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B.C. Store Front in B.C. - FI with competitive rates.
November 16, 2023
2:22 pm
serendipity
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Ok so before I make the plunge to sign up at another FI that has a store front in B.C. Does any one have a suggestion for a CDIC or CUDIC FI that has competitive rates for GIC's and HISA (does not matter, rate wise) , but must have associated savings accounts. And have non registered, TFSA and RRIF.

Reason age, office local, Hubert needs replacing.
I have no issues doing all online with some phone contact like PT and Oaken.

Right now CWB is at top of the list. But I must admit I did not look into it that deeply. I need to be on board by Jan/Feb 2024.

And before I jump on it....

Does anyone have any suggestions.

Thanks

Edit: No to Dominion Securities or Coast Capital.

November 16, 2023
3:05 pm
AltaRed
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You might clarify whether you mean Lower Mainland or Southern Interior... if a physical storefront presence matters.

November 16, 2023
4:01 pm
serendipity
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AltaRed said
You might clarify whether you mean Lower Mainland or Southern Interior... if a physical storefront presence matters.  

Right. Revelstoke is too far.

Lower Mainland is what I am aiming for.

November 16, 2023
5:11 pm
LK
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(Edit: You said no to Coast Capital, and I didn't see that until I wrote the following!)

Coast Capital is probably best if you're keen on a BC credit union (aka CUDIC), with storefront, including in Lower Mainland.

GICs:
https://www.coastcapitalsavings.com/investments/gics

Promos:
https://www.coastcapitalsavings.com/promotions

November 16, 2023
5:17 pm
serendipity
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@LK

Thank you.

Coast Capital is now federal and is under CDIC coverage.

And due to past membership is a NO.

Doesn't matter CDIC or CUDIC but for sure CUDIC is better.

November 16, 2023
6:15 pm
AltaRed
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Best I can tell is none of the BC credit unions are known for competitive rates. You have likely nailed the top few banks already, i.e. PT, Oaken and CWB/Motive.

November 16, 2023
7:36 pm
serendipity
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Thanks.
I just juggled numbers using this info and a good
across the line for 1, 2, 3, 4, 5 year GIC rates was Wealth Simple, EQ and Motive. I used some UNSCIENTIFIC excel sorts. sf-smileThen looked at some with no RRIF, google ratings, and government intervention and had to rule all 3 out. And Wealth Simple is in Vancouver but appears to have no store front. And I compared Hubert, PT, Oaken and CWB rate wise and found CWB to be in 3rd and 4th position for GIC rates and last position for HISA rates. But rates appear good as long as the “lag behind” is consistent. And the CWB floating prime rate GIC is better than the Hubert quarterly for cashing in but the current prime rate of 4.6% is not as good as 5.2%. But since CWB pays interest daily, I am not the guru to say if there is a compounding factor that would say you get more at the end of twelve months with CWB. And if service is excellent, I can buy the lower rates as long as I use CWB ONLY for the overflow (going over CDIC amounts taking death of spouse in account or appropriate estate planning strategies).

I will wait a see if a gold nugget surfaces.

I have PT, PB, HUBERT, and OAKEN. My wife is coming into a nice inheritance that will over fill an account CDIC wise. I just opened PB a week ago to park some cash but just thinking now I need to open a Home Bank HISA for her as well. I better get on it soon!

The Hubert thing has been a huge farce and has caused me hours of work to get some levels of confidence back with our investing. What I see is ..... Access has done their 7th amalgamation .... and the unique group we were used to dealing with will be watered down, given more corporate direction, and will lose the quarterlies. Merging Hubert with Accelerate with Access definitely was not well planned. I still say the Access system should have met or exceeded the Hubert system before they merged Hubert with Access. A logical move should have been to leave Accelerate as is, then merge with the old Hubert system and then to a compatible Access system. For the first while I was siting on the fence, waiting to see if “better” will come, but when you look at what the final product is and can see the writing on the wall for losses of options and service .... I am definitely out! And I have been inconvenienced. And I have experienced bad service already that was escalated to a senior Hubert person that now has a different attitude and was surprised by asking one logical question the issue was off my shoulders and back to them......her response was “I suppose that could have happened”.

