G&F Financial Group 3.0% 12 month redeemable term deposit | General comparisons | Discussion forum

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G&F Financial Group 3.0% 12 month redeemable term deposit
April 6, 2019
1:31 pm
miro
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Earn 3.0%* interest on your hard-earned money, in just 12 months, and achieve your goals with confidence.

DETAILS

Guaranteed growth – earn 3.0%*
Risk free – deposits are 100% guaranteed***
$500 minimum deposit
Redeemable after 180 days*

Link

April 6, 2019
1:40 pm
Norman1
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G&F Financial is a Vancouver-area credit union.

Members need to buy at least five Class "A" Membership Equity Shares. The shares are $1.00 each.

The online membership application requires one to be

  • 19 or older,
  • be a resident of British Columbia, and
  • not have declared bankruptcy in the last 7 years
April 6, 2019
1:44 pm
2of3aintbad
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It appears to me that a visit to a branch on the BC mainland is necessary.

April 6, 2019
2:31 pm
Doug
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Correct, G+F Financial Group isn't one of the B.C. credit unions that offers fully online membership openings, and you do need to be a B.C. resident. 🙂

That said, they're one of the largest credit unions in Canada.

Wouldn't be surprised, in fact, to see them potentially merge with, perhaps, a BlueShore Financial Credit Union or someone else if and once Westminster Savings' and Prospera's merger goes through.

Cheers,
Doug

April 6, 2019
4:10 pm
Kidd
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** Now that food has replaced sex in my life, I can't even get into my own pants.

Screenshot_20190406-190648.png

April 6, 2019
5:00 pm
Doug
West Kelowna
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Kidd said
** Now that food has replaced sex in my life, I can't even get into my own pants.

Screenshot_20190406-190648.png  

Yep, that's about what I figured. I was going to say top 25, but hedged that they'd be in the top 50. About the size of AcceleRate Financial parent company Crosstown Civic Credit Union. Slightly smaller than Interior Savings Credit Union, which, interestingly, is a potential merger candidate if they ever wanted to expand into the B.C. Interior and Interior Savings to the coast. sf-cool

What's with your preceding text, by the way, Kidd? sf-surprised

Cheers,
Doug

April 9, 2019
9:38 pm
AndreyG
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It's not GIC's formally. They call them Bright Term deposit. So it is Term Deposit.
Actually what is the difference between the two?

April 10, 2019
2:19 am
Loonie
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In days past, "term deposits" were anything less than a year and GICs were a year or more. It doesn't seem to matter any more though.

April 10, 2019
8:03 am
Doug
West Kelowna
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AndreyG said
It's not GIC's formally. They call them Bright Term deposit. So it is Term Deposit.
Actually what is the difference between the two?  

They're essentially the same thing, so I use the terms (pardon the pun? sf-wink) interchangeably. They mean different things at different institutes. At HSBC, term deposits are non-redeemable whereas GICs are redeemable or otherwise cashable before maturity. sf-cool

As Scotiabank, they use the term GIC across the board.

Cheers,
Doug

April 10, 2019
8:38 am
Koogie
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Although interchangeable terms in general use, my experience in Ontario for the last decade or so is that banks call them GICs and credit unions call them Term Deposits.

April 11, 2019
9:55 am
implode
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Hmm, redeemable after 180 days. Might decide to open a G&F account and move some money in.

April 19, 2019
2:27 am
implode
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I didn't get around to opening an account with G&F and now the rate has dropped down to 2.75% from 3%

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