March 2, 2018
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?
October 21, 2013
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.
April 15, 2015
December 20, 2016