Accelerate Drops 5 Year Rate | AcceleRate Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Accelerate Drops 5 Year Rate
December 22, 2017
7:42 am
gicjunkie
Ontario
Member
Members
Forum Posts: 388
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

5 year rate drops from 3.00% to 2.90%

New rates as follows:

1 Year Term 2.25%
2 Year Term 2.45%
3 Year Term 2.60%
4 Year Term 2.75%
5 Year Term 2.90%
6 Year Term 2.95%
7 Year Term 3.00%

December 22, 2017
8:50 am
fabafter50
Member
Members
Forum Posts: 153
Member Since:
October 22, 2015
sp_UserOfflineSmall Offline

They just lost themselves a big fat GIC that I was going to purchase in January.
Looks like Implicity will get my business instead.

December 22, 2017
10:50 am
GR
Member
Members
Forum Posts: 305
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

fabafter50 said
They just lost themselves a big fat GIC that I was going to purchase in January.
Looks like Implicity will get my business instead.  

When the trend is for interest rates moving upward, do you really want to lock in for 5 years? If yes, some other options for 5 year GICs at 3% p.a. besides Implicicty are Oaken, Motive and Hubert. In the case of Motive, clients aged over 57 can have interest paid monthly at the same rate to their linked bank account.

December 22, 2017
11:46 am
2of3aintbad
Member
Members
Forum Posts: 288
Member Since:
February 24, 2015
sp_UserOfflineSmall Offline

Depends how quickly interest rates rise. If you buy a compounding GIC now, $10,000 will grow to $10,592.74 in 5 years. If you wait a year, earning 2% in savings during that time, you will need to find a 4 year GIC paying 3.25% to match the $10,592.

December 22, 2017
7:16 pm
Koogie
Member
Members
Forum Posts: 281
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

gicjunkie said
5 year rate drops from 3.00% to 2.90%
New rates as follows:
1 Year Term 2.25%
2 Year Term 2.45%
3 Year Term 2.60%
4 Year Term 2.75%
5 Year Term 2.90%
6 Year Term 2.95%
7 Year Term 3.00%  

Thanks for letting us know. Appreciate your input. It has been very timely for me in the past.

Cheers.

December 22, 2017
7:49 pm
Loonie
Member
Members
Forum Posts: 6288
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

To be fair, they didn't exactly "drop" their rate. The five-year 3.0 rate was an advertised "Special", meant to be of limited duration.
It is annoying though when you're all fired to send off some money to take advantage of a rate and it disappears before your eyes. I commend Oaken for always giving us notice, with (just barely) enough time to act.

Please write your comments in the forum.