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Email this10:15 am
July 9, 2020
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Why is Equity Credit Union not listed in the rate comparison charts? They currently have the highest 5yr rate. They've been around for a few years...maybe it's a question of where to draw the line, especially since the chart is updated manually. I would think we should favour to add any institution that has a highest rate.
I found a more comprehensive list at cannex.com. Sadly their list is not interactive, not column sortable.
10:51 am
May 24, 2016
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Thanks for the information. I’ve signed up for emails.
11:08 am
December 18, 2008
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Isn't one of the criteria that be Canada wide (with the exception of Quebec) We don't all live in Ontario
1:11 pm
April 6, 2013
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As well, those Cannex rates for Equity Credit Union don't match the rates on their own web site:
1 year 1.30%
2 year 1.50%
3 year 1.75%
4 year 2.00%
5 year 2.30%
1:53 pm
July 9, 2020
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Shawguy said
Isn't one of the criteria that be Canada wide (with the exception of Quebec) We don't all live in Ontario
Good point. I missed this from the global approach taken on the Cannex site. A win-win solution would be to add a column in the chart for applicable province/territory. It's a sad result of the disconnected financial jurisdictions in our small country of Canada.
2:22 pm
December 20, 2016
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BarterBrad said
I found a more comprehensive list at cannex.com. Sadly their list is not interactive, not column sortable.
Based on my observations of the Forum, I don't believe the Forum GIC Chart is intended to be comprehensive across all FI's in Canada but rather a comprehensive list of the consistent leaders that would be of interest to Forum members, who seek out the highest rates of return.
Outliers such as Equity CU might be mentioned in a Forum post and then might be listed on the Promos page when warranted.
In the couple of years I've participated in this Forum, I can't recall Equity CU being mentioned, so their past performance doesn't appear to have been remarkable.
Stephen
4:00 pm
October 21, 2013
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It's just a one-branch outfit where you have to go in person to join, so not really available even to all Ontario. Not worth the trek IMO.
5:29 pm
April 6, 2013
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It would definitely be not worthwhile if their rates on Cannex are stale because their staff forgot to login and update them:
| Term | Equity CU | Equity CU ($5,000+) (Cannex) |
Oaken ($1,000+) |
| 1 year | 1.30% | 2.05% | 1.85% |
| 2 year | 1.50% | 2.20% | 1.95% |
| 3 year | 1.75% | 2.20% | 2.05% |
| 4 year | 2.00% | 2.25% | 2.15% |
| 5 year | 2.30% | 2.35% | 2.30% |
5:58 pm
November 7, 2014
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Nehpets said
Based on my observations of the Forum, I don't believe the Forum GIC Chart is intended to be comprehensive across all FI's in Canada but rather a comprehensive list of the consistent leaders that would be of interest to Forum members, who seek out the highest rates of return.
Outliers such as Equity CU might be mentioned in a Forum post and then might be listed on the Promos page when warranted.
In the couple of years I've participated in this Forum, I can't recall Equity CU being mentioned, so their past performance doesn't appear to have been remarkable.
Stephen
I do believe that the rates charts are for Canada-wide FIs. Otherwise, numerous other companies would be included. For example, DUCA is an Ontario only credit union and, to the best of my knowledge, now has the best 5 year GIC rate at 2.45%. Their 3 and 4 year rates are also good. The only place it's mentioned is in the Forum.
6:27 pm
October 27, 2013
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The charts would be useless (and frustrating) to the broader Canadian audience if a bunch of boutique FIs were included.
6:44 pm
October 7, 2018
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I just drove by Equity Credit Union today.
Banner on building...
1 Year GIC 2.65%
Found this on Facebook...
https://www.facebook.com/EquityCU/
Minimum deposit $75,000
I do not have an account or further info
2:47 am
December 12, 2009
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Is it Ontario only? That would be why it's not on the HISA comparison chart. For the GIC comparison chart, we generally follow the HISA comparison chart inclusion criteria, but can make exceptions. Peter would generally want to see the credit union's rates over several months before adding it, especially so in cases of single-province credit unions.
You can use this GIC comparison chart as a good guidepost of GICs available in Canada, for those not in the chart:
https://www.cannex.com/public/term02e.html
Lots of users on this site use that.
