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New deal at 3 percent for some DUCA clients
January 3, 2020
2:57 am
Pennywise
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I went into Duca today to place money Into the 2.3 percent hisa. I had a large amount in the 3 percent deal endking at the end of January 2020.
The lady told me Duca have a nice package promo for only persons who have the retiring 3 percent. Deal and set me up on it.
It offered a special account at 3 percent for 5 years. The money is fully available at all times but at reduced rate if you withdraw it early like 1.75 in year 1 and 2.5 percent after two to year 4. Then it's 3 percent for withdrawals. Check for details I dont intend to cash mine out.
In essence it's a great deal beating most gics. With unlocked emergency money.
I set up for my balance to be switched to this deal on termination of January final interest payment of 3 percent.
It's seems obvious that duca are seeking to retain the deposits for the popular 3.percent deal which was over subscribed.
Hope this is useful for you.

January 3, 2020
3:37 am
Loonie
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Thanks for posting.

DUCA typically has a follow-up deal after their HISA deals of this type. Last year the GIC was for 3 years and you could cash it in after 18 months without penalty.

When I first joined them, in -branch, the woman I dealt with was quite explicit that the HISA deal is meant to provide a pool from which they hope to attract more longer term deposits and members.

I think they've upped the ante a bit with the deal you describe. One must basically accept a five year GIC. It has early cashing potential but at a stiff penalty.
You should only accept this if you actually want a five year GIC.

As I told the fellow I spoke to at this time last year, if i'd wanted to put this money into a GiC, I would have bought a GiC in the first place. I did put a small portion into the 3 year deal, but not a lot as it was not primarily what I wanted to do with that particular pile of cash.

I'm sure that those of us who participated in the 3% HISA will be getting an email about this offer in due course

Last year, the rate they offered for the 3 year GIC changed after a few weeks. I believe it went from 3.25 to 3.1% or thereabouts. (You kept the rate you signed up for.) This could happen again; might go up or down

It's an excellent rate for a 5 yr GIC right now. Just be sure that's what you actually want to have.
In many ways it's a good sign. It might encourage more competition in the 3%+ range; it's a very good offer in the current climate; and it may be a sign that they think rates are going to rise over the next five years.

January 4, 2020
11:26 am
Jon
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I have just call them, and Jason on the phone say this promotion is not eligible for register product.

January 4, 2020
8:33 pm
Loonie
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I wouldn't expect it to work for registered accounts. It's a kind of "extension" for those who took up the earlier 3% HISA offer, in a bid to retain their funds. I don't think that earlier offer applied to registered.

January 6, 2020
8:25 am
LeBronBMT
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I just called Duca to ask about others offers after the 3% account expires. The rep told me there is an offer but it "isn't out yet" but members will be notified when it is.

January 7, 2020
10:23 am
semi-retired
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I just got off the phone with Duca.They just sent me an email stating my 2019 3% promo would be expiring at the end of the month & to call for a great deal.No great deal to be had.1.4% for existing funds & 2.3% for new funds.Mentioned Laurentian & their 3.3% HISA & I think she knew where my deposit was going when their promo expired.No mention of any of the deals previously shown on this thread.

January 7, 2020
1:21 pm
Londonguy
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semi-retired said
I just got off the phone with Duca.They just sent me an email stating my 2019 3% promo would be expiring at the end of the month & to call for a great deal.No great deal to be had.1.4% for existing funds & 2.3% for new funds.Mentioned Laurentian & their 3.3% HISA & I think she knew where my deposit was going when their promo expired.No mention of any of the deals previously shown on this thread.  

I got the same come-on email for "an exclusive offer" (LOL) but didn't bother calling in. I quite like DUCA and still have funds there because of it, but this particular pitch is pretty lame and a waste of people's time on both ends of the phone

January 7, 2020
11:39 pm
Loonie
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I ignored the email too.
If they have something good to offer, they will let me know, I'm sure. Otherwise, it's just a sales call.

There might still be something better later in the month.

