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Email this12:23 pm
October 30, 2022
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I don’t understand why ppl go through the trouble of switching banks to get a 5 month HISA promo, when you can get a 2 year cashable GIC at Scotiabank @ 4.8%?
12:33 pm
September 30, 2017
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Perhaps people need to see it first. Do you have a link or screenshot?
In general, I think Cashable GIC may beat regular HISA rates. But not in the case of HISA promo rates or HISA targeted rates. Neither will I rate chase to a FI new to me.
12:48 pm
October 27, 2013
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The Scotia Cashable GICs have tiered rates depending on length of time held. They only deliver the advertised rate if held to maturity. https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html indicates 4.6%
The starting rate is 3.4% for first 0-3 months based on what my ex who bought this last week told me.
1:18 pm
April 6, 2013
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Not all the Scotiabank GIC's that can be cashed early are Scotiabank Cashable GIC's. Some of them are Scotiabank Personal Redeemable GIC's that pay a reduced rate if redeemed before maturity.
The Investment Companion Booklet refers to an Early Redemption Rate Schedule that is part of the terms and conditions of Personal Redeemable GIC's.
That two-year GIC is a Scotiabank Personal Redeemable GIC and not a Scotiabank Cashable GIC.
1:18 pm
March 3, 2022
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What is the buying process for Scotia's redeemable GICs?
Is it as simple as EQ's or Tangerine's (just move money from your savings accounts into a GIC with a couple of clicks?)
Thanks.
3:22 pm
October 27, 2013
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i think they have to be done in branch since they are part of an investment account but I could be mistaken. I know my ex went into the local branch to get hers.
I don't conduct any business at the retail branch level so can't advise on any of the metrics/processes.
3:53 pm
April 6, 2013
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I don't know with Scotiabank. But, with TD and Royal Bank, one needs to open a separate account to hold the GIC's.
Neither TD nor Royal Bank requires existing personal banking clients to visit a branch. The GIC account can be opened online or by telephone with those two.
7:18 pm
October 30, 2022
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It was a very easy set up for me I put 100k in @ 4.8 for 2 years redeemable and if I keep it in 1 year plus a day I get 4.1. Much better then any HISA I know of.
3:06 am
March 3, 2022
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hayman said
It was a very easy set up for me I put 100k in @ 4.8 for 2 years redeemable and if I keep it in 1 year plus a day I get 4.1. Much better then any HISA I know of.
What is the process to set it up, if you don't mind sharing.
From my previous post
Is it as simple as EQ's or Tangerine's (just move money from your savings accounts into a GIC with a couple of clicks?)
6:17 am
April 27, 2017
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hayman said
It was a very easy set up for me I put 100k in @ 4.8 for 2 years redeemable and if I keep it in 1 year plus a day I get 4.1. Much better then any HISA I know of.
There are better promotional HISA rates if you are prepared to play the game and move money around. For example HSBC HISA currently stands at 5.05%. But you are likely correct for non-promotional rates.
3:05 pm
August 6, 2018
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hayman said
It was a very easy set up for me I put 100k in @ 4.8 for 2 years redeemable and if I keep it in 1 year plus a day I get 4.1. Much better then any HISA I know of.
Assuming we are not playing the Russian roulette of HISA rates, personally I will go with 1 year non-redeemable GIC at EQ @ 5% and bet on better than 4.1% rate one year from now and bet on me not needing the money in the next 1 year, but of course you might totally disagree with my two bets.
But also personally I prefer the Russian roulette 
9:09 am
October 30, 2022
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I personally locked in 600k 10 years at BMO @ 5.7% (never timed something so perfectly in my life) I get 2850 a month for 10 years and can lend against it to buy Real Estate (waiting on my second monthly payment here soon) on a dip which I believe is the best commodity one can own. I will owe roughly 90k on taxes and decided to throw it in a Cashable Gic until I decide to pay up or do payments with taxes to govt. Kind regards
8:15 am
April 19, 2019
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hayman said
I personally locked in 600k 10 years at BMO @ 5.7% (never timed something so perfectly in my life) I get 2850 a month for 10 years and can lend against it to buy Real Estate (waiting on my second monthly payment here soon) on a dip which I believe is the best commodity one can own. I will owe roughly 90k on taxes and decided to throw it in a Cashable Gic until I decide to pay up or do payments with taxes to govt. Kind regards
Sounds good.
Lend against it from who and which product?
Will owe roughly 90k in taxes means?
10:00 am
October 30, 2022
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I can lend up to 80% of the 600 for Real Estate down payments etc through BMO, provided a 30% correction in NS dongle family homes, I will load up
1:41 pm
April 19, 2019
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hayman said
I can lend up to 80% of the 600 for Real Estate down payments etc through BMO, provided a 30% correction in NS dongle family homes, I will load up
1- So they will provide you 80% secured loan against your GIC without any other credit check and at what interest rate? Variable rate of Prime + what? And is it only for Real Estate?
^^^ That rate is a determining factor if this is worth it or not.
2- A two year GIC if cashed before 1-year time still looses the promo rates. So that is the main difference between HISA and GICs.
3- "provided a 30% correction in NS dongle family homes" <<< means you are waiting for Nova Scotia homes to drop by 30%? and what is a dongle home?
12:57 pm
April 19, 2019
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hayman said
I can lend up to 80% of the 600 for Real Estate down payments etc through BMO, provided a 30% correction in NS dongle family homes, I will load up
If you can answer above please and also this:
- Are you locked only to BMO for secured loan against this GIC or other banks and lenders will also lend against this GIC? so you can find optimal rate.
1:02 pm
April 19, 2019
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hayman said
I personally locked in 600k 10 years at BMO @ 5.7% (never timed something so perfectly in my life) I get 2850 a month for 10 years and can lend against it to buy Real Estate (waiting on my second monthly payment here soon) on a dip which I believe is the best commodity one can own. I will owe roughly 90k on taxes and decided to throw it in a Cashable Gic until I decide to pay up or do payments with taxes to govt. Kind regards
I asked a BMO mortgage rep and he said you can only use GIC assets for downpayment purposes which I am guessing means no advantage. Are you sure they lend you against the GICs? or you also meant what the rep told me?
From what I understand banks do not ask you to show proof of downpayment for mortgage.
11:05 pm
April 19, 2019
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Anyone else knows of any secured loan products (mortgage or otherwise) that any of the FI, brokerages, etc provide against any assets held at their own institutions or other institutions?
BMO and CIBC said no.
Please write your comments in the forum.