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New DUCA 6 Month GIC @ 5.5%
July 8, 2024
4:32 pm
MG
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Received this today and am definitely considering for 6 months.

DUCA.png

July 9, 2024
8:04 am
MarkFog
Toronto
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Interesting. DUCA has resorted to short-term investments in the interim.

I'm not biting.

July 9, 2024
8:37 am
smayer97
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In the interim of what?

July 9, 2024
8:56 am
MarkFog
Toronto
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smayer97 said
In the interim of what?  

On what the BoC's next move is. Maybe it's their new direction IDK and they're new business model is short term investments. But, I'm sure they saw a lot of capital leave after June 30.

July 9, 2024
10:31 am
Lodown
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Can cash out early at 5%. Anyone have the terms and conditions for this?

July 9, 2024
11:22 am
MarkFog
Toronto
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Lodown said
Can cash out early at 5%. Anyone have the terms and conditions for this?  

The OP received the e-mail but it's on the DUCA website for anyone to apply. They state you have to contact them for the terms & conditions. Meaning they want you to make the first move.

July 9, 2024
3:50 pm
Loonie
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Thanks for MG for posting.

I phoned. New or old money, both qualify.
Good deal for us as I had not yet transferred out our 6% money from the last promo.

July 9, 2024
6:11 pm
NorthernRaven
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MarkFog said
...but it's on the DUCA website for anyone to apply.

Well, anyone in Ontario, at least... 🙂

Just a reminder, you have to be a resident of Ontario to join DUCA.

July 9, 2024
6:27 pm
MarkFog
Toronto
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NorthernRaven said

MarkFog said
...but it's on the DUCA website for anyone to apply.

Well, anyone in Ontario, at least... 🙂

Just a reminder, you have to be a resident of Ontario to join DUCA.  

Got ya

Just a side note. It is an increase from their May GIC offer.Screen-Shot-2024-07-09-at-9.25.59-PM.png

July 16, 2024
10:35 am
Iminterested
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A note of caution from my experience. I decided to buy the 5.5% GIC special at Duca online last week. The online application offered a choice of 6 to under 12 months. It also mentioned if you wanted a 6 month cashable, you had to call in. Since I didn't need a cashable GIC, I decided to buy online and chose an 11 month term at 5.5%. All went well, I received a confirmation, renamed my GIC with the expiry date and printed the details. I bought several more over the week. Today I logged in after buying another 11 month GIC at the same rate, and notice my previous GIC had a change in the name from July to January. I opened the GIC to look at the details, and in fact it now expires in January. I double checked with my printout to make sure it was not my error. All my GICs were changed to 6 month terms and relabeled without my knowledge. I called in to Duca and the rep confirmed they were changed. Very sneaky Duca.

July 17, 2024
4:55 am
savemoresaveoften
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Iminterested said
A note of caution from my experience. I decided to buy the 5.5% GIC special at Duca online last week. The online application offered a choice of 6 to under 12 months. It also mentioned if you wanted a 6 month cashable, you had to call in. Since I didn't need a cashable GIC, I decided to buy online and chose an 11 month term at 5.5%. All went well, I received a confirmation, renamed my GIC with the expiry date and printed the details. I bought several more over the week. Today I logged in after buying another 11 month GIC at the same rate, and notice my previous GIC had a change in the name from July to January. I opened the GIC to look at the details, and in fact it now expires in January. I double checked with my printout to make sure it was not my error. All my GICs were changed to 6 month terms and relabeled without my knowledge. I called in to Duca and the rep confirmed they were changed. Very sneaky Duca.  

Even tho the system allows u to choose upto 11 mth when you purchase the new GIC, they just manually change it to 6 months only without letting u know ? Thats pretty bad !

July 17, 2024
11:35 am
canadian.100
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savemoresaveoften said

Even tho the system allows u to choose upto 11 mth when you purchase the new GIC, they just manually change it to 6 months only without letting u know ? Thats pretty bad !  

This is unbelievable - I do see the system does allow the 11 month period when you purchase self serve online. Something very odd with DUCA if they altered your dates on the GIC you purchased properly online.

July 19, 2024
5:03 pm
althisa
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Looking at the fees, if you decide to transfer out at some point.
https://www.duca.com/assets/pdf/Rates%20and%20fees/CLTR-Fees_Personal.pdf

Registered Plan
Transfer to another Financial Institution: $50

Additional Fees
Balance Transferred to Other Institutions: $25

I am trying to close my account at another institution. Its a pain
Transferred everything out, but earned a few cents of interest that accrued and was deposited. If it was DUCA would be charged $30 per year for Inactive account

July 20, 2024
1:09 pm
Lodown
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Iminterested said
A note of caution from my experience. I decided to buy the 5.5% GIC special at Duca online last week. The online application offered a choice of 6 to under 12 months. It also mentioned if you wanted a 6 month cashable, you had to call in. Since I didn't need a cashable GIC, I decided to buy online and chose an 11 month term at 5.5%. All went well, I received a confirmation, renamed my GIC with the expiry date and printed the details. I bought several more over the week. Today I logged in after buying another 11 month GIC at the same rate, and notice my previous GIC had a change in the name from July to January. I opened the GIC to look at the details, and in fact it now expires in January. I double checked with my printout to make sure it was not my error. All my GICs were changed to 6 month terms and relabeled without my knowledge. I called in to Duca and the rep confirmed they were changed. Very sneaky Duca.  

That is illegal. I wonder what they would say if you call and insist they honor the 11 month GIC. If they refuse, how would they explain the unilateral change without informing you?

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