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April 19, 2022
10:40 am
savemoresaveoften
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AllanB said
What FI is offering 1yr 3.35  

pretty sure it will be Wealth One again. They have been consistently no.1 for the last little while.

April 27, 2022
6:57 am
gicjunkie
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Rates up again:

1 year 3.45%*
18 month 3.50%*
2 year 3.75%**
30 month 3.80%**
3 year 4.05%**
4 year 4.05%**
5 year 4.10%**

* Minimum Investment $25,000
** Minimum Investment $50,000
*** Minimum Investment $100,000

April 27, 2022
9:22 am
AllanB
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3.48@1yr is Haventree I believe.

Does anyone know what w1 topped out at for the 1yr?

April 27, 2022
9:39 am
tony2000
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I have 100,000$ to place ... looking for the best rate and safest option in GIC.
approx 4% or better... anyone have any inside deals... I heard sometimes if you talk to banker they have some wiggle room?

April 27, 2022
10:39 am
Loonie
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For 100K, some of them will have some wiggle room, but you have to ask them individually. I would expect another 5 basis points if they are going to budge.

April 28, 2022
3:29 pm
mechone
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tony2000 said
I have 100,000$ to place ... looking for the best rate and safest option in GIC.
approx 4% or better... anyone have any inside deals... I heard sometimes if you talk to banker they have some wiggle room?  

I would wait until June 1st next rate rise. I am some banks will pay you out the interest monthly . I have one 5 year pays monthly the interest into my high interest account. I think this is just the beginning rates will go way up and housing prices will crash it's already started. They stated on radio this morning 200,000 price drops already in Toronto.

May 4, 2022
4:14 pm
frugal lady
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1 Year GIC @ 3.85%
Advised today by GIC Wealth:

"Both Equity Credit Union and DUCA Credit Union are offering the 1 year 3.58% GIC. "

May 4, 2022
5:58 pm
Loonie
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frugal lady said
1 Year GIC @ 3.85%
Advised today by GIC Wealth:

"Both Equity Credit Union and DUCA Credit Union are offering the 1 year 3.58% GIC. "  

Are you sure you meant 3.85 at GICWealth? Perhaps a typo? Their site still says 3.58

Did you mean DUCA and Equity are offering this rate through GICWealth, or independently?

I don't know about DUCA but Equity takes a dim view of their members buying Equity GICs from brokers.

May 4, 2022
6:40 pm
frugal lady
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Loonie said

Are you sure you meant 3.85 at GICWealth? Perhaps a typo? Their site still says 3.58

Did you mean DUCA and Equity are offering this rate through GICWealth, or independently?

I don't know about DUCA but Equity takes a dim view of their members buying Equity GICs from brokers.  

Sorry yes typo - should be 3.58%
Yes through GIC Wealth - Duca and Equity offering

May 4, 2022
7:52 pm
savemoresaveoften
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frugal lady said

Sorry yes typo - should be 3.58%
Yes through GIC Wealth - Duca and Equity offering  

Duca showed 1.7% on their own web site but offer 3.58 thru broker…what are they thinking..

May 4, 2022
9:34 pm
Norman1
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It's called a flash sale.

It is done through deposit brokers so that the market leading rate can be yanked at the end of a day, after the desired amount of deposits is raised, without having to deal with complaints from stragglers, like "Why the !@#$ did you give that rate to one of my co-workers two days ago but you won't give me that rate me today?"

May 5, 2022
12:21 am
Loonie
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Actually, GICWealth has been offering this rate for several days now, about a week so far.

May 5, 2022
6:45 am
Norman1
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Rate through a deposit broker can be yanked at the end of the day. But, that doesn't necessarily mean a flash sale is only for one day.

There is an art to setting the rate for a flash sale to not overshoot the target amount of funds too much.

