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May 11, 2022
10:31 am
geotabs
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Am looking to maybe buy my 1st GIC and came across the GIC brokers on here.
How safe are these institutions compared to banks beyond the 100K limits for CDIC?
If rates keep going in this direction would be nice to lock some funds up for awhile.
What are people experiences with these brokers and where is your money held and ease of access to it?

Cheers

May 11, 2022
6:43 pm
Loonie
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You should read previous threads on this subject.

FYI, when you buy a GIC through a deposit broker, you are not making out your cheque to the deposit broker but to the financial institution which is offering the GIC (or to yourself, for the financial institution to cash and put in your account). The insurance is exactly the same as if you'd bought directly from the issuer.

I have used deposit brokers on and off for many years and have never had any issues with them. In fact, I find them a convenience.

May 12, 2022
8:09 am
semi-retired
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I started using Scrivens Financial Broker in Ottawa.After the original "meet & greet" where they took our particulars,the customer service rep we have,drops by our house to do the paperwork,& pick up the check.We do not have to drive downtown Ottawa to their office.Great customer service.

May 12, 2022
9:50 am
Nehpets
Ontario
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Another voice of praise for Scrivens, having received top notch service over the years, with honesty and integrity. If the offer is better than can be had directly with an FI, I would have no hesitation to deal with Scrivens or any of the deposit brokers often discussed on the Forum.

May 31, 2022
9:12 am
AllanB
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Gic broker posters please list the top rate FI name. It matters even when the same FI is at the top of the list repeatedly. It's inconvenient to email them every other day for the answer.

May 31, 2022
10:13 am
Loonie
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AllanB said
Gic broker posters please list the top rate FI name. It matters even when the same FI is at the top of the list repeatedly. It's inconvenient to email them every other day for the answer.  

It's equally inconvenient for the poster to do this. Be grateful for the help you are getting.
Anybody who needs to know can inquire, and post the answer.

May 31, 2022
11:23 am
savemoresaveoften
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Loonie said

It's equally inconvenient for the poster to do this. Be grateful for the help you are getting.
Anybody who needs to know can inquire, and post the answer.  

100% with you. Quite a few people here just want to be spoon fed...

May 31, 2022
11:54 am
HermanH
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If folks require daily updates, can't they subscribe to a GIC broker's e-mail update mailing list? I don't do it, myself, but I think I saw subscription offerings on some broker sites.

May 31, 2022
12:00 pm
gicjunkie
Ontario
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HermanH said
If folks require daily updates, can't they subscribe to a GIC broker's e-mail update mailing list? I don't do it, myself, but I think I saw subscription offerings on some broker sites.  

You can do this with GIC Wealth Management :

https://gicwealth.ca/gics-rates/#subscribe

Sorry, I spoon fed.

I would assume some others do this as well.

May 31, 2022
12:12 pm
Loonie
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Those daily emails don't necessarily give you the name of the issuer.
FiscalAgents displays them on its website but they are not always the best rates.
https://www.fiscalagents.com/index.php/rates/rates-guaranteed-investment-certificates/

May 31, 2022
4:31 pm
GR
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Apart from Fiscal Agents, here are two websites I uncovered that could help to indicate which FIs are offering the highest rates on various GIC products at these and other brokers. The pages probably needs to be refreshed daily.

https://www.gicdirect.com/images/documents/ratesheet.pdf

http://www.finctr.ca/rates/newhighr.pdf

June 20, 2022
6:19 pm
Jon
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Also found this.

June 26, 2022
9:13 am
Alexandra
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Does anyone know what bank is offering 4.17% for a 1yrGIC through GIC Direct?

If not, I'll phone them tomorrow to see. Thanks.

June 26, 2022
9:16 am
Alexandra
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Alexandra said
Does anyone know what bank is offering 4.17% for a 1yrGIC through GIC Direct?

If not, I'll phone them tomorrow to see. Thanks.  

I'll let everyone know tomorrow if no response here.

June 26, 2022
10:13 am
gicjunkie
Ontario
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Alexandra said
Does anyone know what bank is offering 4.17% for a 1yrGIC through GIC Direct?

If not, I'll phone them tomorrow to see. Thanks.

I'll let everyone know tomorrow if no response here.  

Looks like Wealth One Bank

https://www.gicdirect.com/images/documents/ratesheet.pdf

June 26, 2022
10:28 am
Alexandra
British Columbia
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gicjunkie said

Looks like Wealth One Bank

https://www.gicdirect.com/images/documents/ratesheet.pdf  

Thanks. I'm maxed out with Wealth One. We'll see what next week brings. I'm getting nervous. Probably for no reason. sf-embarassed

June 26, 2022
10:40 am
Alexandra
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CWB/CWT Special GIC rates have gone up as well.

19 Month @4.4%
23 Month @4.55%
27 Month @4.6%

June 26, 2022
12:33 pm
HermanH
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Norman1 noted that GICs might be issued 'in-nominee-name', thereby possibly extending the CDIC limits.

https://www.highinterestsavings.ca/forum/gic/cidc-limitsgics-within-rrsp-brokerage-acct/#p74307

If you decide to look into this one, please let me know, because I am also up to my CDIC limit with WealthOne. If I can buy some more GIC in-nominee-name, then I would be happy to buy some more with a broker.

August 10, 2022
9:18 am
canadian.100
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Would anyone know which GIC Broker is offering the One Year @ 4.5%? GIC Wealth indicates min purchase of 50K but they do not list the names of the FIs and their rates, nor does GIC Direct. Some Brokers like Fiscal in Oakville do list the FI names and rates but the 4.5% is not there. Perhaps there is another GIC Broker which itemizes the 4.5% and the FI it comes from. If you have that link, that would be appreciated.
Thanks.

August 10, 2022
9:58 am
GR
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canadian.100 said
Would anyone know which GIC Broker is offering the One Year @ 4.5%? GIC Wealth indicates min purchase of 50K but they do not list the names of the FIs and their rates, nor does GIC Direct. Some Brokers like Fiscal in Oakville do list the FI names and rates but the 4.5% is not there. Perhaps there is another GIC Broker which itemizes the 4.5% and the FI it comes from. If you have that link, that would be appreciated.
Thanks.  

Monarch Wealth is also offering today 4.50% for 1 year, according to their phone hotline, and their minimum required is usually less than GIC Wealth. As issuing FI is not stated, you probably need to phone GIC broker of your choice, unless someone else has the answer.

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