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December 1, 2021
10:32 am
JenE
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Just seen

THIS WEEK'S SPECIAL RATES

1 year 1.65% **
18 mth 1.85% *
2 year 2.05% *
30 mth 2.25% *
3 year 2.50% ***
4 year 2.60% ***
5 year 2.75% *

Minimum Investment $25,000 *
Minimum Investment $50,000 **
Minimum Investment $150,000 ***
All rates insured by either CDIC or FSRA - Contact us for details

CALL US TODAY
416-787-1366
OR E-MAIL
info@gicwealth.ca

December 1, 2021
10:36 am
savemoresaveoften
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The 3 and 4 year rate were min $25k only last 2 months.

December 1, 2021
12:10 pm
GR
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savemoresaveoften said
The 3 and 4 year rate were min $25k only last 2 months.  

For those in the GTA, Monarch Wealth does not normally have the same high minimums as GIC Wealth and rates are usually comparable or better at Monarch Wealth!

https://www.monarchwealth.ca/clients#gic

December 1, 2021
1:30 pm
savemoresaveoften
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GR said

For those in the GTA, Monarch Wealth does not normally have the same high minimums as GIC Wealth and rates are usually comparable or better at Monarch Wealth!

https://www.monarchwealth.ca/clients#gic  

How are they compare to GIC wealth ? In terms of customer service and years of being in the business, etc.

December 1, 2021
2:06 pm
GR
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savemoresaveoften said

How are they compare to GIC wealth ? In terms of customer service and years of being in the business, etc.  

I have dealt with Monarch Wealth (formerly The Investment Shop) for many years and have been very satisfied with their service. They don't require the very high GIC minimums that GIC Wealth does and rates at Monarch are often higher. I was a client of GIC Wealth very briefly years ago and didn't like their attitude and approach.

December 1, 2021
2:51 pm
Loonie
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Monarch has been around for a long time. I dealt with them back in the '80s or '90s. I think it was the '80s. Yes, it used to be the Investment Shop, and maybe something else before that - can't remember now.
I've had good service from both but found GICWealth friendlier to deal with. There's not much difference though.

December 2, 2021
7:26 am
savemoresaveoften
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Loonie said
Monarch has been around for a long time. I dealt with them back in the '80s or '90s. I think it was the '80s. Yes, it used to be the Investment Shop, and maybe something else before that - can't remember now.
I've had good service from both but found GICWealth friendlier to deal with. There's not much difference though.  

Thanks for the reply. I am currently using GICWealth only. Yes they are friendly for sure, but sometimes their response time is little on the slow side for a business in the financial industry. Sometimes it may take at least 1 day or 2 before they get back to me. And there are a couple of times when there are simply no response and I dont want if they miss my email, my voice mail or...

December 2, 2021
8:53 am
Loonie
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I'm not making excuses for them, but it's possible GICWealth's business has jumped considerably recently and that they are having trouble keeping up. For the last few months, they've been offering some of the best available rates, which is unusual, and they've gotten a big boost in publicity from this forum.

December 2, 2021
9:07 am
canadian.100
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Does anyone know of reputable GIC agents (like GIC Wealth and Monarch) that are located in York Region? I want to provide to an associate who lives in that area. Thx.

December 2, 2021
10:01 am
Loonie
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The deposit brokers have a professional association which has a website with directory. You might check there for someone in York Region. I can't remember the name of it. Many people who function as deposit brokers also run insurance agencies and other kinds of financial/investment businesses. My hunch though is that the larger companies that specialize in this will have better offers as they will have more bargaining power with issuers and, hopefully, more efficiencies.

That said, GICWealth is located near Dufferin and 401 (I can't remember where precisely), which isn't really that far from York Region, depending on where you are exactly. York Region is a fairly large area anyway; some parts of it would be closer to other municipalities in Durham, Simcoe etc.

GICWealth uses couriers, as does Monarch, so it's not necessary to live close to them, except perhaps for an initial meeting but that may also be avoidable.

December 2, 2021
10:42 am
canadian.100
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So their couriers pick up cheque(s) and application form(s) from the client? Does the client pay for the courier?

December 2, 2021
12:40 pm
Loonie
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canadian.100 said

So their couriers pick up cheque(s) and application form(s) from the client? Does the client pay for the courier?  

