Ganaraska Financial Credit Union | GIC discussions | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Ganaraska Financial Credit Union
September 20, 2022
9:51 am
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

Fixed Rates
1 YEAR 4.15%
2 YEAR 4.45%
5 YEAR 4.75%

Cashable Rate
2 YEAR 3.65%

September 20, 2022
10:03 am
Jon
Member
Members
Forum Posts: 411
Member Since:
August 9, 2014
sp_UserOfflineSmall Offline

just to let you know that their Peterborough branch will be closing shortly.

September 20, 2022
11:56 am
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

Thanks for this, I am a Peterborough member. It seems like they will be able to service all of us from their other branches, I am not concerned about this closure.
They have also kept on all of their staff from ptbo, which to me is very encouraging and tells me a lot about how they treat their staff.

Either way the rates are competitive.

February 16, 2023
5:21 am
hwyc
GTA
Member
Members
Forum Posts: 1155
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

6 month 5.25% sf-surprised

sweetrates-carousel.png

April 4, 2023
9:07 am
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

5.25% 6 Month GIC, TFSA, RRSP
4.95% 18 Month GIC, TFSA, RRSP Sweet-Rates.png

April 4, 2023
12:21 pm
SaverJunior
Toronto
Member
Members
Forum Posts: 39
Member Since:
March 16, 2018
sp_UserOfflineSmall Offline

This FI is barely profitable. Is it safe?

April 4, 2023
12:23 pm
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

https://www.fsrao.ca/

See the link above, Credit Unions are insured up to $250k...

May 23, 2023
8:13 am
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

4.00% for 4 years CASHABLE
3.85% 3 years CASHABLE

3.40% high interest rate savings account ( first 6 months )

May 24, 2023
11:10 am
COIN
Member
Members
Forum Posts: 1100
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

I tried to open an account with them about 3-4 years ago. They said it had to be done in person (can't be done remotely).

Has anyone successfully opened an account with them remotely?

May 24, 2023
11:26 am
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

Since the pandemic, they now offer remote options for opening accounts, they have followed suit with other Credit Unions...

They released a new rate today:

4.75 18 months fixed

Think the cashable rates are still effective also...

August 10, 2023
5:14 am
lunapotts
Newbie
Members
Forum Posts: 2
Member Since:
November 29, 2018
sp_UserOfflineSmall Offline

Recently came across Ganaraska, was looking for some short term investing…initially 6 months but I now see they have a 9 month at 5.25%

For anyone interested, their current rates are:

5.25% 9 months fixed
4.30% 1 year CASHABLE
5.75% high interest savings for the first 5 months.

August 10, 2023
6:02 pm
COIN
Member
Members
Forum Posts: 1100
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

mel78 said
Since the pandemic, they now offer remote options for opening accounts, they have followed suit with other Credit Unions...  

Last time (2-3-4 years ago) they said I had to appear in person to open an account. But they are in a small town (forgot the name of the town) as I recall.

Question: How safe are they? Are they guaranteed up to $250,000?

August 11, 2023
8:22 am
gicjunkie
Ontario
Member
Members
Forum Posts: 650
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

COIN said

Last time (2-3-4 years ago) they said I had to appear in person to open an account. But they are in a small town (forgot the name of the town) as I recall.

Question: How safe are they? Are they guaranteed up to $250,000?  

They are covered for $250,000 by FSRA ( https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance/find-credit-union-or-caisses-populaires-ontario?combine=ganaraska&field_credit_union_status_value=All ) We have used them for many years. Speak to Sarah Mitchell in Port Hope. She is the branch manager.
1-888-374-1717 ext 200 . Other branch is in Cobourg.

August 11, 2023
9:17 am
COIN
Member
Members
Forum Posts: 1100
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

gicjunkie said

They are covered for $250,000 by FSRA ( https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance/find-credit-union-or-caisses-populaires-ontario?combine=ganaraska&field_credit_union_status_value=All ) We have used them for many years. Speak to Sarah Mitchell in Port Hope. She is the branch manager.
1-888-374-1717 ext 200 . Other branch is in Cobourg.  

Thanks. Might be worthwhile for me to contact them again if I don't need to appear in person. Port Hope and Cobourg are not in my normal travel pattern.

October 27, 2023
5:34 pm
hwyc
GTA
Member
Members
Forum Posts: 1155
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

7-month term 5.80%, new money special.

November 6, 2023
8:16 am
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

5.80%, 7 months
5.60% 18 months
5.55% 1 Year

Can open the account online.
Its worth mentioning that although they may be offering a few Bps lower than other online brokerages, its quite worth the service. You can actually talk to a real person...I might do the 18 months, thoughts?

November 6, 2023
5:04 pm
Loonie
Member
Members
Forum Posts: 9182
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

mel78 said
5.80%, 7 months
5.60% 18 months
5.55% 1 Year

Can open the account online.
Its worth mentioning that although they may be offering a few Bps lower than other online brokerages, its quite worth the service. You can actually talk to a real person...I might do the 18 months, thoughts?  

Make sure you have figured out how you will get the money out when GIC matures before you buy it. Ganaraska doesn't set up links from their end as far as I know, and their chequing accounts cost about $5-$6 /month, no seniors discount that I know of. You can set up a link from Tangerine if you have account there and an unused link.

November 6, 2023
5:12 pm
mel78
Member
Members
Forum Posts: 13
Member Since:
September 20, 2022
sp_UserOfflineSmall Offline

Thanks for this…I am going to call them tomorrow and find out about cashing out at maturity…I read an article that their CEO changed 3 years ago and from what I can tell some of their technology has advanced and so this might speak to the concern of getting the money at the end…I have been following this Credit Union for some time now. They look positive I will report back tomorrow

November 6, 2023
7:23 pm
Norman1
Member
Members
Forum Posts: 6623
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

It is hard to justify starting to pay Ganaraska CU $5/month in account fees for those GIC rates.

One can get better rates easily if one already has a BMO InvestorLine or Scotia iTRADE discount brokerage account.

Multiple issuers were paying 5.75% on one-year GIC's and 5.72% on two-year GIC's today at BMO InvestorLine. At Scotia iTRADE, the best payers were 5.72% on both one-year and two-year GIC's.

November 6, 2023
10:07 pm
Loonie
Member
Members
Forum Posts: 9182
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

There is no need to have or open a trading account at BMO etc. for this GIC.

First, mel78 has stated clearly that he values the quality of phone service at Ganaraska highly and that rate is not the only factor being considered.

Second, to the extent that rates are a factor, these trading acounts are not at the top of the heap by any means. One will do better at Oaken, Motive, WealthOne etc (~6%); or, even better, through a deposit broker (up to 6.19%), depending on convenient access to deposit broker and minimum deposit requirements, for one or two year non-registered GICs. We don't know if he's looking for registered or non-registered.

Also, a Ganaraska member need not open a chequing account with monthly fee in order to withdraw funds. As I said above, you can withdraw through Tangerine (and probably some others but never the big banks) - you just need to find a route that works for you. I did so last month at no cost. I was just warning him to make sure he has cleared his exit route and not to sign up for a fee-based chequing account that he doesn't need.

No permission to create posts

Please write your comments in the forum.