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GICs through discount brokers
September 23, 2023
8:19 pm
Warwick111
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Bill said
I don't know, Warwick111, but if not why not just leave the GIC where it is and then close the account when it matures if you still want to close it (assuming the GIC is large enough to ensure you don't pay any account fees)? I have a number of discount broker accounts with big banks, never hurts to have options, far as I'm concerned. Only tricky thing I find is keeping track of CDIC limits if you have GICs issued by non-big banks in various places.  

Thanks Bill. I was thinking of perhaps consolidating my accounts. Since my GIC is large enough to avoid any fees and I am not in a hurry, I will just keep the GIC and decide when it matures.

September 24, 2023
7:02 am
COIN
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Warwick111 said
Thanks, Norman1. Sounds liked GICs are not transferable in-kind in general.  

On the other hand, I think bonds issued by banks are transferable.

Also, principal protected market linked notes (not GIC's) are generally transferable.

September 24, 2023
11:26 am
Bill
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I think the idea is that instruments in your account for which there exists a secondary market are transferrable. No market for "used" GICs.

April 20, 2024
7:29 am
Norman1
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GIC rates via Scotia iTRADE:

5.15% one year
4.94% two year
4.77% three year
4.54% four year
4.48% five year

Scotia iTRADE now offers US$ annual pay GIC's from Bank of Montreal:

Issuer (US$ annual pay) 1 year 2 year 3 year 4 year 5 year
BANK OF NOVA SCOTIA (THE) 4.90 4.90 4.55 4.60 4.60
BANK OF MONTREAL 4.85 4.90 4.55 4.60 4.60
April 20, 2024
1:38 pm
kesa
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ofc Bmo USD pay GIC through BMOIL are 4.95% 1 year at the moment….

Screenshot-2024-04-20-at-4.37.11 PM.pngScreenshot-2024-04-20-at-4.41.52 PM.png

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