November 16, 2023
11:15 pm
Norman1
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serendipity said
… And the CWB floating prime rate GIC is better than the Hubert quarterly for cashing in but the current prime rate of 4.6% is not as good as 5.2%. But since CWB pays interest daily, I am not the guru to say if there is a compounding factor that would say you get more at the end of twelve months with CWB. …

The CWB Floating Rate Redeemable GIC does not pay interest daily. It accrues interest daily. The interest can be paid out monthly if one is a Gold Leaf PLUS client (age 57+).

Floating rate cashable GIC's should be compared with savings accounts. The 4.6% from the CWB offering and the 4.75% from both the CIBC offering and RBC offering are better than any savings account from Motive, Hubert, and EQ Bank.

There's no compounding factor that will turn 4.6% into 5.2%. At most, 4.6% continuously compounded will be

e4.6% - 1 = e0.046 - 1 = 0.04707 = 4.707%

November 17, 2023
8:21 am
serendipity
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@norman1

Thanks for the explanation.

November 17, 2023
11:43 pm
RetirEd
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My history and research has led me to PB/PT and Oaken as well. Both also feature half-decent phone service (outside of peak periods), two CDIC identities and no-charge TFSA transfer-out. Their offices are near each other in downtown Vancouver, too, though no parking. Oaken usually needs advance arrangement for a visit; PT/PB wants it, but I've never been turned away at the door when I couldn't get through on the phone.

Peoples' staff seem more consistent, and will send printed statements and documents. I've never dealt with the same person more than once at Oaken, but their rates are good. No printed monthly statements there.

Coast Capital has been growing fees and no decent rates for a while. They do send statements IF grandfathered. I just keep some bux there to preserve that.

RetirEd

November 18, 2023
7:35 am
serendipity
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@RetirEd

Interesting!! I have yet to visit the downtown locations. And both have weakness on the phone but all in all I get what needs to be done. I have not yet set up the second bank account (HISA) at Oaken, but will soon. I like the Oaken set up for one logon for both Trust and Bank.

And there is no doubt, that banking preferences can be different as what I found at Coast Capital (Pitt Meadows) was likely the work ethics and attitude of the few that I had face to face with that made me close down my accounts and run.

I took my Coast Capital business to VanCity. I had an account with VanCity years and years ago in Maple Ridge then to Coast Capital and then back to VanCity but in Pitt Meadows. I find the Pitt Meadows branch to be nicer to go to ... but do admit I have seen some improvement in the Maple Ridge branch.

November 19, 2023
7:38 am
RetirEd
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VanCity is the outfit I've currently been with the longest. I still use them as my daily payments and petty cash depot; the low (55) seniors' fee waivers are useful and I can walk to one of many branches (and ATMs) here in Vancouver, with parking if you can walk around the block. Sometimes it's easier to ride to the next-nearest branch with parking right outside. They also have a seniors' phone line that's marginally quicker than the main one, but they're slow to answer even that.

Their deposit and GIC rates never recovered from the 2008 financial crisis, when they made several mistakes and had to sell off Citizens Bank (better GIC rates) and their insurance business to stay solvent. Their board of directors used to be very fractious and political, but legislative changes after the close call seem to have quieted that down. Their member and investment shares give a decent return without locking in your cash, though shares are not insured. And there's food at the AGMs!

VERY annoyingly, they close their ATMs at 10pm, which is when parking meters near many no-parking branches stop charging.

VanCity also makes notably more mistakes than anywhere else I've tried, though they do clean them up pretty well when advised.

RetirEd

November 19, 2023
8:20 am
serendipity
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@RetirEd
I find VanCity to be much better than most. Never had error and I would never think to call them. Branch ATM closures might be due to the circumstances in the neighbourhood that it is in.

Ie. Maple Ridge. Drive through is open 24/7 but inside ATM closes when branch does, but used to be open 24/7. Too many homeless sleeping in the warmth (at the TD across the street too).

