4.00% 33-month Convertible GIC offer | Page 6 | Coast Capital Savings | Discussion forum

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4.00% 33-month Convertible GIC offer
March 8, 2018
8:39 pm
Loonie
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Doug, you got a little overoptimistic about possibilities at EQ. They don't allow joint accounts, so max there for 2 people is 200K.

March 8, 2018
8:45 pm
Doug
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Loonie said
Doug, you got a little overoptimistic about possibilities at EQ. They don't allow joint accounts, so max there for 2 people is 200K.  

Oh, that's too bad, thanks for clarifying that, Loonie. sf-cool

That said, if she really likes EQ Bank, she could open up GICs with Equitable Bank and Equitable Trust. Granted, the rates aren't the same as in the direct-to-consumer channel, EQBank, but they're still pretty good and they offer joint accounts and registered plan options in that channel.

https://www.equitablebank.ca/investment-rates

Cheers,
Doug

March 10, 2018
6:39 am
dentgal
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Thank you, Loonie and Doug!
Alas, no longer married:(
And the ex was a tax lawyer (haha)--not that he ever helped me:(
Yup, maxed out at Oaken--using my kids on the accounts. It was a hassle to do it. Same with ZAG bank--have my kids on the accounts and maxed out (and a hassle). And the kids don't really like it. They're big now and they're afraid that it's getting complicated.
So i can't get a EQ GIC 100K PLUS EQ savings 100K according to what you've mentioned.
I'll look into your other suggestions and thank you so much for your response and suggestions!
Maybe you'll find me a nice guy (with money, of course!!!).(lol)(not that i don't have my own, but whatever!)

March 10, 2018
4:05 pm
Marnie
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If you are opening or have just opened a Free Chequing, Free Debit and More Account at Coast Capital before March 21, 2018 you are eligible for a $200 bonus if you set up an eligible recurring preauthorized credit or debit within 60 days of the account opening. However you must inform the CSR first to get this going. See this link:

https://www.coastcapitalsavings.com/Promotions/2017/DigitalMembershipOpening/

If the link doesn't work this is an excerpt from Coast Capital website:

'Open a Free Chequing, Free Debit and More Account before March 21, 2018, set up an eligible recurring preauthorized credit or debit within 60 days of account opening, and a $200 credit will be applied to your account. The $200 credit will be applied within 120 days of the qualifying transaction posting to your account. Offer not open to current members, Coast Capital Savings employees, or to persons who have closed an account in the last 12 months. Must be 19 years or older. Offer subject to satisfying account and membership opening criteria. Limit of $200 per new membership per person. Offer subject to change.'

March 13, 2018
8:25 am
Parsimonious
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Received some great advice on this board on taking advantage of this offer. Thank to those who have offered their wisdom.

We are getting set to purchase CC GIC's by the deadline of March 20th. Cash is currently being transferred over to Coast for that intent.

The question I have, and I know it is a crystal ball..... does anyone realistically see HISA or GIC rates moving beyond this 4% Coast Capital offering in the next 33 months?

March 13/18 - The central bank has raised interest rates three times since last July and Poloz reiterated the bank will remain cautious in considering future moves.

Thank you,

March 13, 2018
9:20 am
Marnie
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Parsimonious said
Received some great advice on this board on taking advantage of this offer. Thank to those who have offered their wisdom.

We are getting set to purchase CC GIC's by the deadline of March 20th. Cash is currently being transferred over to Coast for that intent.

The question I have, and I know it is a crystal ball..... does anyone realistically see HISA or GIC rates moving beyond this 4% Coast Capital offering in the next 33 months?

March 13/18 - The central bank has raised interest rates three times since last July and Poloz reiterated the bank will remain cautious in considering future moves.

Thank you,  

Even if it does happen Coast Capital allows a one time rate increase on the remainder of the term of this 4% GIC or a new term. Your CSR can tell you more.

March 13, 2018
11:12 am
Parsimonious
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Marnie,

Thank you for your response. I do understand the convertible option, however, if interest rates do in fact rise there is no obligation from Coast Capital to offer a GIC rate increase. Other FI's could raise HISA or GIC rates to 4% or higher in the coming 33 months without an increased rate offering from Coast.

So to clarify, the broader question is still, does anyone realistically see HISA or GIC rates from any other FI moving beyond this 4% Coast Capital offering in the next 33 months?

Thank you,

March 13, 2018
2:49 pm
Rick
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My 2 cents. Considering the current situation with the Americans, we'll be lucky if rates don't go down. Not withstanding, I don't think the 3 year terms will be hitting 4% any time soon.

March 14, 2018
12:51 am
Loonie
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Idon't think the odds are too high of any FI going over 4% for this term, but I could be wrong.

You need to also factor in the fact that if you take this GIC, you start getting the 4% rate right away. If it takes a year or two for another FI to offer more, you've lost out in the meanwhile by keeping it in a HISA at approx 2.5% or less - and maybe they won't go up at all and you will have lost out by waiting for something that didn't happen. If rates should go up enough to make a difference despite the delay, then it's likely that CC will also raise its rate and you could convert.

March 17, 2018
9:17 am
Parsimonious
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Hi Folks,

Thank you for your guidance on this offer...

We purchased on the deadline 6 GIC's. 3@100k, 2@50K and 1@20K.

Received instant electronic copies of the certificates stating interest rate, maturity and convertible option status.

Outstanding customer service with easy account opening. Funds transfer was quick and painless using the deposit on-the-go app.

Regards.

March 17, 2018
10:27 am
Doug
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dentgal said
Thank you, Loonie and Doug!
Alas, no longer married:(
And the ex was a tax lawyer (haha)--not that he ever helped me:(
Yup, maxed out at Oaken--using my kids on the accounts. It was a hassle to do it. Same with ZAG bank--have my kids on the accounts and maxed out (and a hassle). And the kids don't really like it. They're big now and they're afraid that it's getting complicated.
So i can't get a EQ GIC 100K PLUS EQ savings 100K according to what you've mentioned.
I'll look into your other suggestions and thank you so much for your response and suggestions!
Maybe you'll find me a nice guy (with money, of course!!!).(lol)(not that i don't have my own, but whatever!)  

Thanks for sharing, dentgal. Sounds like you're indeed "maxed out" at Oaken. Where else do you have accounts and which one were you considering? You might also try Alterna Bank if you still have significant (i.e., another $200,000) in liquid cash you're looking to park in GICs and don't live in B.C. That would be my next best solution. sf-cool

With Tangerine or any of the major banks, I'd be totally comfortable exceeding my CDIC limits, but I think you're smart to keep things within the CDIC coverage for each of Oaken and EQ Bank.

Cheers,
Doug

March 17, 2018
10:30 am
Doug
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Parsimonious said
Marnie,

Thank you for your response. I do understand the convertible option, however, if interest rates do in fact rise there is no obligation from Coast Capital to offer a GIC rate increase. Other FI's could raise HISA or GIC rates to 4% or higher in the coming 33 months without an increased rate offering from Coast.

So to clarify, the broader question is still, does anyone realistically see HISA or GIC rates from any other FI moving beyond this 4% Coast Capital offering in the next 33 months?

Thank you,  

Short answer: given the BoC is now widely expected to hold rates, likely till October or December, I'd say it's highly unlikely you'd see a better offer for a 2.5 year (or less) GIC at 4% or higher, assuming you booked the 3.0% 33-month starting now (or within a few days). That's why they're comfortable with making that offer.

I'll be posting an update on some unspecified T&C on this product that I found out when I applying for it myself. I really had to haggle!

Cheers,
Doug

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