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May 11, 2022
10:31 am
geotabs
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Forum Posts: 11
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March 2, 2018
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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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October 21, 2013
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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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Forum Posts: 183
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April 15, 2015
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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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December 20, 2016
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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.

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