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Email this9:35 pm
August 5, 2014
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I have been looking around for specifically 18 month GIC's as a part of my short term cash investments and laddering of GIC's.
The highest current rates I could find today is 2.25% at Oaken Financial, 2.25% at Comtech Credit Union, 2.25% at First Ontario Credit Union.
Am I missing something? Are these the highest rates out there today? It is about $85,000 so even an extra 0.10% or 0.20% can mean hundreds of dollars more in interest over 18 months.
I would appreciate any info. Thanks.
7:48 am
September 5, 2013
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Peoples Trust 2.4% for One Year GIC is still on. I guess you can talk to them and have 18 months, at least at 2.4%
http://www.peoplestrust.com/GIC_gr/
call 1-800-663-0324
12:55 pm
August 5, 2014
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Brimleychen, thanks for the info. I don't think Peoples Trust has an 18 month GIC but their 2.40% rate looks to be the highest out there for 1 year money.
The reason I was looking into an 18 month term is because hopefully 5 year GIC rates would be higher by February to March-2016.
I just want to put it away for 18 months and don't think about what GIC rates are doing.
6:45 pm
October 21, 2013
Online
I don't have my data handy at the moment but I think that at least one of the MB Credit Unions offers something. Not sure of the rate, and doubt that it's impressive. Sometimes, too, one of those MB credit unions has a rate special for an odd number of months, not 18, but some other number(s). I don't recall any of the latter being functional at the moment though.
You may be able to get a 1-yr rate extended to 18 months by asking, or get them to make you an offer that suits your needs, especially if enough money involved to interest them. You never know. "Let's make a deal" might work. let us know if you try the latter.
8:48 pm
August 5, 2014
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Loonie, I checked so many websites and other online resources and could not find higher than 2.25% for 18 months.
I might look at maybe a portion of this money invested in 2 to 2.5 years as well. For example, Meridian Credit Union has a 2.50% 30 month GIC rate.
11:18 pm
October 21, 2013
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Yes, I am not really surprised that you could not find a better rate. Maxa has rates at odd months, but they are not exemplary.
Why don't you try negotiating? Nothing to lose, and you are making a fair request. You can always take your money somewhere else. But it takes time to do this, I know.
Failing that, maybe ladder your investment between Hubert 1yr redeemable, which at least gives you withdrawal options prior to 1 year, although I know that's not what you wanted, and Peoples 2yr? With any luck, Hubert will offer this again next year and you could re-invest.
Another option would be to take a 1yr at Peoples and then hope the daily rates are still available at 1.95 after that, or that a suitable shortterm option, such as a promotional special, will kick in to tide you over. If rates are on the upswing or potential upswing by this time next year, then it seems unlikely to me that daily rates will be lower than what they are now. But what do I know??
11:49 am
October 21, 2013
Online
Jack, I know it would be a tedious business, and maybe you've already done it, but if you go to the MB Deposit Corp's website, you can find all the CUs in MB. It's an extremely long list, for better or worse. Not all of them are accessible to people in other provinces for various reasons, but if you went through them all you might find what you want. I just suggest this as a last resort. I recall that a previous member of this forum used to sometimes search out obscure MB CUs and find good rates.
12:42 pm
December 23, 2011
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For some reason, other than Steinbach CU, the only CU's in Manitoba that allow out of province customers are the virtual spin offs, that I can see. Although federal rules changed recently allowing CU's to go national if they chose to go that way. But expenses and local control etc it may not be to their advantage? Ie VanCity in BC.
2:59 pm
August 5, 2014
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Alterna Savings Credit Union has a 120 days term deposit that pays 2.00% which is not much better than Oaken Financial's 2.00% 1 year cashable after 90 days with no interest lost and penalties to pay.
It looks like the highest rates for now are about 2.50% to 2.60% for 30 month GIC money.
Please write your comments in the forum.