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Equity Credit Union (GTA) GICs 5% for 2 to 5 yrs.
August 10, 2022
5:13 pm
GR
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Equity Credit Union in Ajax, Ontario increased their GIC rates to 4.40% for 1 yr. and 5.00% for 2 to 5 yrs. for regular and registered GICs.

Their GICs are sometimes also available through some GIC brokers.

https://equitycu.com/rates/

August 10, 2022
5:24 pm
rodeworthy
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GIC Rates
1-year 4.4%
2-year 5.0%
3-year 5.0%
4-year 5.0%
5-year 5.0%

All rates good for non-registered, TFSA, RRSP, RIF
Extraordinary rates (5%) at this time for 2 through 4 years.

August 10, 2022
5:50 pm
AllanB
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First thought this is a kick in the pants to the other FIs.

August 11, 2022
5:15 am
savemoresaveoften
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Anyone deal with them direct and experience ? Notice they have 1 physical location which does not matter to me, as long as I can do all online banking including good size limit fund transfer linked to other FIs.
Think they were doing competitive rate GICs via brokers actively until now.
The 2y at 5% looks tempting to open an account with them direct as long as their online banking is on par with other platforms.

August 11, 2022
5:58 am
AllanB
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They are fine to deal with drive to Whitby branch. Not sure about online.

August 11, 2022
7:37 am
savemoresaveoften
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AllanB said
They are fine to deal with drive to Whitby branch. Not sure about online.  

good to know, thx

August 11, 2022
8:03 am
MattS
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savemoresaveoften said
Anyone deal with them direct and experience ? Notice they have 1 physical location which does not matter to me, as long as I can do all online banking including good size limit fund transfer linked to other FIs.
Think they were doing competitive rate GICs via brokers actively until now.
The 2y at 5% looks tempting to open an account with them direct as long as their online banking is on par with other platforms.  

this is the dice roll we all have right now.. as they give attractive short term rates, if they get the current cituation under control we will all look at possibly renewing at much less. Yet it doesnt feel totally comfortable to commit everything to 5 yrs either

August 11, 2022
8:35 am
savemoresaveoften
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MattS said

this is the dice roll we all have right now.. as they give attractive short term rates, if they get the current cituation under control we will all look at possibly renewing at much less. Yet it doesnt feel totally comfortable to commit everything to 5 yrs either  

Thats why I am thinking of using their 2y 5% as a way to build a ladder:
So get the 2y now at 5%, and if it looks like rates are indeed turning lower, then lock in 4-5year hopefully at still close to 5% by then.

August 11, 2022
9:55 am
rodeworthy
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savemoresaveoften said
Anyone deal with them direct and experience ? Notice they have 1 physical location which does not matter to me, as long as I can do all online banking including good size limit fund transfer linked to other FIs.
....... 

I opened a joint account with Equity CU last November. It was all done without visiting a branch which would have been a non-starter for me. I had some question about the application process proceeding via email rather than secure messaging within their website. I got a personal phone call from CEO Tom Dimson and it was a pleasant and rewarding exchange. Further to that I had personal contact with Admin Manager, Paula Goncalves, and she worked to make sure our account was set up to our satisfaction.
I was very impressed by the personal attention to our application.

I was further delighted to receive an unexpected 'dividend' in May of this year that more than offset the fee for the 2 memberships.

I am pleased that this FI is the first one in recent history to introduce a 5% GIC for their 2-yr GIC. I have been waiting for that.

I only buy 1-yr and 2-yr GICs. My plan is to begin a "horizontal" ladder over the course of 12-mo. with a 1 and 2 yr GIC each month starting in September can now begin. This plan worked well for us in the 2015-18 period. Interest rates are better now and we can up the principal for each GIC this time around.

Rationale? "Old people should not climb high ladders".

August 11, 2022
10:30 am
canadian.100
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rodeworthy said

I only buy 1-yr and 2-yr GICs. My plan is to begin a "horizontal" ladder over the course of 12-mo. with a 1 and 2 yr GIC each month starting in September can now begin. This plan worked well for us in the 2015-18 period. Interest rates are better now and we can up the principal for each GIC this time around.

