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3% 5 Year GICs at Talka Credit Union
October 15, 2019
11:42 am
m77
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Saw this advertised in the paper and online. I think you may have to open an account in person though.

Hamilton, Ontario Credit Union:

30 Day to 180 Day 1.00%
1 Year 2.30%
2 Year 2.45%
3 Year 2.65%
4 Year 2.80%
5 Year 3.00%

They also do "interest rebates" which is basically profit sharing so the 3% can potentially turn into 3.1 or 3.2%.

https://talka.ca/current-rates/

October 15, 2019
7:46 pm
Bud
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Ask 3.5

GIC King

October 16, 2019
12:27 am
Loonie
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Don't ask for 3.5
You are not special, and don't deserve a better rate than the next member. If I were in charge of vetting memberships (which I never would be), I would postpone approval of yours until such time as you demonstrated a better understanding of cooperative banking.

October 16, 2019
4:34 am
Bud
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Lol

GIC King

October 16, 2019
6:29 am
Koogie
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Loonie said
Don't ask for 3.5
You are not special, and don't deserve a better rate than the next member. If I were in charge of vetting memberships (which I never would be), I would postpone approval of yours until such time as you demonstrated a better understanding of cooperative banking.  

This is a business transaction. He can ask for anything he wants. And they are equally empowered to say no. There was no need for a personal insult to a forum member.

Now that the scolding is over, let's look at this CU.

Started life as a closed CU for people of Lithuanian extraction. 64 years later it has become an open CU but is still just one branch in Hamilton. 8 employees. 145MM in size. I like a high rate as much as the next person but one would have to have a LOT of faith in DICO methinks.

Thanks m77 for posting the deal but I think I will pass (my next ladder rung doesn't mature until December anyway)

October 16, 2019
10:45 am
gicjunkie
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To reiterate somewhat, thanks to m77 for the heads up on this rate.

First of all, if I would have to go to Hamilton for this rate, I will politely decline. If one lives closer to Hamilton, or if this could be done by phone, it would be worth the risk . I feel confident in DICO's ability to monitor their members.

As for asking for a 3.5% rate, I think that's a stretch and unreasonable, especially in today's climate for investment rates. For a larger investment maybe 3.1% might work for them or you could just ask them what they might offer for a large investment. Negotiation is good. I agree with Koogie, doesn't hurt to ask, if the ask is reasonable. I have, on occasion, in the past successfully negotiated higher rates with CUs.

October 16, 2019
4:16 pm
Bud
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Koogie you dont think dico would pay out in any member fail? What would make Ontario turn its back on dico? Soverign credit rating aside and printing money you dont think dico is as solid as cdic? No need to get into too much technicality theres been discussion before on this topic

GIC King

October 16, 2019
6:47 pm
Loonie
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Koogie said

This is a business transaction. He can ask for anything he wants. And they are equally empowered to say no. There was no need for a personal insult to a forum member.

For the record, it's not a personal insult as it's not directed at anyone in particular. It is directed at the same general public as the previous post's curt advice, which has been repeated ad nauseam in many posts. It is intended to give an alternative perspective.

October 16, 2019
8:08 pm
Bud
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I wasnt insulted

GIC King

October 17, 2019
7:58 am
Koogie
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Bud said
Koogie you dont think dico would pay out in any member fail? What would make Ontario turn its back on dico? Soverign credit rating aside and printing money you dont think dico is as solid as cdic? No need to get into too much technicality theres been discussion before on this topic  

I am not doubting DICO (as I have no reason to do so). I am just saying that a small company of 8 employees isn't equivalent in my eyes to a Meridian or a First Ontario. YMMV.

As to whether or not DICO is explicitly backed by the Ontario government, fully funded, etc.. You are right, this has been discussed ad nauseum here. I doubt we will know until it is actually tested. Until such time, I am trusting them with half my ladder rungs, so I am obviously comfortable with them at this time.

October 17, 2019
8:00 am
Koogie
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Loonie said

Koogie said

This is a business transaction. He can ask for anything he wants. And they are equally empowered to say no. There was no need for a personal insult to a forum member.

For the record, it's not a personal insult as it's not directed at anyone in particular. It is directed at the same general public as the previous post's curt advice, which has been repeated ad nauseam in many posts. It is intended to give an alternative perspective.  

The use of the pronouns "you" and "yours" would indicate otherwise but as Bud doesn't care...... fini.

October 17, 2019
3:45 pm
Loonie
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Koogie said

The use of the pronouns "you" and "yours" would indicate otherwise but as Bud doesn't care...... fini.  

"You" can be ambiguous, so needs to be looked at in context. I wrote in the same voice as my predecessor, the imperative, and addressed the same general audience. If I'd wanted to address him in particular, I would have quoted him or used his name.

October 17, 2019
5:08 pm
Bud
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You can insult me call me anything if you get me deals I like you.

GIC King

October 18, 2019
4:59 pm
LydiaBB
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Bud said
You can insult me call me anything if you get me deals I like you.  

Thanks for saying this.

I'd take a DICO guarantee over a CDIC one any day. Ontario is a well funded province, the DICO guarantee covers vastly more than CDIC. Unlimited coverage of registered accounts. $250k of unregistered accounts. If Ontario's going down, Canada's already under.

October 26, 2019
9:40 pm
Bud
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I heard Talka did a deal

GIC King

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