Ganaraska Financial Credit Union | Page 2 | GIC discussions | Discussion forum

I guess you are missing the brokers' rates, if you are interested.

GIC Wealth
1 year 5.95%*
18 month 5.75%**
2 year 5.91%

I am assuming you just want short term.

The rate drops, for long term, are occurring as we speak. The 5.8% rates are gone and the 5.6% rates are disappearing. 5% for long term may be the new base for a while. Short term rates may stay firm for a while, depending on the Bank of Canada rate announcements and "tone." Just guessing, like everyone else.

Yes, they can be competitive and will sometimes be open to matching others offering higher rates. I have dealt with them in the past and they are good to work with. Speak to Sarah in Port Hope. Good luck.

mel78 said
Thanks GICJUNKIE - I went to the Port Hope Office for an appointment with Sarah Mitchell this month, just wanted to report back, it was a great experience.

I noticed the rates are still a lot higher than other Credit Unions. I had some money with firstontario but moved it over to Ganaraska at maturity. Dont know how long the rates will stay.

1 year 5.45%
15 months 5.35%  

Glad it all worked out well. You're welcome!

Ganaraska is offering 3.85% for new money in a 3-year GIC for a limited time. Only hiccup is that you have to join in person, AFAIK.

https://www.ganaraskacu.com/rates

Nehpets said

GIC Wealth Management 3.75% for 3 years

Brokers often / usually provide better opportunities than FI retail direct.

Stephen  

Yes, but how safe is your money?

BTW: I saw in the past on at least one occasion, where someone could get a better DUCA rate from a broker than if he/she could get directly from DUCA. Weird, eh?

Nehpets said

Please elaborate on why you have concerns about dealing with a licensed deposit broker, with an established reputation dealing with recognized financial institutions in Canada.

I have been dealing with two deposit brokers for years, Scrivens in Ottawa and Wealth One in Toronto and have never heard of or experienced anything other than first class reliable and predictable service.

Funds are made out in the name of the FI in question, documentation records all details, and written confirmations from the broker and FI are sent to you.

Payouts are made to your bank account and on renewal the check is payable to you.

There's no mystery in dealing with a deposit broker, and the advantage is they are the channel where you can get "flash limited time deals" on higher than average rates.

And, yes, sometimes a call to the FI in question that has an offer available at a broker will be met or exceeded when the FI is approached directly, because they are not paying the broker a commission.

However, there seems to be a trend among many FI's to prefer the broker channel for GIC business as they avoid administrative costs on small deposits and generally receive higher dollar deposits through brokers.

What are your concerns?

Stephen  

First, Stephen, shall we assume you meant you invest via "GIC Wealth Management" a deposit broker and not "Wealth One," a bank?

And, yes, I agree with your assessment of dealing with reputable brokers. I have been a GIC Wealth investor for many years. They facilitate your investment for which they receive a commission from the FI, while offering better rates from their FIs. Your investment is not with the broker. The FI sends out their own GIC certificate as a confirmation of investment directly to the investor. Deposit insurance also applies based on what kind of FI you are investing in.