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GICs through discount brokers
October 17, 2020
2:24 pm
gicjunkie
Ontario
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hwyc said
Oh no … that "2.25% train" left the station … got to be full … curious who's the issuer  

Haventree Bank

October 23, 2020
6:03 am
hwyc
GTA
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The 2.06% 5-yr GIC at GICwealth is now off the table (previously mentioned in #54, #55)

June 9, 2023
7:41 am
Greedy Guy
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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%

June 9, 2023
8:25 am
The Rock
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Greedy Guy said
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%  

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

June 9, 2023
10:55 am
HermanH
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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?

June 9, 2023
1:22 pm
Nehpets
Ontario
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The Rock said
I'm holding out for 5.25% offers.  

If you're looking for 5.50 % to 5.60% on terms from one to three years, Haventree and WFCU are currently offering those rated through the GIC broker network.

Stephen

June 27, 2023
6:05 pm
Greedy Guy
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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

June 27, 2023
8:20 pm
Norman1
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BMO InvestorLine is ahead of Scotia iTRADE for one-year and two-year terms:

GIC's from Scotia iTRADE
Term Rate Issuer
1 year 5.28% Home Trust Company
2 year 5.21% Concentra Bank
Equitable Bank
Versa Bank
3 year 5.20% Canadian Western Bank
Home Trust Company
4 year 4.93% Canadian Western Bank
5 year 4.97% Canadian Western Bank
July 24, 2023
1:21 pm
Wrayzor
GTA
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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).

July 24, 2023
2:36 pm
savemoresaveoften
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i look at IE and they are `10-25bps lower than best rate out there.

July 24, 2023
3:08 pm
AltaRed
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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.

July 25, 2023
7:28 am
COIN
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This might have changed by now but I spoke to a couple of banks several months ago and they both said they have a surplus (glut) of cash and not enough borrower to lend out that cash.

July 25, 2023
8:21 am
Norman1
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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.

July 25, 2023
1:01 pm
COIN
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Borrower not ready for prime-time (Big 5) usually go to sub-prime lenders like Home Trust and/or private lenders.

August 1, 2023
6:36 pm
Norman1
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BMO InvestorLine GIC rates:

Annual Pay GIC's via BMO InvestorLine
Term Rate Issuer
1 year 5.49% Bank of Montreal
Bank of Montreal Mortgage Corp.
BMO Trust
Peoples Trust
2 year 5.45% Bank of Montreal
Bank of Montreal Mortgage Corp.
BMO Trust
Peoples Trust
Shinhan Bank Canada
3 year 5.40% Coast Capital
4 year 5.12% Bank of Montreal
Bank of Montreal Mortgage Corp.
BMO Trust
Haventree Bank
Shinhan Bank Canada
5 year 5.14%
September 4, 2023
10:22 am
Norman1
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BMO InvestorLine GIC rates:

Annual Pay GIC's via BMO InvestorLine
Term Rate Issuer
1 year 5.57% Bank of Montreal
Bank of Montreal Mortgage Corp.
BMO Trust
Peoples Trust
2 year 5.52% Bank of Montreal
Bank of Montreal Mortgage Corp.
BMO Trust
Concentra Bank
Equitable Bank
3 year 5.40% Coast Capital
4 year 5.15% Bank of Montreal
Bank of Montreal Mortgage Corp.
BMO Trust
5 year 5.09% Bank of Montreal
Bank of Montreal Mortgage Corp.
BMO Trust
Fairstone Bank
Haventree Bank
September 4, 2023
10:31 am
Norman1
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Annual Pay GIC's via Scotia iTRADE
Term Rate Issuer
1 year 5.54% Home Trust Company
2 year 5.52% Concentra Bank
Equitable Bank
3 year 5.34% Home Trust Company
4 year 5.07% Home Trust Company
HomeEquity Bank
5 year 5.09% Home Trust Company

  

September 5, 2023
2:45 pm
TINAisOver
The Six
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Canadian Western Bank 3 year Annual @ 5.510%

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

Trader first, Saver second

September 6, 2023
12:47 pm
TINAisOver
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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.

Trader first, Saver second

September 9, 2023
1:10 pm
Norman1
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That's known as a flash sale in the deposit brokerage business.

An issuer seeking to raise a certain amount of deposits will offer a leading rate through a deposit broker or dealer. When the target amount of deposits is raised, the rate is pulled at the end of the day. Sometimes, that can be as early as the end of the first day.

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