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Email this1:27 pm
May 26, 2022
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How are they able to offer these rates when no FI I can find offers them?
Rates as of May 1:
1 year 5.45%*
18 month 5.48%****
2 year 5.50%*
30 month 5.48%****
3 year 5.45%****
4 year 5.32%*
5 year 5.32%*
It's not clear which are type of insurance applies:
"CDIC Deposits Insured up to $100,000 FSRA Deposits Insured up to $250,000 Assuris Deposits Insured up to $100,000"
Is the 100k CDIC per underlying FI? ie: If I have 300k can I designate 3 different FI's to get 100% coverage?
Are the RRIF payments processed by them or the underlying FI?
1:44 pm
April 6, 2013
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GIC Wealth is a deposit broker and not a deposit taking financial institution. So, there's always a bank, credit union, trust company, or mortgage corporation that is actually offering the GIC's at the rates GIC Wealth advertises.
Not uncommon that one can't get those rates directly from the financial institution itself. The financial institution would like to control how much deposits it pays those market leading rates on.
2:02 pm
April 6, 2013
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Scrivens in Ottawa is another deposit broker mentioned here from time to time.
Scrivens is offering the same rates on non-registered GIC's:
| GICs | ||||
| 1-Year | 2-Year | 3-Year | 4-Year | 5-Year |
| 5.45% | 5.50% | 5.45% | 5.32% | 5.32% |
2:02 pm
March 30, 2017
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NCC1701Z said
How are they able to offer these rates when no FI I can find offers them?Rates as of May 1:
1 year 5.45%*
18 month 5.48%****
2 year 5.50%*
30 month 5.48%****
3 year 5.45%****
4 year 5.32%*
5 year 5.32%*It's not clear which are type of insurance applies:
"CDIC Deposits Insured up to $100,000 FSRA Deposits Insured up to $250,000 Assuris Deposits Insured up to $100,000"Is the 100k CDIC per underlying FI? ie: If I have 300k can I designate 3 different FI's to get 100% coverage?
Are the RRIF payments processed by them or the underlying FI?
Think of it as a mortgage broker can sometimes find you a better rate than what you can find yourself. When you get the mortgage, its the FI that lends you the money, not the mortgage broker. The broker works purely as a match maker middleman.
2:30 pm
May 26, 2022
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Norman1 said
Scrivens in Ottawa is another deposit broker mentioned here from time to time.Scrivens is offering the same rates on non-registered GIC's:
GICs 1-Year 2-Year 3-Year 4-Year 5-Year 5.45% 5.50% 5.45% 5.32% 5.32%
Their RRIF rates are more than 1% lower! I hope GIC wealth posted rates are not for non-reg only.
2:44 pm
April 6, 2013
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Yes, it is possible that some of those GIC Wealth rates are for non-registered funds only.
The financial institution offering the leading five-year GIC rate, for example, may be planning lend the five-year funds out as some commercial mortgages in a few weeks. It doesn't want to chance an uncertain number of weeks for a direct TFSA/RRSP/RRIF transfer to complete.
I don't know if anyone has tried getting a leading non-registered rate from a deposit broker for an RRSP by offering to make a $50,000 RRSP contribution instead of transferring $50,000 from another RRSP.
5:12 pm
February 14, 2023
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NCC1701Z said
How are they able to offer these rates when no FI I can find offers them?Rates as of May 1:
1 year 5.45%*
18 month 5.48%****
2 year 5.50%*
30 month 5.48%****
3 year 5.45%****
4 year 5.32%*
5 year 5.32%*It's not clear which are type of insurance applies:
"CDIC Deposits Insured up to $100,000 FSRA Deposits Insured up to $250,000 Assuris Deposits Insured up to $100,000"Is the 100k CDIC per underlying FI? ie: If I have 300k can I designate 3 different FI's to get 100% coverage?
Are the RRIF payments processed by them or the underlying FI?
A while back I inquired with them about the issuers offering the best rates. I’m sure the issuers will change regularly but at that time, the best rates were offered by non-CDIC, eg Credit Union Atlantic etc
8:57 pm
September 15, 2017
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The leader through most GIC brokers the last few days has been Windsor Family Credit Union (Ontario) for 1 to 5 years.
6:15 am
March 30, 2017
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kesa said
A while back I inquired with them about the issuers offering the best rates. I’m sure the issuers will change regularly but at that time, the best rates were offered by non-CDIC, eg Credit Union Atlantic etc
Think by default, the GIC brokers work with non-CDIC only most of the time ?
So far I have only seen CU names with them.
8:47 am
April 6, 2013
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The deposit brokers work with CDIC-insured deposit takers as well.
GIC Wealth's Institutions Represented page includes some CDIC members. But, not all of the institutions they work with will offer their top rate every day.
9:12 am
November 21, 2015
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There are institutions, that are not on the list, that they place our deposits with.
12:16 pm
March 15, 2019
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julio said
There are institutions, that are not on the list, that they place our deposits with.
Are these "unlisted" institutions reputable?
2:01 pm
November 21, 2015
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You don't care, if it is reputable, but e.g., for Credit Unions, it has to listed as having "Deposit Insurance Coveradge" under Financial Services Regulatory Authority of Ontario (FSRAO.ca). The broker will tell you that, but you have to, in my experience, calculate yourself the original amount to be invested as not to exceed the coverage amount at the end of your GIC term. Nobody else will.
2:15 pm
May 26, 2022
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Their posted rates are not for RRSP or RRIFs which are substantially lower up to 1% less for longer terms. I can do better at Motive or Accelerate financial so these are not the highest rates
5:50 am
April 6, 2013
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COIN said
Are these "unlisted" institutions reputable?
I wouldn't read too much into whether or not an institution is on GIC Wealth's Institutions Represented page.
The page may not be updated regularly. All the logos on the page are dated in October 2020.
5:00 am
February 14, 2023
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CDIC is a crown. IF (big if) s*** hits the fan, you’d have to worry about Canada failing.
Anything else (FSRA, Assuris, etc), again if s*** hits fan, you may not be sleeping well.
Therefore the rates on non-CDIC GICs must be incrementally higher to take on the additional risk.
5:59 am
April 27, 2017
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Failure to cover CDIC does not necessarily mean Canada “failing” but it does mean that the Federal government is unwilling to pay. This can happen, although probability is low.
Provincial governments might be unable rather than just unwilling to pay, although the Federal government might step in. Higher probability of losing $s but still very small, particularly provinces with large populations.
6:08 am
March 30, 2017
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All depositors (regardless of deposit amount) will be made whole by the govt, based on what we have seen happened in the US. The question is are GIC investors considered depositors or investors ?
10:53 am
February 14, 2023
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1 year 5.75%**
18 month 5.75%**
2 year 5.75%*
30 month 5.75%****
3 year 5.61%*
4 year 5.55%*
5 year 5.55%*
* Minimum Investment $25,000 ** Minimum Investment $50,000 *** Minimum Investment $75,000 **** Minimum Investment $100,000
12:22 pm
May 26, 2022
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kesa said
1 year 5.75%**
18 month 5.75%**
2 year 5.75%*
30 month 5.75%****
3 year 5.61%*
4 year 5.55%*
5 year 5.55%*
* Minimum Investment $25,000 ** Minimum Investment $50,000 *** Minimum Investment $75,000 **** Minimum Investment $100,000
Misleading - the RRSP/TFSA rate are much lower
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