( since my tfsa room maxed out till next year) then can you move it/have it deposited to a tfsa cash account next year (contribution room Avialable next year ) no tax implications on the rrsp gic initial investment ?
There is no direct way to transfer funds in a Registered Retirement Savings Plan (RRSP) to a Tax-Free Savings Account (TFSA). In order to contribute funds to a TFSA from an RRSP, you must withdraw the funds, and pay any applicable withholding tax, plus any additional taxes at tax time.
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Deal Addict
Jan 31, 2018
1113 posts
1969 upvotes
Winnipeg
mrfrugal83 wrote: Question hmm what if I do a rrsp gic ( since my tfsa room maxed out till next year) then can you move it/have it deposited to a tfsa cash account next year (contribution room Avialable next year ) no tax implications on the rrsp gic initial investment ?
No, putting it into your RRSP, then it's in your RRSP. You'll be penalised if you withdraw it, no matter where the money ends up. There is no 'transfer' applicable here.
Deal Addict
Oct 18, 2014
3835 posts
3698 upvotes
Oakville, ON
OneAndTrueHeir wrote: No, putting it into your RRSP, then it's in your RRSP. You'll be penalised if you withdraw it, no matter where the money ends up. There is no 'transfer' applicable here.
Oh ok thanks was just trying to think outside the box here
Member
Feb 10, 2013
255 posts
256 upvotes
Moncton
tatamimat wrote: Nope, aside from reputation there isn’t. Which I don’t mind personally for the higher APR. Did my DD and made a risk. My year is coming and I’m gonna put this money into an mortgage down payment. Most of this was crypto and GME money anyways. If I lose it, oh well, I’m still young. I’ll be still renting instead of owning a house I guess.
Yikes…

Legit mortgaging your future home on crypto is likely one of the most irresponsible thing. At the very least transfer it to cold storage.
Member
Feb 10, 2013
255 posts
256 upvotes
Moncton
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...
Trying to predict rates is anyone’s guess, can’t predict macro, hell BoC was saying inflation was transitory a year ago and well we all know what happened…

That all being said likely rates go up again this year.

Tangerine just trying to hedge some bets by making changes before the BoC does.

Lowering some rates likely to try to funnel people to 1 year terms to make more money by having people lock in now before they hit the 5% we all know they’ll hit before year end.
Last edited by GuiCR12 on Aug 27th, 2022 6:17 am, edited 1 time in total.
Member
Feb 10, 2013
255 posts
256 upvotes
Moncton
Airbum88 wrote: Should we wait till sept to see where the rates go?
Personally yes, rates likely going up but nobody has a crystal ball
Sr. Member
Jul 18, 2014
720 posts
1648 upvotes
Tillsonburg ON
has anybody dealt with Oaken Financial? they have a 3% savings account seems better then most if you don't want to lock in, not really sure but their reputation though never really heard of them before
Member
Jan 6, 2006
205 posts
75 upvotes
Nanaimo
Haven't heard about Oaken Financial, I signed up with Motive Financial (division of Western Canada Bank) which also has a 3% high interest savings account (HISA). Check if Oaken's HISA is eligible for both standard and TFSA accounts. Some of the brokerages have HISA savings accounts, most take a bit of a 'handling fee' and average around 2%. Lots of promos for 3 or 4 month HISA rates, tend to go back to standard 1% and can't bother tracking/chasing teaser rates (similar to credit card promos). My credit union's (Coast Capital) best HISA is 1%. Most of the 6 month GICs (and shorter terms) are below 3%, pays to shop around for HISA.

pman113 wrote: has anybody dealt with Oaken Financial? they have a 3% savings account seems better then most if you don't want to lock in, not really sure but their reputation though never really heard of them before
Member
Aug 13, 2006
472 posts
225 upvotes
DoorCrasher wrote: My strategy : I opened a 180 days GIC with $XX, a 365 days GIC with $XX, and I am waiting for a raise to invest a little more un another GIC. I expect a rate raise in a near future, but I may ne wrong
I buy 12 - 1 year GIC's staggered every month. It's my emergency fund and if required - I cash them out as they mature. Rinse and repeat.
Sr. Member
Oct 8, 2006
661 posts
484 upvotes
Okanagan Valley
pman113 wrote: has anybody dealt with Oaken Financial? they have a 3% savings account seems better then most if you don't want to lock in, not really sure but their reputation though never really heard of them before
Oaken has been around for quite a few years....Oaken is the trade name for Home Bank and Home Trust - both CDIC insured banks. When you deal with Oaken you have the option of either Home Trust or Home Bank for your HISA, GIC, etc. You can really max out your CDIC coverage with the 2 banks but recommend staying within those limits ...I have always found fairly good customer service, when needed.
Deal Addict
Jun 28, 2013
3746 posts
2794 upvotes
YUL/YVR
pman113 wrote: has anybody dealt with Oaken Financial? they have a 3% savings account seems better then most if you don't want to lock in, not really sure but their reputation though never really heard of them before
Might as well go for Manulife's Advantage acct for 3.5%

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