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October 27, 2019
5:19 am
Loonie
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Hmm. So you would get dividends on the required 100 shares as well as any additional ones?
I've not run into that variation before.
DUCA pays out some kind of shares according to how much annual business you do with them, and they pay usually 2% on those. You can eventually get the money out after a few years, without ending your membership. It counts as interest for tax purposes in the year doled out, but you can't get at it! HOwever, it's a very small amount of money so doesn't much matter either way.

October 27, 2019
4:19 pm
Briguy
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Loonie said
Hmm. So you would get dividends on the required 100 shares as well as any additional ones?
I've not run into that variation before.
DUCA pays out some kind of shares according to how much annual business you do with them, and they pay usually 2% on those. You can eventually get the money out after a few years, without ending your membership. It counts as interest for tax purposes in the year doled out, but you can't get at it! HOwever, it's a very small amount of money so doesn't much matter either way.  

Yes, they pay that dividend on all shares, this year 3.65%
https://theenergycu.com/dividends-of-3-65-for-cu-shares/

October 30, 2019
11:21 am
julio
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Thank you for the posts. I drove to their new head office at 401&Markham Rd. in Toronto. $50K and over, at their discretion, I got a 3Y@3.40%, non-reg. They are extremely nice and helpful and willing to fit your job in. END.

November 8, 2019
3:43 pm
LeBronBMT
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Same here. Different experience in branch. 80k and I got 3.4%.

November 8, 2019
3:56 pm
gicjunkie
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Thanks to Bud for the original "heads up" on this CU. We also took advantage of the 3 year 3.40% offer. Staff there is very nice. Parking is free for one hour beside the building.

November 28, 2019
10:03 pm
firstbrand
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Is 3 year 3.4% a very good deal? B2B bank has 3.3% savings rate, would it be more flexible and also a good rate?

November 29, 2019
4:54 am
Londonguy
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firstbrand said
Is 3 year 3.4% a very good deal? B2B bank has 3.3% savings rate, would it be more flexible and also a good rate?  

What you're trying to evaluate is not an apples-to-apples comparison.

The 3.40% is a contract rate (GIC) and is guaranteed by the issuer for the 3-year period. You are locked in at that rate, but so is the issuer of the GIC. A major consideration when buying a GIC is that it would be unlikely (and quite possibly impossible) that you would be able to get access to your money before the 3 years is up. However, from the very beginning you know what you're going to have in the end.

In comparison, B2B's 3.30% is their current HISA rate which isn't guaranteed at all. It can be changed up or down by the bank at any time at their sole discretion. The good news is that, if you no longer like the rate or your circumstances change, you can withdraw your money from a HISA any time you want, so yes, in that sense it is more flexible. But because you have no rate guarantee, you do not know how much money you'll have after 3 years.

The 3.40% rate on the GIC is the price this particular issuer is willing to pay in exchange for you sacrificing the flexibility of having constant access to your money. While it is among the most attractive rates for similar contracts at the moment, whether it's a good deal is up to you

December 17, 2019
12:13 pm
julio
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I have their 3.40% GIC. Now I received a “Christmas season” card and $25. dining card redeemable at Swiss Chalet, East Side Mario’s, Bier Mart, etc.

December 24, 2019
6:58 am
HISAhopper
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is it still 3.4% GIC? and TFSA?
I don't seem to find the rates posted anywhere on their website

December 24, 2019
3:02 pm
Canadianbull
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I wonder if it's still available?

December 24, 2019
5:44 pm
Jon
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Canadianbull said
I wonder if it's still available?  

Yep, I call them on the 23rd and confirm it is still available, I will take benefit of it on the 27th.

December 24, 2019
7:58 pm
HISAhopper
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Any idea what is the minimum deposit to get 3.4% GIC?

Edit: just read a few post above, 50K and over from Julio

December 25, 2019
5:42 pm
COIN
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Jon said

Yep, I call them on the 23rd and confirm it is still available, I will take benefit of it on the 27th.  

I called them a week or so ago and was told their posted rate for 3 years is 2.90% and the most they can offer is 3%. Who are you talking to at Energy?

December 25, 2019
6:07 pm
Jon
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COIN said
I called them a week or so ago and was told their posted rate for 3 years is 2.90% and the most they can offer is 3%. Who are you talking to at Energy?  

I am referring to 3 years TFSA GIC, and not non - register GIC.

December 26, 2019
6:13 am
Canadianbull
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Is this for only Ontario residents?

December 26, 2019
6:27 am
Loonie
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Canadianbull said
Is this for only Ontario residents?  

Yes. And it is not for everyone in Ontario. It is a closed bond credit union.

"The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Gerdau, as well as individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons or affiliated entities of the aforementioned."

December 26, 2019
6:31 pm
COIN
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Jon said

I am referring to 3 years TFSA GIC, and not non - register GIC.  

Thanks for the clarification. The problem with the TFSA is the cap of $6,000.

Did you also ask about non-registered accounts?

December 26, 2019
6:35 pm
COIN
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Loonie said

Yes. And it is not for everyone in Ontario. It is a closed bond credit union.

"The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Gerdau, as well as individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons or affiliated entities of the aforementioned."  

If you don't meet the criteria, they are still allowed to accept a "limited" number of "outsiders".

December 27, 2019
11:35 am
Jon
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They are increasing their annual due to 50 dollars from 25 dollars starting at the new year, so unless you have lots of money moving there. It really isn't worth it.

They have yet to update that on the website.....

December 27, 2019
6:05 pm
Norman1
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That annual due is only for Essential members, who have less than $10,000 of loans or deposits with them:

Membership Fee – Essential members only (Annual-Posted January 31st of each year) $25.00

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