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DUCA latest Promo RRSP/TFSA
January 26, 2021
11:06 am
Bobbyjet11
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Received this in an email from DUCA today:

Available through March ​
Put some muscle into your savings.

Add some muscle to your registered savings plan and earn more with our 80-month term GIC at an interest rate of 2.00%. Don't worry, it's flexible so, if you have to, you can cash out early and still earn high interest at 1.00%!

Earn 2.00% for an 80-month term
Cashable after 12 months at 1.00%—perfect if rates go up!
RRSP, TFSA, RRIF eligible
Not available as a non-registered product
Minimum $500 deposit
Available now through March 31, 2021

January 26, 2021
11:20 am
Londonguy
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Bobbyjet11 said
Received this in an email from DUCA today:

Available through March ​
Put some muscle into your savings.

Add some muscle to your registered savings plan and earn more with our 80-month term GIC at an interest rate of 2.00%. Don't worry, it's flexible so, if you have to, you can cash out early and still earn high interest at 1.00%!

Earn 2.00% for an 80-month term
Cashable after 12 months at 1.00%—perfect if rates go up!
RRSP, TFSA, RRIF eligible
Not available as a non-registered product
Minimum $500 deposit
Available now through March 31, 2021  

I saw that this morning too. Basically it offers a "2.00% at worst" scenario if you believe rates will fall or stay low for the next 6+ years. That's not my own view but it's not an unreasonable expectation, and at least you can get out of the contract partially unscathed if the low rate assumption doesn't play out.

Could be worth doing for that part of your money you don't want to expose to the equity markets, but you also don't want to lock into term

January 26, 2021
11:30 am
Bobbyjet11
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I interpreted it incorrectly, thinking that one could cancel after a year and still collect 2% for that year. Seems it reverts to 1% for the first year which makes it far less appealing.

January 26, 2021
12:14 pm
topgun
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CDIC included terms longer than 5 years has been in place since April 30, 2020. DUCA promoting 7 year terms to expand business. Not for everyone.

Have a Great Day

January 26, 2021
12:14 pm
Kidd
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February 27, 2018
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Bobby jet. I immediately thought of Bobby Hull and the Winnipeg Jets. Any correlation? please don't say... who is Bobby Hull?cut.jpg

January 26, 2021
1:04 pm
Bobbyjet11
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Yep. Long time Blackhawks fan! And the Jet part refers to The Golden Jet.

January 26, 2021
4:06 pm
Loonie
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topgun said
CDIC included terms longer than 5 years has been in place since April 30, 2020. DUCA promoting 7 year terms to expand business. Not for everyone.  

DUCA is a credit union, not insured by CDIC. As far as I know, three are no term limits with FRSA insurance (formerly DICO).

DUCA has been offering 7 year GICs for several years.

January 26, 2021
6:13 pm
topgun
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Yes FSRAO provides insurance for CU. Up to $250,000 for non-registered account. Unlimited for registered account(s). I did not see any specifics on gic's terms.

Have a Great Day

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