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GIC Rates Down But....
March 4, 2019
9:28 am
GR
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September 15, 2017
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DUCA's website shows that their 3 yr. redeemable GIC has dropped from 3.25% to 3.10% and is redeemable after 18 months, not annually. Their 5 yr. GIC has dropped from 3.75% to 3.50%.
BUT if you phone today, March 4th, I was told that they might give you the old rates and even hold the old rates for you for a few days.

March 5, 2019
10:20 am
Taxpayer717
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GR said
DUCA's website shows that their 3 yr. redeemable GIC has dropped from 3.25% to 3.10% and is redeemable after 18 months, not annually. Their 5 yr. GIC has dropped from 3.75% to 3.50%.

This would indicate that their rates attracted too much interest among the savers, and that they've reached optimal level of funds to do profitable business with them.
I am glad I received the higher rates yesterday for 3 and for 5 years GIC terms, just in time.

March 18, 2019
7:23 pm
LeBronBMT
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March 4, 2019
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Taxpayer717 said

GR said
DUCA's website shows that their 3 yr. redeemable GIC has dropped from 3.25% to 3.10% and is redeemable after 18 months, not annually. Their 5 yr. GIC has dropped from 3.75% to 3.50%.

This would indicate that their rates attracted too much interest among the savers, and that they've reached optimal level of funds to do profitable business with them.
I am glad I received the higher rates yesterday for 3 and for 5 years GIC terms, just in time.  

No that's not it. All the banks and credit unions lowered their GIC rates this month. This is part of a larger trend and probably a preemptive reaction to the BOC.

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