Ie. Pitt Meadows. Drive through is open 24/7 and as well the inside ATM. Sometimes the inside one runs out of money. So use the drive through with car or car less.

Citizens bank was my first experience with no store front. It was them or ING. Citizens answered my questions and ING had a round about way of making one to assume the answer. My preference was the more direct option. I would call Citizens to buy a GIC and if any of my older GICs were a lower rate, they would redo all of them to the new rate!! They offered! That was fantastic. I started with them here in BC and carried on with them when I moved to Calgary. I remember calling them just before midnight to buy my RRSP. I think there might have been a fax involved too ( and I had one).

I do recall an issue with using their ATM card ... the credit union (closest to me) in Calgary stopped accepting it. I forget how I did the work around for it. It might have been the telephone booth like ATM on the boulevard by Tim Hortons in Salmon Arm.

I forget when Citizens folded. When we were in Calgary or when we returned in 2005.

November 19, 2023
8:53 am
Norman1
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Citizens Bank of Canada didn't close. It did exit its deposit taking and some other lines of business around August 2009. I used to have some of their GIC's that were placed through a deposit broker.

According to footnote 400 of Payments Canada Rule D4, it was renamed and is now Vancity Community Investment Bank:

400. Effective April 18, 2017, Citizens Bank of Canada (#309) changed its name to Vancity Community Investment Bank (#309).

November 19, 2023
9:22 am
serendipity
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@norman1

Correct it did not close. After they stopped all personal banking and transferred out all their mortgages, I later noticed they kept it for their credit card business. It appears that the google search for Citizens Bank Vancouver has an erroneous link in it to Citizens Banking the USA.

Were your deposits through a broker after or before 2009?

The Citizens Bank of Canada is a virtual bank based in British Columbia, Canada. The ownership of the bank is with the Vancouver City Credit Union (Vancity). From 1997 up to 2009, the bank offered personal and business financial services using the power of the Internet. The bank is also engaged in the operation of Visa card services as well as foreign exchange services offered to non-retail members.

Change of Focus to Visa Card and Foreign Exchange Services

To better serve the needs of its members, the bank shifted its focus from personal banking to Visa card services and foreign exchange services. In order to make the shift possible, Vancity entered into an agreement with the Toronto-Dominion Bank to sell its retail loans. The shift in focus will turn the bank into a non-deposit bank and instead, it will become a Visa services and foreign exchange online bank.

November 19, 2023
10:08 am
Norman1
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Those Citizens Bank of Canada GIC's were placed before 2009.

They were placed in the late 1990's in issuer Citizens Trust. Middle of 1997, the Citizens Trust statements became Citizens Bank of Canada statements.

All of the GIC's had matured and were reinvested elsewhere by 2009.

November 19, 2023
8:58 pm
Lodown
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Norman1 said
Floating rate cashable GIC's should be compared with savings accounts. The 4.6% from the CWB offering and the 4.75% from both the CIBC offering and RBC offering are better than any savings account from Motive, Hubert, and EQ Bank.

No, not like Savings account. Here is the fine print from CIBC's T&C:
"3 .....If a GIC is redeemed before maturity to transfer funds to the same account type at a different financial institution, no interest will be paid and a transfer fee will apply."

So, you cannot decide what to do with your OWN money if you redeem before maturity. This is quite sick. Stay away.

November 19, 2023
9:55 pm
Norman1
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Just redeem the CIBC variable rate GIC early to a CIBC chequing account. Same financial institution. Different account type. No transfer. End of story!

November 21, 2023
3:07 am
RetirEd
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serendipity: My queries (by phone) about the early-closing ATM network at VanCity were answered with the claim that it was a local-branch decision. When I checked, though, every one of their Vancouver ATM lobbies was closed at 10pm, even in Kitsilano and Point Grey - hardly scary places! The outdoor ATM at first and Commercial is open 24/7, but that IS a very scary location and there's no protection outdoors.

They had a 24-hour outdoor ATM at Granville Island but closed it earlier this year. Phooey!

RetirEd

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