Re "Saver's Roundup" regarding no 3% GIC Rates Available - There Are 3% Rates Out There | General comparisons | Discussion forum

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Re "Saver's Roundup" regarding no 3% GIC Rates Available - There Are 3% Rates Out There
November 13, 2019
6:10 am
gicjunkie
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Just a reminder to those of you who qualify, and even if you don't at first sniff, there are at least 2 institutions out there still offering GICs at 3% or better.

The Ontario Educational Credit Union still has 2 GIC options available. Three years at 3% and 5 years at 3.25% https://www.oecu.on.ca/
Located in Mississauga.

The Energy Credit Union is offering the following:

TFSA Rates

VAR @ 2.65%

1 YR @ 2.90%
2 YR @ 3.00%
3 YR @ 3.35%

and

Unregistered Term Deposit Rates

1 YR @ 2.20%
2 YR @ 2.40%
3 YR @ 2.90%

These unregistered rates may be as much as .5% higher with a larger investment. I got 3.40% on a 3 year GIC in excess of $50,000. I do not know what the threshold is for the bonus. Branches in Scarborough, Whitby and Newmarket.

https://theenergycu.com/

The energy CU has a broad interpretation of who qualifies for membership. Don't know if the OECU will accept non educationally related money.

November 13, 2019
9:05 am
Shawguy
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Maybe next time he'll have to put "no nationally available (outside of Quebec) 3% rates available. Local rates may vary"

November 13, 2019
10:08 am
Bruford
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Is this outfit limited to teachers only?

Who can do business with OECU?
OECU Spring UpdateAll educational employees (current or retired) and their families throughout Ontario can do business with us – Your Full Service Financial Institution. We are the financial institution dedicated to, and specializing in serving the unique needs of the educational community.

November 13, 2019
11:34 am
Bud
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Bruford said
Is this outfit limited to teachers only?
  

They are making some exceptions. Perhaps also if you have a relative just tell them

November 13, 2019
12:08 pm
AltaRed
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Shawguy said
Maybe next time he'll have to put "no nationally available (outside of Quebec) 3% rates available. Local rates may vary"  

I find most of these threads useless without qualifiers in the subject title.

November 13, 2019
11:43 pm
Loonie
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OECU is for Ontario teachers, at any level, their families, anyone employed by an educational institution, or retired. Includes public and Catholic schools, community colleges, universities. Most of their members are from the public and Catholic boards in Peel and Dufferin Counties. They don't really want members who don't qualify. (I asked.)

I cannot agree with people giving misleading information or lying in order to join a credit union.

If you don't qualify, take a look at Talka credit union in Hamilton, which is open to everyone. With their history of 12% dividends on interest payments, you could do as well or better than the closed bond CUs. Their current five year rate, even without dividends, is 3.0%. If you add 12%, that's 3.36%.

These offers have all been mentioned in previous threads.

November 15, 2019
11:57 am
Bud
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I heard Talka previously rolled their dividend into their 5yr gic rate guaranting a yield of 3.36

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