GIC rates from 3rd party broker | GIC discussions | Discussion forum

At 3.30%, that five year rate exceeds last month's brief 3.25 offer from CIBC.

The same rates are also currently available at Monarch Wealth, with the exception that no rates are advertised for 18 and 30 months.

Scrivens, a broker and with whom I have had good experience with, is just getting better rates by the day:

1-Year 2.70%
2-Year 2.78%
3-Year 3.00%
4-Year 3.20%
5-Year 3.30%

Stephen

Nehpets said
Scrivens, a broker and with whom I have had good experience with, is just getting better rates by the day:

1-Year 2.70%
2-Year 2.78%
3-Year 3.00%
4-Year 3.20%
5-Year 3.30%

Stephen  

Nehpets,
except for indicating that their website is intended for Ontario and Quebec, there's no real info about how they operate. Does one need to deal with an agent there, or simply invest online by selecting rate/term?
Also, what, if any, is the commission % on investment with them?
Do they require a minimum amt. for investment in GIC for ex.?

BlueSky said

...... Does one need to deal with an agent there, or simply invest online by selecting rate/term?
Also, what, if any, is the commission % on investment with them?
Do they require a minimum amt. for investment in GIC for ex.?  

Scrivens doesn't have an online interface, so I have dealt with them in person and on the telephone. The person I deal with is Jane Dunlop who has served me well in the past. They sometimes have limited time specials, not advertised from FI's looking for money, that can be interesting.

There is no added commission, as they are paid by the FI.

If there are minimums, which I never encountered, Jane would tell you.

Stephen

You can bet on it being insured by either CDIC or one of the provincial agencies. We learned a while back that deposit brokers sometimes sell GICs from CUs in other provinces, giving customers access that they wouldn't otherwise have. I can no longer remember the reference but it was a BC credit union.

Through Ontario deposit broker Fiscal Agents today, one year GIC's are 2.72% for $10,000 minimum and 2.78% for $25,000 minimum, from IC Savings CU.

Deposit broker rates can change more frequently as the financial institution can withdraw a leading rate after as little as a day, once it has attracted the desired amount of deposits.

Loonie said
3% for 18 months at GICWealth. Most terms increased today.  

Yup, rates are up!
I noted today a new issue of Perpetual Preferred Shares by Intact Insurance paying 5.25% annual dividend paid quarterly. So yes returns have definitely moved up generally.

Added:
Just noted the Intact Insurance issue sold out in iTrade site. That was fast!

See previous threads on deposit brokers for details.
They take their cut from the FI, not from you.
Rates for registered plans are lower than non-reg'd.

Hmm said
Noob questions regarding GIC brokers. What's the catch in using them? Any additional costs, caveats?  

For me, I started using one recently. The lack of "direct access" to the FI that issued the GICs and the fact that my $$$ goes thru a broker makes me a little bit uncomfortable (esp when I write the check to the broker instead of to the issuer direct). The feeling is like "is the extra 30-40bps in yield worth the risk"...