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GIC Wealth Management Broker Rates
April 16, 2019
4:22 pm
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hotmony said
Have a prime credit line so you can borrow a few days in advance of a maturity if rates are about to move then deduct the interest expense?  

You mean a prime PLUS credit line, don't you?

April 16, 2019
4:39 pm
Nehpets
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Loonie said
I agree with gicjunkie's approach. I consider it common sense to do your homework and not be unreasonable. However, I have found both CUs and banks to be inflexible, so far. ....

I too agree with GIC-J's approach, and have had success with a couple of CU's in negotiating a favorable rate. Sometimes they can be amenable to offering more than is publicly advertised and sometimes not. Yes, and even my deposit broker has had unadvertised specials, and/or matched rates to rate leaders, if/when asked.

There's nothing to lose in asking (if ya' don't swing, you'll never hit)

......and, as has been eloquently stated by Loonie:

Know what your bottom line is, be polite, don't bullshit; shake hands and walk away if they can't meet your requirement, leaving the door open for a future negotiation.

Stephen

April 16, 2019
4:49 pm
gicjunkie
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gicjunkie, I'm curious what you would consider a sufficiently large deposit to make an impact in negotiations.

  

This is an excellent question, but totally judgmental. I would say at least $25,000, but more likely $50,000 and up. Again, it depends on the needs (size?) of the FI. As they say, "everything is relative". Obviously, the larger the amount, the greater the investor's leverage.

April 16, 2019
4:56 pm
gicjunkie
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hotmony said
Have a prime credit line so you can borrow a few days in advance of a maturity if rates are about to move then deduct the interest expense?  

As I said before, just ask the FI if they can hold the rate for a few days. Many times this works in order to keep a customer happy. The last resort is to get the loan, if it is worth it.

April 16, 2019
4:57 pm
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I just went through this with high 6 figures and no budge or interest shown by any FIs - they all just pointed to their posted rates. Chance of any success is a low to 0% and sorry, matching doesn't count as success.

April 16, 2019
5:03 pm
gicjunkie
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Top It Up said
I just went through this with high 6 figures and no budge or interest shown by any FIs - they all just pointed to their posted rates. Chance of any success is a low to 0% and sorry, matching doesn't count as success.  

Was it a bank or a CU?
What rate and term were you looking for?
Quite frankly, matching can be a success if it means dealing with a company you would rather deal with versus the alternative.

April 16, 2019
5:14 pm
Koogie
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I've had mixed success in the past. Gotten a slightly higher rate a couple of times on my own with CU, a couple times through a broker. The only CDIC institution to ever offer me more has been Oaken.

I always (well, 95% of the time) invest 100K at a time.

April 16, 2019
5:24 pm
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gicjunkie said

Was it a bank or a CU?
What rate and term were you looking for?  

It's now been parked at Steinbach CU in a 2.90% HISA.

April 16, 2019
6:07 pm
gicjunkie
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Top It Up said

It's now been parked at Steinbach CU in a 2.90% HISA.  

Looks like you have a lot of liquid money to get that rate.
Obviously the only issue we haven't really discussed is where you are located. The best rates we have seen recently are at Ontario credit unions. If you're in Ontario and feel 3.60% for 5 years is not enough, that's, unfortunately, about the best there is that's advertised. Outside Ontario I haven't seen better rates. As stated previously, rates are dropping somewhat and will likely stagnate for a while along with the economy. Depends how long you want the money to sit in a HISA.

April 16, 2019
6:12 pm
gicjunkie
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Koogie said
I've had mixed success in the past. Gotten a slightly higher rate a couple of times on my own with CU, a couple times through a broker. The only CDIC institution to ever offer me more has been Oaken.

I always (well, 95% of the time) invest 100K at a time.  

I agree that the CUs are more flexible and anxious to attract business than the banks. I also have had more success with CUs.

April 16, 2019
6:17 pm
Bud
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Top It Up said
You mean a prime PLUS credit line, don't you?  

Yes or home equity line

Nehpets said
Yes, and even my deposit broker has had unadvertised specials, and/or matched rates to rate leaders, if/when asked.

Interesting.. maybe ask d.broker to approach a number of other FIs to match, even ones offering below market rates if alternative names required

GIC King

April 17, 2019
3:41 am
Loonie
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I think that managers of individual branches have more discretion than people you deal with relatively anonymously over the phone. They are more aware of the bigger picture and their place in it.
My Meridian manager is rather sticky, I think. I could go to a closer branch instead, but the parking is better at this one, so I am stuck with mgr's stickiness! sf-frown

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