Duca EMPA Deposit Rate Increase! 3.25% effective Monday, July 18, 2022 | Page 3 | DUCA Credit Union | Discussion forum

When I talked to them, they didn't even know Meridian was offering a better rate. They thought they were offering the best rate around. I think if more people talk to them inquiring about potential rate increases, the more likely it will be. I believe Tangerine, Meridian, Ukrainian CU, and Simplii are now all offering better rates than Duca unless I'm missing someone.

Please be aware that Ukrainian CU have 25 dollars fee for canceling membership, and 50 dollars for doing so in 90 days.

Oscar said
New Duca offer for earn more Park account money. 4.75% GIC ending March 31.  

I think this is only if your balance is $60,000 or greater.

I'm confused too.
What is the term of the GIC?

I understand that 4.75% is for a 1 year GIC purchased from Duca, presumably from funds in the EMPA. But why buy from DUCA?

You can currently purchase Duca GICs from brokers at much higher rates.
For $25,000: 5.31% for 1 yr., 5.35% for 2 yrs., 5.47% for 5 yrs.
For $10,000: 5.10% for 1 yr., 5.15% for 2 yrs., 5.30% for 5 yrs.

I think it's more likely that the offer goes until March 31. If you bought a GIC that matured March 31, it would be a very odd number of days/months, which seems like a very unlikely situation to me.

What this does suggest to me is that DUCA may be going to end the 3.25% HISA Park offer in the foreseeable future, e.g. end of year as had been previously stated by them before last rate rise. They may have all the money they can afford to have a t risk of withdrawal at this point. And members are probably already starting to move some out to GICs elsewhere. I know I will be moving out a chunk of mine in the next month.
This may also be why they have been offering GICs at competitive rates through deposit brokers, i.e. to offset withdrawals from Park accounts by existing members.

smayer97 said
.........And it goes until Mar 31.  

Pardon my confusion...

Do you mean the term of the deposit starts now and the term matures on Mar 31, or that DUCA's offer to enroll in this deposit expires Mar 31?

Stephen

Here is the link:
http://elink.duca.com/m/1/4598.....abda5b3add

Right. How strange! I've never seen a GIC that ran like that, with essentially no fixed term, only a maximum. The duration depends on when you sign up.

I presume it is a per annum rate.
It's an excellent rate for such a short term, if that's what you need.

Oscar said
Here is the link:
http://elink.duca.com/m/1/4598.....5b3add  

Thanks for the link.

I did not receive this email even tho I do have an earn more park account (I did clean it out last month for the obvious reason).

Will contact the branch if I put money in again, will I be able to get this special GIC.