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List of all cashable gics?
May 8, 2023
7:47 am
laineyrose
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Looking for a place to put my house down payment, planning to buy within 1-2 years.

Currently using Hubert Financial, but will also need other options.

Would be good to know if I need a paid account or not to access.

May 8, 2023
9:33 am
Dean
Valhalla Mountains, British Columbia
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.
As 'Cashable' GICs don't pay much interest, you might want to also consider HISAs ... they are presently paying as high as 4.10% .

Good Luck with the house-hunting ... it's a 'Jungle' out there. sf-wink

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 8, 2023
9:52 am
Doug
British Columbia, Canada
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laineyrose said
Looking for a place to put my house down payment, planning to buy within 1-2 years.

Currently using Hubert Financial, but will also need other options.

Would be good to know if I need a paid account or not to access.  

Do you already have a discount brokerage account, or do you deal with a financial advisor (such as Manulife)? If so, the investment savings accounts currently offer some of the best deposit rates, ranging from 4.05% on the low end to 4.50%.

That being said, if your house purchase is closer to two years, I expect downward movement, though less downward than with GIC rates, in HISA rates in the next 9-12 months. Whereas 4.10% may be the top rate now, 3.30-3.5% is likely to be the top rate in the next 9-12 months.

As such, I would recommend you consider the 12-18 month GICs, https://www.highinterestsavings.ca/gic-rates/.

Cashable GICs don't offer much benefit, at the moment, to regular GICs of shorter duration and HISAs, as they're already typically priced below the HISA rates currently. Sure, they'll likely move downward less, but I really can't recommend them in good conscience and would suggest sticking with a GIC at the shortest end of when you expect to purchase a house, or going with a HISA and let the chips fall where they may.

If you insist, Tangerine or Oaken are likely your best bets in terms of cashable GICs, but just know you're sacrificing current return for the safety of locking your rate is locked in.

Cheers,
Doug

May 8, 2023
10:18 am
Nirvana7734
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Doug said

"...the investment savings accounts currently offer some of the best deposit rates, ranging from 4.05% on the low end to 4.50%."

Hey Doug. I know that this is off-topic, but do you mind if I ask which investment savings account is offering 4.5%? I'm currently receiving receiving 4.4% (4.35% + .5% for having over $100K deposited) from Scotiabank's DYN6000, but I would love to push that up a bit higher if someone is offering 4.5%.

Thank you,
Nirvana

May 8, 2023
10:30 am
Doug
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Nirvana7734 said

Doug said

"...the investment savings accounts currently offer some of the best deposit rates, ranging from 4.05% on the low end to 4.50%."

Hey Doug. I know that this is off-topic, but do you mind if I ask which investment savings account is offering 4.5%? I'm currently receiving receiving 4.4% (4.35% + .5% for having over $100K deposited) from Scotiabank's DYN6000, but I would love to push that up a bit higher if someone is offering 4.5%.

Thank you,
Nirvana  

Hi Nirvana,

Sounds like you have Scotiabank's series A fund (DYN6000), paying you 4.35% and either Scotiabank has a special promotion or your brokerage firm has a promotion to top up your payment to 4.4%, because the ISA's interest rate is tiered, you earn 4.40% on any day when your balance is $100,000 or more. DYN6004 is The Bank of Nova Scotia and pays 4.5% p.a. I also have DYN3075 (Scotia Mortgage Corp.), which also pays 4.5%. The Series F does not offer a premium on large balances, but just pays 4.5% on all balances.

You can get the full list at:

https://ads.scotiabank.com/

https://ads.scotiabank.com/ADS/Download/980/en

Do you mind me asking your brokerage firm?

Cheers,
Doug

May 8, 2023
4:16 pm
rpotter28
Kingston, ON
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laineyrose said
Looking for a place to put my house down payment, planning to buy within 1-2 years.

Currently using Hubert Financial, but will also need other options. 

I think you made the right choice already, with Hubert. Their 1 year quarterly term is paying 4.6% (4.45-4.75) right now, and you can cash out quarterly if you need to buy in the next 12 months. The best cashable GIC I know about.

Right now the GIC chart here shows you can get as high as 5% on a 2 year fixed GIC. So you have to weigh and calculate the difference $ being locked in compared to being not locked in.

May 8, 2023
9:00 pm
Loonie
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laineyrose said
Looking for a place to put my house down payment, planning to buy within 1-2 years.

Currently using Hubert Financial, but will also need other options.

Would be good to know if I need a paid account or not to access.  

I'm not sure why you don't leave all of it at Hubert, although there may be a good reason. MB CU insurance is unlimited.

I don't know where you live, but if you are in the Toronto area, I'd take a look at Parama CU, 2 branches in the west end. They are offering one year cashable at 4.5% and have done so for several months.. You have to leave the money there for minimum two months. I bought some in December, cashed in April; interest was paid in full right up to date of cashing and I was not charged for the resulting cheque. I went to branch to join and to withdraw.

May 9, 2023
7:29 am
RetirEd
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Don't forget the alternative of splitting terms into shorter and longer parts, allowing the long parts to earn higher rates while the shorter ones remain accessible. And that monthly payouts can keep freeing cash while earning the higher rate on the parts that get paid out while they are still in.
RetirEd

RetirEd

May 11, 2023
1:46 am
Nirvana7734
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Do you mind me asking your brokerage firm?

Cheers,
Doug  

Hey Doug. I go through my financial advisor who has started her own investment company, and her company is a part of Investia Financial Services Inc.

Ah yes, I remember looking at the rates now and seeing the F-series on DYN6004. Years ago, my financial advisor warned me: "F-series funds do not display their fees, so be careful." As such, I decided to go with the A-series.

Thank you for the information!

Regards,
Nirvana

May 11, 2023
7:54 pm
Pewter
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Dean said
.
As 'Cashable' GICs don't pay much interest, you might want to also consider HISAs ... they are presently paying as high as 4.10% .

Good Luck with the house-hunting ... it's a 'Jungle' out there. sf-wink

    Dean

  

Have you actually looked at the Hubert 1 year cashable rate?

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