Rationale? "Old people should not climb high ladders".  

A friend has done the same thing - creating a "horizontal ladder" with one and two year GICs. In addition, they selected monthly interest payment so they can, if they wish, add the interest received to the next GIC - which is a good strategy if interest rates maintain or increase while the ladder proceeds. Equity CU rate of 5% for 2 years is very good. Of course if one chooses monthly interest payout, the rate would be a bit lower but still good.

August 11, 2022
10:55 am
savemoresaveoften
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rodeworthy said

savemoresaveoften said
Anyone deal with them direct and experience ? Notice they have 1 physical location which does not matter to me, as long as I can do all online banking including good size limit fund transfer linked to other FIs.
....... 

I opened a joint account with Equity CU last November. It was all done without visiting a branch which would have been a non-starter for me. I had some question about the application process proceeding via email rather than secure messaging within their website. I got a personal phone call from CEO Tom Dimson and it was a pleasant and rewarding exchange. Further to that I had personal contact with Admin Manager, Paula Goncalves, and she worked to make sure our account was set up to our satisfaction.
I was very impressed by the personal attention to our application.

I was further delighted to receive an unexpected 'dividend' in May of this year that more than offset the fee for the 2 memberships.

I am pleased that this FI is the first one in recent history to introduce a 5% GIC for their 2-yr GIC. I have been waiting for that.

I only buy 1-yr and 2-yr GICs. My plan is to begin a "horizontal" ladder over the course of 12-mo. with a 1 and 2 yr GIC each month starting in September can now begin. This plan worked well for us in the 2015-18 period. Interest rates are better now and we can up the principal for each GIC this time around.

Rationale? "Old people should not climb high ladders".  

Hi can you share specifics re online banking, availability of app, external link FI limitation, transfer limit etc ? Thanks !

August 11, 2022
2:11 pm
rodeworthy
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savemoresaveoften said

Hi can you share specifics re online banking, availability of app, external link FI limitation, transfer limit etc ? Thanks !  

In addition to the GIC rates, Equity's HISA rate has increased from 1.4% to 2.4%. The HISA and GIC rates are applicable to non-registered, TFSA, RRSP and RRIF accounts.

As in all my other online accounts, I only link online FI's to my Hub account at a Big 5 bank. I had no problem transferring in a fairly large amount from that account in one transaction. The GIC I was purchasing required minimum $200K for a 1-yr GIC at the time. Equity has a stated minimum deposit for their GICs of $5,000.

I have no experience transferring money out of Equity yet so I cannot comment on that. I don't expect that to be a problem. Check out Equity's 'Link My Accounts' page that explains their new feature in this regard.

I don't use a mobile app but Equity has a new one they are promoting here.

I hope this is useful to you. Equity's web site offers most of the information you asked about. If there is something else you need to know give them a call.

I would also like to once again give 'a tip of the hat' to Loonie for alerting me about Equity CU in the first place. It was a good find. Thanks Loonie.

And kudos to GR for being the first to report Equity's new rates. You beat me by something like 8 minutes sf-laugh

August 13, 2022
8:11 am
hwyc
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@rodeworthy, did you typo ? HISA on their website is 2.50% (not 2.40%) today … respectable sf-smile

August 13, 2022
9:30 am
RetirEd
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canadian.100 said:

Of course if one chooses monthly interest payout, the rate would be a bit lower but still good.

That's not been my experience anywhere I've done business. I've always been able to select payout or compound with no rate penalty - and I did it again last Monday (at Oaken). Of course, I haven't done business everywhere.

RetirEd

RetirEd

August 13, 2022
10:41 am
rodeworthy
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hwyc said
@rodeworthy, did you typo ? HISA on their website is 2.50% (not 2.40%) today … respectable sf-smile  

Whoops! Your right. I should know better than to trust my memory at this stage.
Anyway, the pot is even sweeter at 2.5%. Thanks for the correction.

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