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GIC Rates Down
March 10, 2020
12:25 pm
GR
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Achieva lowers GIC rates, now ranging from 2.10% for 1 year to 2.40% for 5 years.

Savings accounts remain at 2.30%, for now.

June 9, 2020
6:20 am
GR
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New rates:
Daily Interest Savings 1.75%
1 Year Term 2.00%
2 Year Term 2.05%
3 Year Term 2.10%
4 Year Term 2.20%
5 Year Term 2.25%

June 30, 2020
6:30 am
GR
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New rates range from 1.90% for 1 year to 2.15% for 5 years.

October 13, 2020
7:27 am
GR
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All GIC rates decreased - now ranging from 1.50% for 1 yr. to 1.90% for 5 yrs.
Savings accounts 1.30%.

https://www.achieva.mb.ca/rates

February 1, 2021
6:38 am
GR
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GIC rates decreased - now ranging from 1.50% for 1 yr.(was 1.55%) to 1.75% for 5 yrs.(was 1.85%).
Savings accounts remain 1.20%.

https://www.achieva.mb.ca/rates

May 29, 2021
10:13 pm
HermanH
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I was considering a significant GIC purchase with Achieva, because they have unlimited coverage for all deposits.

Does anyone have any concerns over their ability to cover any circumstances?

Every dollar on deposit with Achieva Financial is guaranteed without limit. This means that all your deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba. As an Achieva customer, you can rest assured that your funds are safe at Achieva Financial.

https://www.achieva.mb.ca/deposit-guarantee

May 30, 2021
9:48 am
Dean
Valhalla Mountains, British Columbia
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HermanH said

I was considering a significant GIC purchase with Achieva, because they have unlimited coverage for all deposits.

Does anyone have any concerns over their ability to cover any circumstances?

. . .

For details, go here https://dgcm.ca/
.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 30, 2021
9:56 am
HermanH
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Thanks, I already read the terms and know that my GICs would technically be covered. I even called the DGCM to confirm. I spoke to DGCM and was told no CU had ever failed and in the event of the DGCM being unable to cover any assets would likely mean the total failure of the province; even though the province has no legal requirement to cover DGCM shortfalls.

I am wondering if any forumites had thoughts on the DGCM abilities to cover all contingencies.

May 30, 2021
10:21 am
Bill
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There have been previous threads here on this, including addressing the Manitoba credit union situation and whether or not it's backstopped by provincial gov't (if I remember it's technically no), maybe you can find them.

If I remember right the consensus is that these insurance schemes are good if an institution fails but if there's a systemic failure of a number of institutions failing over a short time there is obviously not enough to cover unlimited failures. Also people think bigger players would buy up smaller failing fi's, if for no other reason than to maintain confidence in the financial system, so that insurance coverage is not a big deal.

May 30, 2021
11:18 am
Dean
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.
But then of course . . .

    No matter how good the insurance is, we should 'Never' put too many eggs in any one basket. sf-smile

.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 30, 2021
12:34 pm
Norman1
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Bill said
There have been previous threads here on this, including addressing the Manitoba credit union situation and whether or not it's backstopped by provincial gov't (if I remember it's technically no), maybe you can find them.

One previous thread is Provincial deposit insurance, Manitoba rates, etc.

There is no legal requirement for the Manitoba government to help.

Consequently, any help provided can come with terms. The terms could turn out to be hard to swallow.

May 30, 2021
5:49 pm
smayer97
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Dean said
.
But then of course . . .

    No matter how good the insurance is, we should 'Never' put too many eggs in any one basket. sf-smile

.

    Dean

  

I'm reminded of the fact that the best form of insurance is prevention.

May 31, 2021
9:21 am
HermanH
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Thanks to everyone for the helpful discussion and links. sf-cool

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