Hope that helps,
Doug
12:34 pm
November 7, 2014
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maGIC said
I just drove by Equity Credit Union today.
Banner on building...
1 Year GIC 2.65%
Found this on Facebook...
https://www.facebook.com/EquityCU/
Minimum deposit $75,000
I do not have an account or further info
A friend of mine just informed me that the minimum deposit for the 2.65% rate is $250,000.00. I looked at the Facebook page and did not see any rates. Maybe I missed something.
2:45 pm
January 9, 2011
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Doug said
Is it Ontario only? That would be why it's not on the HISA comparison chart. For the GIC comparison chart, we generally follow the HISA comparison chart inclusion criteria, but can make exceptions. Peter would generally want to see the credit union's rates over several months before adding it, especially so in cases of single-province credit unions.You can use this GIC comparison chart as a good guidepost of GICs available in Canada, for those not in the chart:
https://www.cannex.com/public/term02e.html
Lots of users on this site use that.
Hope that helps,
Doug
Doug, here's another GIC chart, it looks the same (not sure of that), except this one allows sorting by year and best rate, by clicking on each year at the top of the column;
http://www.financialpost.com/p.....nnual.html
EDIT: Its not the same, some FIs are missing, eg: People's.
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
2:56 pm
December 12, 2009
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dougjp said
Doug, here's another GIC chart, it looks the same (not sure of that), except this one allows sorting by year and best rate, by clicking on each year at the top of the column;
http://www.financialpost.com/p.....nnual.html
EDIT: Its not the same, some FIs are missing, eg: People's.
Yeah, that's a good one as well. Not as comprehensive as CANNEX, but includes some direct-to-consumer-only rates CANNEX doesn't have. Also, it's sortable. 🙂
I always forget to mention that one, so thanks, Doug. 😉
Cheers,
Doug
5:40 pm
October 7, 2018
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gicjunkie said
A friend of mine just informed me that the minimum deposit for the 2.65% rate is $250,000.00. I looked at the Facebook page and did not see any rates. Maybe I missed something.
Hi gicjunkie, I can not find it on Facebook now either, but when I first posted the 2.65 1 year info, I am 100% sure the Facebook page said minimum was $75,000.00
Looks like it was short lived. I don’t know how they get those huge banners made and put up on their building. I also do not drive by there often. So I have no idea if banner is still there or how long it was up.
6:03 pm
April 6, 2013
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gicjunkie said
A friend of mine just informed me that the minimum deposit for the 2.65% rate is $250,000.00. I looked at the Facebook page and did not see any rates. Maybe I missed something.
maGIC said
Hi gicjunkie, I can not find it on Facebook now either, but when I first posted the 2.65 1 year info, I am 100% sure the Facebook page said minimum was $75,000.00
Looks like it was short lived. I don’t know how they get those huge banners made and put up on their building. I also do not drive by there often. So I have no idea if banner is still there or how long it was up.
The minimum was $75,000. I saw it on their Facebook page yesterday.
Looks like Equity CU has since removed it from their Facebook page.
I think deposit brokers call it a "flash sale" when a rate is good for only one business day.
10:02 pm
October 21, 2013
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Did anybody manage to get the 2.65% deal?
If you did, what were you told the minimum deposit was? (Just curious.)
It may not have been a one-day sale. We don't know when it started.
12:32 pm
September 7, 2018
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Loonie said
Did anybody manage to get the 2.65% deal?
If you did, what were you told the minimum deposit was? (Just curious.)It may not have been a one-day sale. We don't know when it started.
The minimum deposit is $250K for the 2.65% rate. The minimum deposit had been $75K until recently. It was not a one-day sale. The new offer is not a one-day sale either but of course the cut-off can happen when the CU decides.
Question: If the GIC is $250K which is the DICO ceiling, would that mean that the interest as it accrues during the year of the GIC might not be covered in the event of the CU failing before maturity of the GIC? The interest would be around $6600.
1:00 pm
October 21, 2013
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I don't think the interest would be covered. It wouldn't be covered if it were CDIC as they are very clear that interest is included in the maximum coverage. I had wondered about this too.
It makes it a risky investment as the whole purpose of it is to get the interest. If that's not guaranteed, then it's a poor return and I wouldn't buy it. Too much can happen in a year and this is a very small CU.
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