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December 28, 2019
8:59 am
Bud
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$25 gift card they send takes away the fee sting

January 2, 2020
1:01 pm
HISAhopper
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Looking to add 6K to TFSA for long term, who gives high interest next to Energy CU? (which I am probably not qualified for as I am not public employee)
Thanks

January 2, 2020
11:12 pm
Loonie
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HISAhopper said
Looking to add 6K to TFSA for long term, who gives high interest next to Energy CU? (which I am probably not qualified for as I am not public employee)
Thanks  

So far, I think Oaken is best for long term, if you mean five years, at 2.9%. That's where we plan to put ours, for 2 and 4 year terms respectively.

I would watch and see if anything else comes out that is worthwhile in the next couple of weeks before making a final decision.

When you are only putting in 6K, a bonus in the interest rate could be eaten up by the transfer fee at the end - although that risk diminishes with longer terms. Oaken doesn't charge.

February 20, 2021
11:38 am
gicjunkie
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New TFSA Rates:

    GICs

1 Year 2.15%
2 Year 2.15%
3 Year 2.15%
4 Year 2.20%
5 Year 2.25%

TFSA Savings Account 2.15%

Note increases to 4 and 5 year rates. Other rates the same as before. Not bad for current low interest rate climate.

February 20, 2021
11:54 am
Kidd
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Thank you GIC Junkie.

I've never seen this thread or heard of Energy credit union before? I will look into this.

February 20, 2021
4:28 pm
Jon
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Kidd said
Thank you GIC Junkie.

I've never seen this thread or heard of Energy credit union before? I will look into this.  

Be careful, this is a close bond CU.

February 20, 2021
6:52 pm
Norman1
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This is from their About Us page describing who can become a member:

The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Southlake Regional Health Centre, 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.

February 20, 2021
8:33 pm
gicjunkie
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Jon said

Be careful, this is a close bond CU.  

I don't really know what one has to be "careful" about. It's not like they are going to cheat you. They just may not accept your application for membership, depending on your workplace affiliations. Their membership is somewhat aligned with the "energy" sector. Some of these close bond credit unions will still accept a number of applications from the general public.

February 20, 2021
9:53 pm
Jon
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"Careful" = check before applying so you don't waste time.

Also, last time I check, they also charge due if you have too little investment or lending with them.

February 20, 2021
10:52 pm
Norman1
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So that's what "Total Dollar Participation Required" means in those banking packages pages!

One would have their Essential package when one has under $10,000 of lending and investments with them. That package comes with a $50/year membership fee.

February 21, 2021
8:52 am
gicjunkie
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As expected with any financial committment, do your due diligence. Having said that, institutions have changed rules over time. So, even if you commit under one set of rules, doesn't mean they can't change after you've taken the plunge. Happy rate shopping!

February 22, 2021
6:35 pm
Bud
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Energy is open to outside

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