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Ganaraska GIC 4% for 4 years
November 29, 2018
7:40 am
gicjunkie
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Ganaraska has a new 4 year cashable GIC @ 4%. Interest is payable annually.
If cashed prior to maturity, rate is clawed back to 1.25%

November 29, 2018
9:42 am
hotmony
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interesting deal maybe they can drop the penalty clause or do 4% cashable after 29mths.. asked no exceptions

November 29, 2018
11:59 am
lunapotts
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I stopped into Ganaraska Financial today and came across 4% Cashable for 4 years. Its by far one of the most competitive GIC rates on the market and the rate is paid each year. There of course is that penalty as mentioned in this thread of the 1.25% but you can break your investment up into chunks as long as it is a minimum investment of $500. Breaking it up basically means you don't have to take the full amount if you cash it, thought that was a very clever method of investing.
Overall the people are so friendly, they have a relaxing seating area and serve coffees and tea if you are waiting, for a small Credit Union they are doing really well to stay above the rest in rates and service.

November 29, 2018
12:28 pm
toto
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Is it only for Ontario residents?

November 29, 2018
12:34 pm
Loonie
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Thank you SO much, gicjunkie!
I posted earlier that I was in need of a great four year rate, and have held off, hoping one would still emerge.

Definitely worth the drive to Port Hope for me!

toto, I believe you have to show up in person to open a membership.

November 29, 2018
12:58 pm
thisusernameforlease
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Thank you GICJunkie. I have found your updates on different promos/offers profitable. Much appreciated!

November 29, 2018
1:10 pm
toto
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Thanks Loonie,

I'm in BC, too bad I wanted to get this term.

November 29, 2018
4:59 pm
gicjunkie
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thisusernameforlease said
Thank you GICJunkie. I have found your updates on different promos/offers profitable. Much appreciated!  

You are all very welcome. Always happy to share a good thing.

People at Ganaraska are very friendly and helpful. I confirm that you must visit them to open an account (Cobourg, Peterborough or Port Hope). It's about a 1.5 hour drive from Toronto. Worth it to me.

Happy investing!

November 29, 2018
5:12 pm
Save2Retire@55
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Maybe if it stays the same for my next trip to Toronto or Niagara Falls 🙂 Great deal but not easy to get.

November 29, 2018
6:49 pm
Loonie
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ViaRail stops in Cobourg , for those who don't drive. And there is a bus to Peterborough.
Retirees could make a nice day trip out of it, and still come out considerably ahead. Too bad it's the rainy/snowy/grey season.

November 29, 2018
7:35 pm
thisusernameforlease
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I went to Cobourg to open an account. Took Via from Union. It's a 3 minute cab ride or about 15 minute walk from the station in Cobourg to the branch.

It's probably best to cab it in the winter, but I would like to share something fun: I walked from the station to the branch (I like walking when the weather allows), and one thing I noticed over and over again, is that if a car was pulling out of a driveway or parking lot and was covering some/all of the sidewalk, the driver would actually reverse so that I could pass. Each time, the driver waved at me (more of an apology than a hello).

This happened about 5 separate times during my little walk. It was hilarious. That never happens in Toronto, where you are just happy enough to be seen by drivers when you're a pedestrian.

It was such a quaint, small town thing, and as you can see it stuck in my memory. Way to go Cobourg.

November 29, 2018
8:41 pm
gicjunkie
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Save2Retire@55 said
Maybe if it stays the same for my next trip to Toronto or Niagara Falls 🙂 Great deal but not easy to get.  

Don't know when you may realistically get to the area, but , in the past, some of these specials have lasted for a few months.

November 29, 2018
10:03 pm
Loonie
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thisusernameforlease said
I went to Cobourg to open an account. Took Via from Union. It's a 3 minute cab ride or about 15 minute walk from the station in Cobourg to the branch.

It's probably best to cab it in the winter, but I would like to share something fun: I walked from the station to the branch (I like walking when the weather allows), and one thing I noticed over and over again, is that if a car was pulling out of a driveway or parking lot and was covering some/all of the sidewalk, the driver would actually reverse so that I could pass. Each time, the driver waved at me (more of an apology than a hello).

