Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this9:13 pm
January 31, 2014
Offline
Anyone know the best short term GIC out there less than or equal to 15 months.
I saw the people's trust rate. Are there any better rates?
9:23 pm
November 7, 2014
Offline
Oaken Financial still has bonuses. 12 months @ 2.40% until Dec.19. Can't do much better than that.
9:27 pm
January 31, 2014
Offline
I think that's the same as People's no?
Any one top them or is there a reason to choose one over the other?
Any way to go through a site to get cash back or a slightly better rate?
2:49 am
October 21, 2013
Offline
Peoples has 15 months @ 2.45% if you want to go to 15 mo.
I think that's as good as it gets right now - and pretty good, considering the alternatives. You might be able to bargain etc at an institution that did not have competitive rates, but Peoples has no need to bargain or offer incentives.
I don't think there's a practical difference between Peoples and Oaken. Oaken is based in Toronto and Peoples is in Vancouver, if you happen to live in one of those cities and like to be able to see someone in person. Oaken issues pretty multi-coloured GiC certificates and sometimes sends people goodies, I understand.
If you have the ability, you might want to look through their financial statements and see which one looks more soundly based. Oaken is a division of Home-something, can't remember at the moment, which trades on the TSE. I think Peoples is privately held but not sure. Perhaps those things make a difference to you.
4:49 am
June 29, 2013
Offline
For people who are only depositing in daily high interest savings accounts or GICs, there is no practical difference between Home Group (which owns Oaken), and Peoples Trust (part of Peoples Group) only because of the CDIC insurance $100K coverage.
However, the companies are quite different size-wise and profitability - in that Home Group is a public company with Assets of $20 billion and Profit in 2013 of $257 million. Peoples Group is a privately held company with Assets of $4 billion and Profit in 2013 of $24 million.
Home generates 10x the profits of Peoples while it has 5x more assets than Peoples. Interesting.
I would not be surprised if Peoples might be a takeover by a larger institution sometime down the road.
6:39 am
January 31, 2014
Offline
Hmm found a rate 5 bps higher at Your Neighbourhood Credit union for 15 months
https://www.yncu.com/Personal/ProductsAndServices/Investing/GICsAndTermDeposits/
7:20 am
September 5, 2013
Offline
benpelaggi said
Hmm found a rate 5 bps higher at Your Neighbourhood Credit union for 15 months
https://www.yncu.com/Personal/ProductsAndServices/Investing/GICsAndTermDeposits/
Be aware of this type of ad. There is no guarantee that you will get the GIC as advertised. The worse is you entered all the vital data about you and they never called you back.
I have the experience with Teacher Credit Union. I entered all the data, and they never respond, and call them, and didn't answer. Write email to privacy office, and no answers. Lesson learnt.
11:12 am
October 21, 2013
Offline
thanks for the research, Brian. Interesting.
12:30 pm
November 4, 2014
Offline
Benpelaggi, responding to your private message, you have to go to Financial Services and click on GIC's.
However, they changed the term from 15 months to 18 months for 2.55%. On that day, December-4-2014 at 10:29 A.M., it was that 2.55% for 15 months not 18 months like now.
If you noticed also they dropped their 5 year 3.00% GIC rate from 3.00% to 2.85% as of December-10-2014 but their minimum deposit is still $75,000.
Peoples Trust and Oaken Financial seem to be the best GIC rates out there at 2.40% and 2.45% for 12 and 15 months but Peoples Trust, CFF Bank TFSA savings accounts at 3.00% seem to be the best TFSA variable rates out there.
Take care and shop around.
8:06 am
November 19, 2014
Offline
Loonie said
Oaken issues pretty multi-coloured GiC certificates and sometimes sends people goodies, I understand.
Indeed. The wife and I were surprised to find a box of chocolates sitting at the front door this morning from Oaken. We have about 12% of our assets with them. TD has about 45% of our assets (down from 100%) and what have we ever gotten from them ? Trouble, strife and account fees.
10:24 am
November 4, 2014
Offline
Koogie, I have not received anything yet from Oaken Financial but even if we do not get anything from them, their rates and service are great.
I have nothing but a great experience with them and their current bonus offer adding 0.25% rate for all terms makes them one of the top GIC rate payers out there by a CDIC insured and federally regulated financial institution.
They have a great appreciation for their customers. Take care and shop around as it pays to compare.
10:04 am
September 1, 2014
Offline
Anyone seeing anything better or close to People's Trust 15-month 2.45% these days?
Thanks!
10:40 am
October 21, 2013
Offline
nothing better that I know of for 15 months or less.
12:35 pm
April 6, 2013
Offline
Hubert Financial has something that's close. A special one-year term deposit that is cashable once each quarter. The return is about 2.35% if held for the full year:
This redeemable term deposit special features compounding interest that will pay you interest quarterly. Here’s what you will earn:
The first three months: 2.20%
Months four to six: 2.30%
Months seven to nine: 2.40%
The last three months: 2.50%The good news? You’re not locked in for the entire year – you can redeem your term after three, six or nine months. The even better news? If you sign up for the term special and keep your funds in place for the entire year, you’ll earn an average rate of 2.35% for the year. Not too shabby, is it?
1:48 pm
September 1, 2014
Offline
Thanks for that. The cashable aspect definitely is useful. I have some reservations about using a non-CDIC backed bank / credit union, but will look into that one further.
9:40 am
November 7, 2014
Offline
Luminus Financial (DICO insured), located in Toronto, has a cashable 18 month GIC @ 2.35%. Don't know what the rate is if you cash out early. Rate is good till March 31.
10:09 am
June 24, 2014
Offline
For those savers, it is better to lock-in 2 or 3-year GIC fast. More rates cuts are predicted by big banks.
11:25 am
July 10, 2011
Offline
The first three months: 2.20%
Months four to six: 2.30%
Months seven to nine: 2.40%
The last three months: 2.50%
4:38 pm
April 6, 2013
Offline
The Hubert special GIC pays four different rates of interest for each of the four quarters of the one-year term.
If one were to cash out at the end of month #6, then one would earn 2.2%/year for months #1, #2, and #3 and 2.3%/year for months #4, #5, and #6. For each $1,000 invested, one would end up with approximately
$1,000 * (1 + 0.022/4) * (1 + 0.023/4) = $1,011.28
12:36 pm
August 9, 2014
Offline
james1900 said
For those savers, it is better to lock-in 2 or 3-year GIC fast. More rates cuts are predicted by big banks.
Perfectly correct James, but consider this unthoughtful decision of reducing the interest rate when household debt level is all time high in Canada (which encourage even more debt), we may see massive personal bankruptcy, foreclosure coming on our way which will only make monetary policy more lax. Maybe locking in for a longer time is even better.
Maybe CFF bank for those in ON, it seems they have the highest interest rate for GIC which are now also available to non-register account.
Please write your comments in the forum.