Energy CU | Page 2 | GIC discussions | Discussion forum

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.

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.

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.

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

is it still 3.4% GIC? and TFSA?
I don't seem to find the rates posted anywhere on their website

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.

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?

Is this for only Ontario residents?

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?

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.....