The 3.58% one-year GIC rate is not available for all purchases. Through GIC Wealth, the minimum is $25,000. The same rate through Fiscal Agents is $100,000 minimum. For a more modest $5,000, the DUCA one-year rate through Fiscal Agents is 2½% that is bested by Bridgewater Bank at 3.4%.

May 5, 2022
8:33 am
Loonie
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Any rate can be "yanked" at the end of a day after a fairly short period of time. It wasn't long ago that Motive, for example, was changing their rates weekly.

Any rate can have a minimum and maximum deposit. This one at GICWealth started out for the first day with a 100K minimum, then went quickly to 25K..
It's only in-house promotional rates that are guaranteed for a certain length of time (sometimes - and most of those have a clause that allows for changes.) There are only a few FIs, like Oaken, that give advance notice.

The real issue here is that these FIs are offering rates to the general public through deposit brokers that they don't offer their members, regardless of size of deposit, and that they are ready to penalize members who buy them.

May 5, 2022
1:01 pm
savemoresaveoften
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frugal lady said

Sorry yes typo - should be 3.58%
Yes through GIC Wealth - Duca and Equity offering  

I think it’s min. 100k for the 1y 3.58 per the email I Recd.

May 5, 2022
2:41 pm
JenE
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According to their website just now, it’s 3.58% for 1 year, $25,000 min. amount.

May 5, 2022
5:21 pm
Norman1
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Loonie said
Any rate can be "yanked" at the end of a day after a fairly short period of time. It wasn't long ago that Motive, for example, was changing their rates weekly.

Flash sales are not the routine ¼% or ½% fluctuations in rates.

There isn't going to be a large blowback if someone found out they missed a 3% GIC rate during the two weeks before and now has to settle for 2½%.

There will be if the person found out the financial institution had flashed a market-leading 3.8% rate for a few days before and the person now has to settle for 2½%.

Not sure why a credit union would object to a member buying the GIC through a deposit broker when the credit union won't offer the same rate with the same minimum through its own branches.

I guess some credit unions play their members for fools. Like that one a relative belonged to that was offering 5-year GIC's at 1% below the posted rate from the Royal Bank.

May 5, 2022
6:47 pm
Loonie
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The rate discrepancy at Equity CU in this case is .28, so i submit that even by your own criteria it is not a flash sale.
Admittedly the gap is substantially larger at DUCA, but if it goes on for a couple of weeks or more, I don't think you can call it a flash sale.

It may be a way for the FI to raise funds while it is short of staff by outsourcing the sales. Someone was complaining on another thread that DUCA phone staff seemed new and green although I have not had any problem with them myself lately.
To put a large premium on outsourced GICs is to defeat the purpose of membership.

If theses CUs want to put a minimum on the purchase in order to offer the high rate direct, they can do that. That would be fair.

May 6, 2022
6:14 am
savemoresaveoften
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Loonie said

To put a large premium on outsourced GICs is to defeat the purpose of membership.

If theses CUs want to put a minimum on the purchase in order to offer the high rate direct, they can do that. That would be fair.  

Totally agree, especially if the broker market is only set at $25k min investment.
I called DUCA and the rep was speechless when I said I have money sitting in the 2.5% promo account, looking to get a 1y GIC at 3.5% which they are offering in the brokers market. Makes no sense member's direct purchase only get 1.7% and essentially told me to withdraw from DUCA and then channel it back to DUCA via broker and DUCA has to pay 3.5%+broker's fee on top...

It only makes sense cuz a FI wants to prey on "loyalty customer" who just blindly listen to a branch staff saying they can invest 1y at 1.7% and the "loyal" more like "dumb" customer just agree without due diligence....

I can agree up to 25-50bps diff can be the result of a strategic decision, 1.7 vs 3.5 is not.

May 6, 2022
7:52 am
hwyc
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Actually I have other questions regarding CU offered GICs indirectly via brokerage. Will I end up a member of the CU ? Does it matter in which province I reside ? If it is a bank, I think NO to both my questions ... for me in Ontario anyways

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