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Coast Capital -- new offer
April 30, 2020
12:30 pm
Vatox
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Alexandra said

I think that if most people do end up leaving their investment at 4% until maturity this coming Nov and Dec; Coast Capital will probably offer something pretty good or everyone will cash in and run.  

Totally. My money needs a decent offer to stay, past December.

April 30, 2020
12:54 pm
Vatox
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Alexandra said

Take a look at Ricks calculation on 28 April. His is pretty much in the ballpark

Why does Rick have 2.875% for the added 10 months and tgaucher has the same 2.87% for the entire 19 months? Hmmmm, I could do the calculations, but since I’m not taking the offer, it doesn’t matter anyways.

May 1, 2020
2:07 pm
rhvic
Victoria, BC
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Hilarious yet pathetic - Coast's current HISA rate is a paltry 0.15%.

And they use that to attract customers from across the country?

Once my 4% GIC is matured in December, my cash will be out of there pronto!

May 1, 2020
2:32 pm
Rick
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Vatox said

Alexandra said

Take a look at Ricks calculation on 28 April. His is pretty much in the ballpark

Why does Rick have 2.875% for the added 10 months and tgaucher has the same 2.87% for the entire 19 months? Hmmmm, I could do the calculations, but since I’m not taking the offer, it doesn’t matter anyways.  

tgaucher had a different offer. He was offered an extra month at 4% and a different rate than Alexandra. I just calculated Alexandra's by closing the 4% in April and renewing at the new blended rate for the rest of her term.

May 1, 2020
2:33 pm
Rick
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rhvic said
Hilarious yet pathetic - Coast's current HISA rate is a paltry 0.15%.

And they use that to attract customers from across the country?

Once my 4% GIC is matured in December, my cash will be out of there pronto!  

me too. Made sure that principal and interest were deposited to chequing at maturity for a quick get away.

Alexandra said I think that if most people do end up leaving their investment at 4% until maturity this coming Nov and Dec; Coast Capital will probably offer something pretty good or everyone will cash in and run.

Their history suggests there probably won't be a follow-up offer ala Tangerine when the 4% is up. Who knows...maybe they are changing their business model and try to retain some of the deposits

May 20, 2020
6:05 pm
Roberto
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They have tweaked this offer a bit to add a 38 month term. Not bad since you effectively get 4% for 5 months past the original maturity then 2.15% until July 2023:

I am contacting you because we have an offer that allows you to blend and extend your current 4% term deposit. You can extend the term to either a 19-months, 28-months or 38-months term.

The 19-month term allows you to get 4% until your December maturity as well as for an additional 30 days after the December maturity, and for the remaining 11 months you will receive an interest rate of 2.00% When we blend these 2 rates, the average works out to a rate of 3.02% for 19 months. The new maturity date will be December 2021.

If you extend the term deposit to a 28-month term, then you will receive the 4% until your December maturity as well as for an additional 100 days after the December maturity date. For the remaining 20 months, you will receive an interest rate of 2.05%. This averages out to 3.06% for a period of 28 months. The new maturity date for this term will be September 2022.

If you extend the term deposit to a 38-month term, then you will receive the 4% until your December maturity as well as for an additional 150 days after the December maturity date. For the remaining 30 months, you will receive an interest rate of 2.15%. This averages out to 3.05% for a period of 38 months. The new maturity date for this term will be July 2023.

May 20, 2020
10:00 pm
Vatox
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They must have read my post about a 3 year deal. That extra 5 months at 4% sounds good to me.

May 20, 2020
11:54 pm
cruzinalong
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Rick said

me too. Made sure that principal and interest were deposited to chequing at maturity for a quick get away.

Alexandra said I think that if most people do end up leaving their investment at 4% until maturity this coming Nov and Dec; Coast Capital will probably offer something pretty good or everyone will cash in and run.

Their history suggests there probably won't be a follow-up offer ala Tangerine when the 4% is up. Who knows...maybe they are changing their business model and try to retain some of the deposits  

I found the features with GICS these days are excellent. I like having the principle and interest deposited to a chequing account as well.

May 22, 2020
4:52 pm
Roberto
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Here are the terms. What is interesting is the calculations, which takes 18 steps to complete. Who knew interest calculations can be this complex!1.png2.png3.png4.png

May 23, 2020
12:17 pm
Jowett
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I have a few of these 33 month Gic's expiring Nov/Dec and have not been offered this extension. I wonder what the criteria are for being included in this offer.
Also would any amounts OVER the normal CDIC limits be covered until the end of the new blended terms for the full amounts as they are presently, or only until the end of the original term?

May 23, 2020
12:40 pm
Vatox
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Jowett said
I have a few of these 33 month Gic's expiring Nov/Dec and have not been offered this extension. I wonder what the criteria are for being included in this offer.
Also would any amounts OVER the normal CDIC limits be covered until the end of the new blended terms for the full amounts as they are presently, or only until the end of the original term?  

I might guess, that only 100k is covered because it becomes a new deal. Only CC can answer that though, and if it’s unlimited coverage, I would get that in writing.

May 23, 2020
1:14 pm
Alexandra
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Vatox said

I might guess, that only 100k is covered because it becomes a new deal. Only CC can answer that though, and if it’s unlimited coverage, I would get that in writing.  

For the sake of simplicity this is what I would do:

Your original 33 month GICs at 4% are 100% covered including all interest if kept til maturity and you didn't opt to go for the blended rate. The blended rate GICs are covered under CDIC up to $100K . This includes both principle and interest.

So, say you had 3 GIC's at $40K each. Keep the one GIC at 4%. Then do the other two at the blended rate. So now all three GIC's are 100% covered.

May 31, 2020
7:05 am
cruzinalong
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Roberto said
Here are the terms. What is interesting is the calculations, which takes 18 steps to complete. Who knew interest calculations can be this complex!1.png2.png3.png4.png  

Interesting to see the complete algorithm. I created an Excel spreadsheet for my GICS. I realized it was complex to determine xxx days and yyy month term deposits. I left out the calculation. My simple algorithm calculates leap year as required. Lots of options these days. Instead of 9 or 18 month term I will stick with 1 or 2 year.

May 31, 2020
2:33 pm
Loonie
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I am convinced that the only reason any FI makes a GIC interest calculation so complicate is to diminish the return - with the hope that you won't notice.

It works the same way for calculating Survivor Pension from CPP - virtually impossible for average person to calculate; works out to substantially less than what it was when it was a straight 60%.

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