My experience is not recent, but I didn't pay for the couriers, and, yes, they came to pick up the cheque and transfer docs for registered. I don't think I ever visited a Monarch office. I did visit GICWealth to initiate as that is my preference, so don't know what happens if you don't. Contact them to verify.

December 3, 2021
10:33 am
gicjunkie
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I have never been charged for the courier service by GIC Wealth and I have used this service many times.

December 3, 2021
12:04 pm
savemoresaveoften
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gicjunkie said
I have never been charged for the courier service by GIC Wealth and I have used this service many times.  

Depends on where the courier picks up I think. The courier cost has gone up a lot (I was told). Think if pick up location is downtown, its way cheaper than say Richmond hill, Markham or Aurora.

December 3, 2021
1:10 pm
COIN
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savemoresaveoften said

Depends on where the courier picks up I think. The courier cost has gone up a lot (I was told). Think if pick up location is downtown, its way cheaper than say Richmond hill, Markham or Aurora.  

Do they deliver to clients as well or only pickup? What if I give the pickup courier something to bring something back to Wealth?

December 3, 2021
2:52 pm
savemoresaveoften
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COIN said

Do they deliver to clients as well or only pickup? What if I give the pickup courier something to bring something back to Wealth?  

Limited experience with them, but first time as a customer, they send courier to pick up the cheque. Second time, they ask politely if I can mail it and they will reimburse cuz their usual courier now wants $$$ to pick up from my location (I am 20km north east of their office.) So I mailed it but obv ended up losing a few days of interest cuz the check is NOT in their hands same day (if its courier). Next time I will see how to mitigate that, or get the broker covers for the lost interest, cuz that will still be cheaper than the amount their courier charges. For the record, I am not investing millions so the daily interest is not $$, maybe I should have asked for that too. If they make 50bps on each sale, then it will more than cover the courier cost with min $25k investment. I am totally fine if there is a way to save them some money on the courier (me going to the post office to use a cheaper alternative to mail it in) but certainly not cost me financially at the same time due to lead time.

So far delivery (GIC confirmation etc) is snail mail only. I will be interested to see how they deliver the interest on the GIC too as I opt out of reinvest option. First time dealing with GIC brokers so obv just testing the process with 5-figure transactions. If it is snail mail for the interest, it will be at least a 2 wk late I presume (CU snail mail check to them, they then process and snail mail it to me).
May be others can explain how getting the interest or the principal at maturity works if one opts not to renew/reinvest. I wish it can be electronically done like when I deal with a CU direct, but dont foresee their technology will be that advance to do it, esp when cheques are still the only one to fund a purchase it seems...

December 3, 2021
3:41 pm
GR
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I can only explain my experience in the Toronto area with Monarch Wealth, which could be different with other GIC brokers/agents.
Monarch Wealth arranges with their courier, at their expense, to pick up your cheque from your place. If you call Monarch by mid-morning, their courier will pick up your cheque and deliver it to Monarch same day and your GIC will be effective that day. Your cheque is payable to the financial institution (or to yourself).
At time of purchase, you can ask that the financial institution credit interest by EFT to your bank account, if you provide broker/agent with details. This results in no delay in receiving interest, when due. Before maturity, the financial institution mails, to the broker/agent, a post-dated cheque for the principal, payable to you. You can either instruct the broker/agent to mail to you the post-dated cheque or to hold and re-invest the cheque at maturity with whichever financial institution you agree to.

December 3, 2021
6:56 pm
COIN
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During the 2.88% promotion, I asked if I could personally hand-deliver the cheque to their Sheppard office. I was told there's no one there because COVID and I was not offered nor did I ask them about sending a courier to pick-up the cheque.

December 3, 2021
8:33 pm
GR
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COIN said
During the 2.88% promotion, I asked if I could personally hand-deliver the cheque to their Sheppard office. I was told there's no one there because COVID and I was not offered nor did I ask them about sending a courier to pick-up the cheque.  

I think you are confusing Wealth One Bank (a financial institution) with GIC Wealth (a GIC broker/agent).

December 4, 2021
5:05 am
savemoresaveoften
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COIN said
During the 2.88% promotion, I asked if I could personally hand-deliver the cheque to their Sheppard office. I was told there's no one there because COVID and I was not offered nor did I ask them about sending a courier to pick-up the cheque.  

Like GR said, if you are talking about Wealth One bank, no chance any bank / CU will ever send a courier at their expense to pick up anything.
Maybe if you are doing a mortgage and they making $$$$$$ off you.

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