This happened about 5 separate times during my little walk. It was hilarious. That never happens in Toronto, where you are just happy enough to be seen by drivers when you're a pedestrian.

It was such a quaint, small town thing, and as you can see it stuck in my memory. Way to go Cobourg.  

There is a significant community of retirees in Cobourg, so perhaps they are more aware of the difficulties faced by pedestrians. At least they're in less of a hurry.

Many years ago, the first time I went to Vancouver, I was startled at how the cars would come to a dramatic halt in the middle of the road if I ventured to jaywalk. - normal in TO. I had intended to wait for them to pass, but to their way of thinking, anyone in the road must be intending to march right into traffic. I'm sure this doesn't happen any more, but it was so strange to me that I was embarrassed to have caused such disruption. I kept doing it, of course, because it was my habit, and, every time, they would come to a screeching halt in front of me. I finally got the hang of it, but was then unprepared for my return to TO!

November 30, 2018
6:44 am
Koogie
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I hate to be that guy but do want to caution those who are ... cautious by nature.

First off. I purchased their 4% / 5 year deal when they had it back in March. I went to the Peterborough branch and they were very nice people. The purchase went smoothly and I was happy with the whole process.

However, I did do a little "due diligence" when I bought (like I always try and do) since they are a small CU. I unearthed that they have had fairly serious financial problems in the past. I emphasize the past. However, I present the following link for those who are interested.

http://enterprise-magazine.com.....-smallest/

Now, there is nothing to say that those days aren't behind them. I certainly hope they are. If you read their latest annual report, they are very optimistic.

https://www.ganaraskacu.com/SharedContent/documents/2017annualreport.pdf

Saying all that though, a little part of me is apprehensive that they have felt the need to lead the market twice in one year now for deposits. And, lead the market by a significant margin in order to attract deposits. Northern Raven or someone could analyze the report and tell us why. I did note their loan and mortgage growth rate and the rate of growth of the deposits.

Anyway, this is all strictly FYI. I do believe I would buy from them again and I also have faith in the DICO system unlike some naysayers here.

Caveat emptor.

November 30, 2018
7:28 am
thisusernameforlease
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Thanks Koogie - your point is well taken.

I was also aware of this issue, but am comfortable with staying within DICO limits (this applies to all Ontario CU's I deal with, not just Ganaraska).

My expectation in a worst case scenario for Ganaraska is that they would be absorbed by a larger CU like Meridian or First Ontario. The CU system is very integrated and damage to one CU affects the reputation of all of them. Though they aren't a collective, I expect mutual self-interest would clog up any holes before DICO would need to kick in.

November 30, 2018
8:14 am
Koogie
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thisusernameforlease said My expectation in a worst case scenario for Ganaraska is that they would be absorbed by a larger CU like Meridian or First Ontario. The CU system is very integrated and damage to one CU affects the reputation of all of them. Though they aren't a collective, I expect mutual self-interest would clog up any holes before DICO would need to kick in.  

Completely agree.

December 3, 2018
6:54 am
hotmony
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In the unlikely event they go bust before a gic matures do investors get 4% up till dico moves in or 1.25 the cashable rate before maturity

December 5, 2018
9:34 pm
Loonie
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gicjunkie said

Don't know when you may realistically get to the area, but , in the past, some of these specials have lasted for a few months.  

And you only have to show up once, to open a membership. After that, it can all be done remotely if no EFTs.

December 6, 2018
8:09 am
hotmony
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hotmony said
In the unlikely event they go bust before a gic matures do investors get 4% up till dico moves in or 1.25 the cashable rate before maturity  

Spoke to someone at dico they say depends how the offering is written i sense no guarantee from them beyond principal plus 1.25%

Theres no offering document but the gic can be compounded.
The cu seems to have its act together i called a few times each branch the reps were on the ball.

I'll add the 4% interest can be compounded or paid out annually apparently for those wondering about tax implications.

December 6, 2018
1:51 pm
Loonie
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You have to declare the income annually whether you receive it then or not. The issue isn't tax, but income. For this reason, many recommend taking the income annually, so that you actually have the money to pay the tax.

However, if you are at all concerned that they might go belly up and that you'd only get 1.25 from DICO, then you'd be wise to take your interest annually.

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