Dundee Bank of Canada became Hollis Canadian Bank on November-1-2013 | GIC Discussions | Discussion forum
August 1, 2013
Dundee Bank of Canada became Hollis Canadian Bank on November-1-2013. I just wanted to make sure that GIC investors knew about this and are not concerned that Dundee Bank of Canada does not exist anymore and is not on the CDIC Members List.
If you look at the CDIC website and look at the List of CDIC Members section, there is no longer Dundee Bank of Canada listed but there is now Hollis Canadian Bank.
You can check it out for yourself at http://www.cdic.ca and look at Where Are My Savings Insured by CDIC? and then go down to List of CDIC Members.
Their current annual interest paid and annual interest compounded GIC rates are listed below effective November-4-2013.
Their GIC rates and term deposit rates are only available through a GIC broker, agent, financial and investment adviser, investment dealer, securities dealer, discount brokerage. I know Questrade has their GIC's available.
Loonie was talking about many more Schedule 1 Canadian Banks coming soon but I have not seen any evidence of this. I hope, there is more competition for Canadians hard earned savings.
Just on a side note about the direction of U.S., Canadian, provincial bond, provincial strip bond yields, Canadian bond yields continue to follow U.S. bond yields higher and now the 5 year Canada bond is 1.80% up 3 basis points today.
GIC rates 2 to 5 years follow Canada bonds 2 to 5 years so if this sticks, we may see in the next week or so a total of 5 to 10 basis points increases.
There are quite a few financial institutions that are still paying 3.00%+ for 5 to 7 year GIC, RRSP, RRIF, TFSA money which are listed below but are not available to all depositors, GIC investors due geographical restrictions of certain credit union and provincial by-laws.
1) Caisse Financial Group 3.00% 5 year GIC's, RRSP's, RRIF's, TFSA's
2) Bayview Credit Union 3.10% 5 year GIC's, RRSP's, RRIF's
3) ICICI Bank of Canada 3.00% 5 year RRSP's, TFSA's
4) Accelerate Financial 3.00% 5 year, 6 year 3.05%, 7 year 3.10% GIC's, RRSP's, RRIF's, TFSA's
5) Carpathia Credit Union 3.00% 5 year RRSP's, RRIF's, TFSA's
6) First Ontario Credit Union 5 year GIC 3.15%
7) Implicity Financial 3.10% 5 year, 3.15% 6 year GIC's, TFSA GIC's
8) Outlook Financial 3.00% 5 year GIC's, RRSP's, RRIF's, TFSA's
9) Korean Exchange Bank of Canada 3.10% 5 year GIC/ term deposit installment savings deposits
10) Access Credit Union 3.00% 55 months to 60 months GIC's, RRSP's, RRIF's, TFSA's
11) PenFinancial Credit Union 3.00% 5 year GIC for new money only
Provincial strip bond yields with 7.25 year maturities from B.C.,Hydro-Quebec, Ontario, Quebec, Manitoba, Newfoundland, range from 3.02% to 3.11% net yields.
Canada bonds with the 2 year at 1.12%, 10 year at 2.52% and the Canada 30 year at 3.09%. Provincial bonds, provincial strip bond yields rise with Canada bond yields.
The highest longer term provincial strip bond yields are Hydro-Quebec 2031-February-15, August-15 4.26% net yields, Hydro-Quebec 2035-February-15 4.29% net yield.
The highest longer term provincial bond yields are 4.00% to 4.18% from Ontario, Quebec, Hydro-Quebec, New Brunswick, Nova Scotia, Newfoundland ranging from 2035 to 2040 maturities.
Hollis Canadian Bank's Canadian deposits 5 years and less are CDIC insured, protected, guaranteed up to $100,000 principal and interest included.
For more information about CDIC, Canada Deposit Insurance Corporation, go to http://www.cdic.ca and remember, never deposit more than the maximum deposit insurance limit by CDIC, DICO or by any other government backed, sponsored entity or crown corporation.
Thank you for reading, your interest, patience in this topic and I hope this information is useful, helpful for someone, SD2013.
December 12, 2009
Thanks SD2013. I'd forgotten about Dundee Bank of Canada after its parent company, DundeeWealth, was sold to Scotiabank several years ago. With this renaming, in line with DundeeWealth's official rebranding and legal renaming on Oct. 31st, 2013 to HollisWealth (named for BNS' legal head office on Hollis St. in Halifax, Nova Scotia), as well as the transfer of assets under management and asset administration from GCIC Ltd to 1832 Asset Management LP (formerly Scotia Asset Management LP until Sept 30/2013; renamed to the year of BNS' founding in 1832 – sensing a theme here?), it likely means Scotia intends to keep Hollis Canadian Bank as a separate, wholly-owned subsidiary to hold the deposits sourced through their independent financial advisors that maintain relationships with HollisWealth.
Details on the DundeeWealth official renaming/rebranding to HollisWealth on Oct. 31/2013:
Details on the transfer of asset management administration business from GCIC Ltd to 1832 Asset Management LP, the new parent company of HollisWealth, ScotiaMcLeod, Scotia Capital and Scotia iTRADE, among others:
I could, however, see some of Scotia's other wholly-owned CDIC members, such as National Trust and Montreal Trust, merged into their rebranded Hollis Canadian Bank subsidiary – that would make complete sense.
I should also note that, even though they are losing the DundeeWealth moniker, the Dynamic Funds brand name remains a registered trademark of The Bank of Nova Scotia. As well, the websites of Dundee Bank of Canada, and presumably National Trust and Montreal Trust do as well, simply redirect to Scotia Advisor Deposit Services Network (http://ads.scotiabank.com/ – an odd acronym, as normally that'd be used for a website ad server, hehe), which is the umbrella branding for deposits sourced through deposit brokers and independent financial advisors and held with various Scotia legal entities. So, Hollis Canadian Bank remains as a legal entity only to hold deposits, not an operating company.
October 27, 2013
December 12, 2009
Thanks for the "hat tip", AltaRed.
This makes sense, actually. While offering the HISA through brokerage accounts and through their deposit brokers, using the Hollis name and trading symbol, since presumably the majority of their HISAs are through Hollis Canadian Bank, is logical.
I think you're right – and I completely agree – that the Dynamic Funds name & ticker symbols will continue to be used for the usual Dynamic brand of mutual funds, since Scotia continues to own this trademark.