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Highest Rate Is Not Everything, A Small Comparison
March 7, 2023
3:05 pm
Save2Retire@55
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Hello,

As some of you might know, my LIRA in Oaken is maturing and I was looking around for where to move it next. Of course, I referred to the GIC chart and contacted the top 4 with rates between 4.80% to 5.00% for a 5-year GIC.

AcceleRate Financial doesn't offer LIRA so out of the question.

Outlook Financial has the 2nd highest rate at 4.85% but they feel outdated with $50 transfer-out fee. They ask for a "physical" cheque to be mailed to them. Come on, it is 2023. We can all deposit cheques from home.

Next on the chart is Achieva Financial at 4.80%. Some benefits:
1. Everything can be done electronically (From couch)

2. No transfer-out fee (Yes, the total earning in 5 years will be $70 less than Outlook but count in the time to mail a cheque, post, and potential $50 transfer-out, that leaves me with just a $15sh extra over 5 years, not worth it)

3. They have chat support and I already tried. 3 min wait time and talked to a real human

4. They have the referral program so I can earn up to $100 a year from referring others plus can get $25 for using someone's referral.

So $25 (from referral) - $15 (the 0.05% interest difference), I am winning by $10 and I don't have to wait for the $25 for 5 years, Haha!

Kudos for the easy setup.

March 7, 2023
10:09 pm
Loonie
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Sounds good, but I have never belonged to Achieva.

Did you check into deposit broker rates? I'm not sure if they offer LIRAs. Usually their registered rates are not that great. But worth asking. Sometimes, not always, this can provide a workaround for provincial residency limits.

March 8, 2023
12:56 am
Save2Retire@55
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Thanks, Loonie. They offer LIRA and the rates is the one advertised on the site.

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