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Rush to renew
April 1, 2021
10:09 am
Rick
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Our 3 month TFSA GICs matured today (along with everyone else's). Renewed early in the morning and the site was VERY slow. Spent a lot of time watching the little circle go round and round while they tried to catch up, but got it done. Tried to log in 4 hours later and this is what i see
eq.jpg
No rollover option on their GICs is a bit of a pain.
Status Update

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April 1, 2021
12:14 pm
Alexandra
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Same thing happened to me. I just decided to keep the 2021 TFSA GIC in their HISA @2.3% instead of re-investing for another 3mo. term at same rate.

April 1, 2021
12:33 pm
LK
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Alexandra said
Same thing happened to me. I just decided to keep the 2021 TFSA GIC in their HISA @2.3% instead of re-investing for another 3mo. term at same rate.  

I will be taking the 2.3% GIC for an additional 3 months, as I suspect that they will drop their HISA rate within the next 3 months.

April 1, 2021
12:54 pm
dougjp
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Alexandra said
Same thing happened to me. I just decided to keep the 2021 TFSA GIC in their HISA @2.3% instead of re-investing for another 3mo. term at same rate.  

I've been doing the opposite, setting up a laddering of 3, 6 and 9 month GICs. Who knows if it will result in less income over this period, but as you said in the other thread, it is fun making these decisions. Too bad there isn't much income in it, no matter what. sf-confused

April 1, 2021
12:58 pm
Bill
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Just tried now, no problem signing in and doing what I wanted.

April 1, 2021
1:09 pm
Jim Sherat
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i'm in the process of setting up TFSA Accts. and a Joint Savings acct for my wife and I. Simplii just has nothing to offer at the moment.
As a first time user, I found it so slow this morning and wondered what the heck ... but this thread explains it.

Gotta find Beneficiary / Successor Holder documentation before transferring a lot of cash over. Any insight in that regard would be appreciated. I'm sure it's buried in the FAQs somewhere, so in the meantime I'll start digging.

April 1, 2021
1:39 pm
dougjp
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Jim Sherat said
i'm in the process of setting up TFSA Accts. and a Joint Savings acct for my wife and I. Simplii just has nothing to offer at the moment.
As a first time user, I found it so slow this morning and wondered what the heck ... but this thread explains it.

Gotta find Beneficiary / Successor Holder documentation before transferring a lot of cash over. Any insight in that regard would be appreciated. I'm sure it's buried in the FAQs somewhere, so in the meantime I'll start digging.  

If I recall, its one of the tabs available when you buy a TFSA. So I suggest going part way with a purchase and see if you can find it.

April 1, 2021
1:59 pm
christinad
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Yes i was glad to get the 3 month gic again. The site was slow this morning and I gave up but i had no problem setting it up just now.

April 2, 2021
10:34 am
Londonguy
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Jim Sherat said
i'm in the process of setting up TFSA Accts. and a Joint Savings acct for my wife and I. Simplii just has nothing to offer at the moment.
As a first time user, I found it so slow this morning and wondered what the heck ... but this thread explains it.

Gotta find Beneficiary / Successor Holder documentation before transferring a lot of cash over. Any insight in that regard would be appreciated. I'm sure it's buried in the FAQs somewhere, so in the meantime I'll start digging.  

Sign in, click on accounts, click on TFSA on the left, click again on TFSA beneficiaries, download the form, complete it and mail it in

https://secure.eqbank.ca/accounts/tfsa/beneficiaries

April 2, 2021
12:10 pm
Alexandra
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Okay LK & Doug....you talked me into it. Just did the 3Mo TFSA (2021Cont) again @2.3%. You are right, doubt that the HISA TFSA will go any higher than 2.3% and probably will go lower.

Happy Easter!! sf-kiss

April 2, 2021
12:54 pm
Bobbyjet11
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Alexandra said
Okay LK & Doug....you talked me into it. Just did the 3Mo TFSA (2021Cont) again @2.3%. You are right, doubt that the HISA TFSA will go any higher than 2.3% and probably will go lower.

Happy Easter!! sf-kiss  

I did the same.

April 2, 2021
1:21 pm
smayer97
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Just to understand and follow the conversation, I do not see a GIC at 2.3% at EQ so are you saying that if you already had a GIC @ 2.3% they are offering to renew for another 3 months @ 2.3%, so this offer is only available to those who already had a GIC at that rate?

I have the TFSA acct at 2.3% BUT there is no offer for any fixed term.

April 2, 2021
1:30 pm
LK
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smayer97 said
Just to understand and follow the conversation, I do not see a GIC at 2.3% at EQ so are you saying that if you already had a GIC @ 2.3% they are offering to renew for another 3 months @ 2.3%, so this offer is only available to those who already had a GIC at that rate?

I have the TFSA acct at 2.3% BUT there is no offer for any fixed term.  

Scroll 2/3 of the way down this page:
https://www.eqbank.ca/personal-banking/tfsas

April 2, 2021
3:11 pm
smayer97
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LK said

Scroll 2/3 of the way down this page:
https://www.eqbank.ca/personal-banking/tfsas  

WOW. Ok thx.

@Peter, so why is there not a section on this site for shorter than 1 year GICs? There seem to be some good opportunities worth making more visible, or am I missing something? How else can we easily keep abreast of these kinds of offers on this site?

April 2, 2021
5:36 pm
LK
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smayer97 said

WOW. Ok thx.

@Peter, so why is there not a section on this site for shorter than 1 year GICs? There seem to be some good opportunities worth making more visible, or am I missing something? How else can we easily keep abreast of these kinds of offers on this site?  

Re the site suggestion, this topic has been covered in past. I can't find the links but the topic has come up on this site, and decisions have been made to not include such at this time. Perhaps others can provide the applicable prior discussion links?

April 2, 2021
6:17 pm
smayer97
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BTW is this EQ TFSA GIC tracked as a separate account or tracked WITHIN the EQ TFSA account?

And would I be correct to assume that regardless of how this is tracked, the TFSA GIC uses up TFSA contribution room?

April 2, 2021
7:11 pm
dougjp
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smayer97 said
BTW is this EQ TFSA GIC tracked as a separate account or tracked WITHIN the EQ TFSA account?

And would I be correct to assume that regardless of how this is trakced, the TFSA GIC uses up TFSA contribution room?  

My assumption is, its got to be within the EQ TFSA account, its just a different product than HISA. The EQ layout also seems to confirm that.

Of course any TFSA product bought with new money injected into a TFSA uses up TFSA contribution room, however switching between products within an account doesn't use up more. Just like when a GIC matures and the proceeds go to the same person's TFSA HISA account, there's no effect on contribution room. Or another example, a broker TFSA account with multiples stocks or bonds, sometimes bought and sold through the year = no effect.

If anyone knows different, I'd love to know.

April 2, 2021
7:29 pm
LK
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See: https://www.cdic.ca/your-coverage/how-deposit-insurance-works/deposits-held-in-a-tax-free-savings-account-tfsa/

I think that if you have any TSFAs at one institution (regardless of HISA TSFA or GIC TSFA), your total TSFA amount at that institution is covered to $100k.

Note that CIBC/Simplii are one institution; same as CWB/Motive, etc.

April 2, 2021
7:40 pm
LK
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April 2, 2021
8:11 pm
smayer97
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I do understand CDIC coverage well. I was only asking about the mechanics of getting the TFSA GIC as over the last few days opened up and maxed the TFSA accounts for both myself and my wife and was wondering if to get the TFSA GIC was within the existing TFSA or not. If not, then it would mean losing the opportunity since we have used up our contribution room.

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