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

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Duca EMPA Deposit Rate Increase! 3.25% effective Monday, July 18, 2022
August 12, 2022
4:39 am
LeBronBMT
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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.

September 18, 2022
3:49 pm
Jackson
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3.25 is best they can do goin once goin twice...

September 20, 2022
9:49 am
Jon
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Please be aware that Ukrainian CU have 25 dollars fee for canceling membership, and 50 dollars for doing so in 90 days.

November 21, 2022
7:57 am
Oscar
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New Duca offer for earn more Park account money. 4.75% GIC ending March 31.

November 21, 2022
9:27 am
COIN
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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.

November 21, 2022
9:29 am
savemoresaveoften
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Oscar said
New Duca offer for earn more Park account money. 4.75% GIC ending March 31.  

Is this on their site ? Park more at 4.75% or a GIC ?? Confused..

November 21, 2022
9:32 am
Loonie
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I'm confused too.
What is the term of the GIC?

November 21, 2022
9:55 am
JohnnyCash
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Loonie said
I'm confused too.
What is the term of the GIC?  

I read on another forum that the GIC term is until 31 March, 2023. After that date the funds are automatically moved to a non-Park Savings account. I don't bank with them, so take what I wrote FWIW.

November 21, 2022
11:51 am
GR
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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.

November 21, 2022
2:10 pm
Oscar
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JohnnyCash said

I read on another forum that the GIC term is until 31 March, 2023. After that date the funds are automatically moved to a non-Park Savings account. I don't bank with them, so take what I wrote FWIW.  

That's how I interpreted the info from the email I received today as it didn't provide all details. I assume they want to lock your Park account funds in a GIC that ends March 31.

November 21, 2022
2:30 pm
Loonie
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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.

November 21, 2022
2:41 pm
smayer97
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JohnnyCash said

I read on another forum that the GIC term is until 31 March, 2023. After that date the funds are automatically moved to a non-Park Savings account. I don't bank with them, so take what I wrote FWIW.  

To be more accurate, DUCA is calling it a non-registered GIC/Term Deposit. And it goes until Mar 31.

November 21, 2022
3:47 pm
Nehpets
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smayer97 said
.........And it goes until Mar 31.  

Pardon my confusion...sf-embarassed

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

November 21, 2022
7:13 pm
savemoresaveoften
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smayer97 said

To be more accurate, DUCA is calling it a non-registered GIC/Term Deposit. And it goes until Mar 31.  

its still clear as mud. I dont see the mentioned "4.75% Mar31 GIC" on their website. I did not receive any email from Duca about such as a promotion. So what exactly is this and how do people get it ???

November 21, 2022
9:09 pm
Oscar
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November 21, 2022
9:47 pm
Norman1
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From Oscar's link, DUCA is offering to pay 4¾% on any funds, currently in an Earn More Savings Promotion Account earning 3¼%, that are transferred to a special GIC that matures March 31, 2023.

November 21, 2022
11:28 pm
Loonie
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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.

November 22, 2022
4:32 am
canadian.100
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So I gather the present 3.25% Promotion is going to end very shortly and they are offering you the 4.75% Term but just to March 31 and after that you are back to 1% on the HISA?

November 22, 2022
5:06 am
savemoresaveoften
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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.

November 22, 2022
7:03 am
COIN
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savemoresaveoften said
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).
 

I think only clients who had $60,000 or more got the email.

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