GICs through discount brokers | Page 4 | GIC discussions | Discussion forum

hwyc said
Oh no … that "2.25% train" left the station … got to be full … curious who's the issuer  

Haventree Bank

BMO Investorline is offering (via Bank of Montreal, Bank of Montreal Mortage Corp & BMO Trust) very attractive GIC rates today (June 9th):
1 yr: 5.17%
2yr: 5.12%
3yr: 4.99%
4yr: 4.70%
5yr: 4.74%

The Rock said
Nice. I'm holding out for 5.25% offers.  

While holding out for 5.25%, at what rate are your funds currently sitting?

The Rock said

Nice. I'm holding out for 5.25% offers.  

BMO Investorline is offering (via Bank of Montreal, Bank of Montreal Mortgage Corp & BMO Trust) extremely attractive GIC rates today (June 27th):
1 yr: 5.35%
2yr: 5.22%
4yr: 4.93%
5yr: 4.97%
3yr: 5.20% with Cdn Western Bank

When I checked out BMOIL GIC rates today, many are close to or even higher than the rates in the GIC chart here (3-5 year rates are all higher). All are with the BMO trade names. Some slightly higher rates are available with other FIs.

1 5.49%
2 5.44%
3 5.40%
4 5.12%
5 5.14%

I'm a little surprised there isn't more discussion on GICs available via the online brokerages since they are competitive these days (maybe always were, but I had never considered them before).

Scotia iTrade also has GIC rates similar to those listed above from BMO IL but not from Scotia companies. From my perspective, it has been a fairly recent phenomenon for discount brokerage GIC rates to be competitive with, or higher than, those of digital online banks/CUs.

I think it may be primarily because of the BoC short term rate increases and bond yield curve increases the past 18 months or so that have raised the yields of all the alternatives, i.e. ISA yields, corporate bonds, Cash ETFs, etc. If institutions want to continue to raise funds through the brokerage/nominee channels, they have to compete.

It has been noted in other forums recently that GIC yield rate offerings can change daily at the discount brokerages, by even just a few basis points and no one name is constantly leading. It is just the fluid nature of the beast at the moment given the 20? year highs in interest rates.

The banks have surplus of on-demand savings-type deposits, not longer term GIC deposits.

All that on-demand cash cannot be lent out as multi-year mortgages, for example.

There's always not enough worthly borrowers. That's why the banks will send out a mortgage specialist to one's home or workplace if one wishes to borrow for a home.

BMO InvestorLine GIC rates:

TINAisOver said
Canadian Western Bank 3 year Annual @ 5.510%

I checked Brokerage GIC rates Today. found this gem @ Itrade and Investor's Edge.  

So much for that gem of a GIC. Canadian Western Bank pulled that Rate today. I'm pretty sure that rate was posted only on Sept. 5th . It's gone already. I suspect it was an error posted by CWB. Coincidentally, there is a 5.51% on the two year GIC now.