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Flex 80 Special
December 15, 2021
6:13 am
Nehpets
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I heard from a reliable source that DUCA is offering a Flex 80 product for members who deposited funds into their Park Account.

The Flex 80 type term is currently at 2.5% cashable anytime after 1 year at 1.75%.

Currently only available for non-registered funds and may offer something similar for registered products as well.

December 21, 2021
7:09 am
Nehpets
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From email received today:

For current EMPA Members: New offer available​

Special Flex80 cashable GIC offer of 2.5%
Here's a special offer for Members in our Earn More Savings Promotion Account (EMPA): You're currenting earning 1.5% interest on new deposits through January 31, 2022 but now you can earn even more. Take advantage of this opportunity today!

Earn more with an 80-month term GIC at an interest rate of 2.50%. Don't worry, it's flexible so, if you have to, you can cash out early after one year and still earn high interest at 1.75%!
Don't wait until EMPA ends to jump onto this new offer.
•Earn 2.50% for an 80-month term
•Cashable after 12 months at 1.75%—perfect if rates go up!
•This is a non-registered GIC.
•Not available for registered accounts
•Available now through January 31, 2022

Stephen

December 21, 2021
7:20 am
COIN
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It's not clear if this offer is only for "new" money.

December 21, 2021
7:37 am
savemoresaveoften
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COIN said
It's not clear if this offer is only for "new" money.  

Most if not all FI have not put "new money" restriction when it comes to GICs.

December 21, 2021
8:49 am
Loonie
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I don't think this is a great offer.
We can do better for one year than 1.75; and why would we want to lock up for that long at 2.5?

An offer that might attract me would be one where there is the possibility of an interest reset on anniversaries. These do occur from time to time.

December 21, 2021
11:33 am
Nehpets
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COIN said
It's not clear if this offer is only for "new" money.  

Yes, it is quite clear that this offer is targeted to those who currently have an Earn More Savings Promotion Account (EMPA)..the account that is called the PARK account that currently pays 1.5% until January 31.

Reread the email quote in post #2

Agreed with Loonie, this is not DUCA's best offering compared to others we have seen.

Stephen

December 21, 2021
12:57 pm
COIN
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Nehpets said
Yes, it is quite clear that this offer is targeted to those who currently have an Earn More Savings Promotion Account (EMPA)..the account that is called the PARK account that currently pays 1.5% until January 31.
Stephen  

So, one can take the balance currently in the PARK account and roll it into this new Fleax 80?

One can take the view that this is a one year GIC at 1.75% with an option to extend for another 68 months at 2.50%.

December 21, 2021
3:03 pm
Nehpets
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COIN said
So, one can take the balance currently in the PARK account and roll it into this new Flex 80?

One can take the view that this is a one year GIC at 1.75% with an option to extend for another 68 months at 2.50%.  

That appears to be their retention strategy offer to the people with money in the current Park accounts that expire January 31..

Stephen

December 23, 2021
8:29 am
COIN
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The redemption feature is anytime after the first year but is "all or nothing".

December 23, 2021
9:42 am
savemoresaveoften
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COIN said
The redemption feature is anytime after the first year but is "all or nothing".  

You can get around the “all or nothing” by having multiple GICs

December 24, 2021
6:04 am
RetirEd
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Yup. I always break cashables into slices in case of redemption. For example, I broke up a $100K into $10K, $20:, $30K and $40K slices at Ally when they offered 4% many years ago. Since they allowed me the choice of monthly payout, I never had more than one month's interest at risk and took it right up to the CDIC limit.

Sad we lost them. They were reliable, co-operative, intelligent in understanding situations and always answered the phone.
RetirEd

June 3, 2022
4:51 pm
COIN
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Does DUCA have any "plain vanilla" GIC's? This is what I see on their website but the interest rates look really low (e.g. 5 years at 2.45%).

Cashable Term Deposits Rate1
Flex20 GIC (20-month–Available in non-registered, RRSP, TFSA, RRIF & LIRA plans)2 1.80%
Flex30 GIC (30-month–Available in non-registered, RRSP, TFSA, RRIF & LIRA plans)3 2.00%
Flex40 GIC (40-month–Available in non-registered, RRSP, TFSA, RRIF & LIRA plans)4 2.15%
Flex50 GIC (50-month–Available in non-registered, RRSP, TFSA, RRIF & LIRA plans)5 2.30%
Flex80 GIC (80-month–Available in non-registered, RRSP, TFSA, RRIF & LIRA plans)6 3.25%

Get these great rates today

RRSP / RESP / RRIF / LIF Rate1
60–179 Day 0.75%
180–364 Day 1.00%
1 Year 1.70%
18 Month 1.80%
2 Year 1.90%
3 Year 2.25%
4 Year 2.35%
5 Year 2.45%
7 Year 2.75%

Get these great rates today

Non-Redeemable Term Deposits / TFSA Rate1
32–59 Day 0.50%
60–179 Day 0.75%
180–364 Day 1.00%
1 Year 1.70%
18 Month 1.80%
2 Year 1.90%
3 Year 2.25%
4 Year 2.35%
5 Year 2.45%
7 Year 2.75%

July 7, 2022
6:53 am
con6450
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Now Flex80 GIC (80-month–Available in non-registered, RRSP, TFSA, RRIF & LIRA plans) 4.50%, Cashable after 12 months at 3.50%.

July 7, 2022
8:22 am
MattS
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Not a bad hedge if afraid to lock in thinking higher rates will still be coming over the next year
Wonder if it gets inched up after BOC increase. So close now you would wait, but it’s reasonable to take a shade less then what the leaders are offering since you are buying an out clause.

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