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Is there a GIC comparison chart in this forum?
December 15, 2016
6:59 am
davidgeorge
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Is there a GIC comparison chart in this forum? Thanks.

December 20, 2016
7:08 am
gicjunkie
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Don't think there is a GIC chart here, but you can go to the Globe and Mail (http://www.globeinvestor.com/s.....ndicator=N) and Financial Post (http://www.financialpost.com/p.....nnual.html) websites. They both have pretty good charts for GIC comparison purposes. Sometime they miss some special offers from the institutions, like the Comtech 5 year offer of 2.5% for 5 years.

December 20, 2016
7:25 am
Koogie
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Just a word to the wise. Based on personal experience, be careful with Comtech.

Not saying don't invest with them but keep a close eye on your account and any interest payments you might receive (if you aren't compounding).

December 20, 2016
7:37 am
Top It Up
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Koogie said

Just a word to the wise. Based on personal experience, be careful with Comtech

The "illegibility" of their website should be enough to throw anyone off any further interest in Comtech.

December 20, 2016
8:26 pm
gicjunkie
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Re "Just a word to the wise. Based on personal experience, be careful with Comtech"

We have invested with numerous institutions over the years. Doesn't matter what kinds of institutions: big banks, trust companies and credit unions. ALWAYS keep an eye on when your interest payments are due and where they get paid to. Also be careful when the investment comes due, that it doesn't automatically roll over into a low rate for another term. We have experienced numerous "mistakes" by all types of institutions. Sometimes interest payments sit in a place that I affectionately call "limbo" until I call the bank to ask where it is. They have had clear instructions about where to put it when due. Sometimes it gets compounded by mistake. Sometimes the payments are just late for some stupid reason. I have chewed numerous companies out for their negligence and will continue to do so as needed. It's my hard earned money they have been entrusted with and they should exhibit more caution and diligence with it. I only hope that in the future I can continue to ably monitor these situations. It gets more difficult as we age.

December 20, 2016
9:30 pm
Loonie
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I couldn't agree more with gicjunkie.
Recently, with Meridian, I discovered that it is not even possible to get any kind of confirmation in writing from them about maturity instructions. I was advised that the only way to check is to phone the call centre.

In my limited experience, Oaken does the best job. Not only did they follow my instructions, but the money was received in my external account a few days before the term was even up, and with full interest!

There's really no excuse for such sloppiness in this age of e-everything.

Write it in your calendar to confirm with the FI a couple of weeks in advance of maturity date. Try to get email confirmation at least.
Put it in your calendar again for the maturity date to check that your instructions were followed.
And then, DO IT!
"Follow the money."

December 21, 2016
11:55 am
Bill
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The Globe and other GIC rate listings miss a few institutions and, more importantly, usually don't show special rates/terms that institutions sometimes offer for a limited time. Guess we can alert each other here about any GIC "deals" out there at any point in time - not sure if there's a need for a specified place on this site for this or if there's enough of these promos at any time for that - ?

December 22, 2016
6:39 am
Koogie
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Bill said
Guess we can alert each other here about any GIC "deals" out there at any point in time - not sure if there's a need for a specified place on this site for this or if there's enough of these promos at any time for that - ?

WADR to the ownership here and their mandate for this site to be about "high interest savings" only, I think this would be a fantastic idea. In this day and age, High Interest Savings accounts are a pretty narrow and declining niche (sadly) To my knowledge, there is no other forum or site that keeps track of GIC/TD issues in Canada ? The ownership here might find it would broaden the readership as well (if that is something they would be interested in). Perhaps either expand the scope of the site or just keep a sub-forum dedicated to it ?

In regards to Comtech, I just mentioned it because they caught my eye. We buy a lot of GICs/term deposits for the business and have dealt with nearly 2 dozen institutions over the years now. Comtech has been nearly the worst one in regards to their record keeping. Still a good institution and their customer service otherwise is actually quite good. As to our recordkeeping for the GICs, Santa would be proud of our list list making... sf-cool

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