January 8, 2020
9:42 am
LeBronBMT
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Alright so I got the email others are referring to, called in, and they told me about the 5 year account. It is a 5 year, 3% cashable GIC. If you cash early you don't get the full 3%. 1.75% if you cash in the first year, and 2 something is you cash after 4.

January 9, 2020
2:08 pm
JenE
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I’ve just been into DUCA and received a print-out of their Term Deposit Rates, part of which states:
“60 month term: Cashable at 1.75% (less than 12 months); 2.50% between 1 year and 4 years; 3% after 4 years. Non-registered products only.”

The CSR told me that this 3% special rate is only for those customers who participated in the Earn More Savings Promotion paying 3% until January 31, 2020. When I asked if one could cash out at 4 years 1 week and still get the 3% for the entire period I was told Yes. If this is correct then basically one can get 3% for a 4 year + 1 week GIC.

January 9, 2020
6:30 pm
Loonie
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You asked a good question, Jen!

January 10, 2020
8:20 am
gicjunkie
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The 5 year GIC @ 3.00% is now available for all members to Jan. 31.

January 10, 2020
9:04 pm
Loonie
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I've had 2 or 3 emails and one phone call so far from DUCA about this promo. (I wasn't home for the phone call.)

I don't need any 5 yr GICs right now. I'm only interested in one year at the moment, and I want at least 3%, as that's what we can get at Peoples.

I'm going to try a pro-active approach when they call back. I will tell them what I want/need rather than being the passive recipient of their marketing efforts.

I doubt I'll be successful, but you don't know til you try.
I think it's ludicrous that they are wasting valuable time phoning people to offer them all the same thing - which could easily have been communicated by email.

January 10, 2020
9:49 pm
gicjunkie
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"I think it's ludicrous that they are wasting valuable time phoning people to offer them all the same thing - which could easily have been communicated by email."

When I spoke to them today they said emails were sent today to all members to confirm the new offers. I didn't get one. Don't know where those emails are going.

January 11, 2020
1:31 pm
MS
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January 11, 2020
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I called - I was registered last year For the 3 percent saving acct offer but since I never made A contribution they said I was not eligible for the offer of a 3% cashable GIC and my wife who is also a member but never registered for the 3% savings account is also not eligible so they seem to give different answers because it’s definitely not available to everyone. As usual they push the investment share offering but outside of that he told me whatever is on their website is available nothing more

January 11, 2020
8:01 pm
HISAhopper
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Like others I also received an email about calling in.
one question for the experts:
I took advantage of the promo 3% till Jan 31st, got some money in the earn more park account, a new account "Class A bonus share" with $14 was added.
What is the $14 for? can I cash it out?

January 11, 2020
8:57 pm
Loonie
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The $14 Class A share is profit sharing , your share based on the funds you had deposited there in 2019.
There was a discussion about this recently on another thread, and they do describe it somewhere on the DUCA site.

You can't cash it right away. There is a graduated scale as to how much you can cash and when. I think it's easiest to wait until the end, which is several years, to cash the full value, considering it's such a small amount.

January 12, 2020
6:55 am
HISAhopper
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Thanks Loonie, found the thread about that

January 13, 2020
7:42 am
gicjunkie
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MS said
I called - I was registered last year For the 3 percent saving acct offer but since I never made A contribution they said I was not eligible for the offer of a 3% cashable GIC and my wife who is also a member but never registered for the 3% savings account is also not eligible so they seem to give different answers because it’s definitely not available to everyone. As usual they push the investment share offering but outside of that he told me whatever is on their website is available nothing more  

I have spoken to DUCA again. I reiterate, the 3% 5 year cashable GIC is available to all members. If you get any other kind of resistance from a CSR who answers the phone, speak to a manager or someone higher up.

January 13, 2020
2:39 pm
MS
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noted
I will request it be made available and the funds I’m able to commit. I’ll let the board know if successful. Otherwise it’s off to Luminus Who will gladly take non-registered fines at 3%

A point of interest I’m moving all my ladders to January and February maturation’s seems like there’s always extra deals to be had during our RSP season and then everything dries up

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