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MCAN GIC Rates
March 7, 2022
7:07 am
GR
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MCAN is offering competitive long-term GIC rates, covered by CDIC. But their GICs can only be purchased from agents/brokers.

https://mcanmortgage.com/term-deposits/term-deposit-rates/

March 7, 2022
8:32 am
hwyc
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Let's continue here from 2022. However, there's a thread from old.

On MCAN's FAQ, looks like you can go directly at them.

Think I see their logo on GICwealth.

July 20, 2023
2:31 pm
hwyc
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I am only showing the terms of my interest here. These are the posted rates on MCAN site.

Term $25k+ $100k+
1 yr 5.65% 5.70%
2 yr 5.70% 5.75%

It is also tiered. However, I think it is possible to get the 5.70% (1yr) or 5.75% (2yr) from MCAN with only $25k by going indirectly via a deposit broker.

Hope this helps.

July 30, 2023
6:51 am
COIN
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hwyc said
I am only showing the terms of my interest here. These are the posted rates on MCAN site.

Term $25k+ $100k+
1 yr 5.65% 5.70%
2 yr 5.70% 5.75%

It is also tiered. However, I think it is possible to get the 5.70% (1yr) or 5.75% (2yr) from MCAN with only $25k by going indirectly via a deposit broker.

Hope this helps.  

Is the 5.75% on the full $100,000 or only on the excess above $25,000?

July 30, 2023
8:04 am
Norman1
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Usually, such a quote would mean 5.75% per annum on the full $100,000 of the GIC.

October 25, 2023
12:17 pm
hwyc
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Checked today - 1-yr 5.95% ($25k+), 6% ($100k+)

October 25, 2023
3:46 pm
althisa
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hwyc said
Checked today - 1-yr 5.95% ($25k+), 6% ($100k+)  

The prevous link provided on this thread did not work.
The following works: https://mcanfinancial.com/our-businesses/mcan-wealth/

Screen-Shot-2023-10-25-at-6.45.45-PM.png

October 27, 2023
11:06 am
althisa
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6% for 2.5 years for registered and non registered plans looks to be a better deal than many other offerings with similar duration.

Others offering 6+% like HSBC and DUCA only seem to be offering that rate for non-registered plans, so a significant portion of the returns are reduced by taxes.

Are there numerous additional frictions to investing with MCAN?
The only obvious one to me is the $25 fee

The risk level is the same as its CDIC covered
What am I missing?

October 27, 2023
12:44 pm
kesa
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althisa said
6% for 2.5 years for registered and non registered plans looks to be a better deal than many other offerings with similar duration.

Others offering 6+% like HSBC and DUCA only seem to be offering that rate for non-registered plans, so a significant portion of the returns are reduced by taxes.

Are there numerous additional frictions to investing with MCAN?
The only obvious one to me is the $25 fee

The risk level is the same as its CDIC covered
What am I missing?  

$25 fee? for what?

October 27, 2023
2:12 pm
althisa
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kesa said

$25 fee? for what?  

"A fee of $25 is required per transaction for agent transfer and re-registration."

October 27, 2023
5:58 pm
TINAisOver
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althisa said

"A fee of $25 is required per transaction for agent transfer and re-registration."  

This fee is only if you require a transfer by an agent otherwise there are no fees to purchase a Term deposit according to MCAN Financial.

https://mcanfinancial.com/wp-content/uploads/2023/08/3.1-Fee_Schedule.pdf

also, they raised their rates since yesterday. topping out @ 6.10%

https://mcanfinancial.com/wp-content/uploads/2023/10/MCAN-Wealth-Rates-effective-10272023.pdf

Trader first, Saver second

November 14, 2023
12:07 pm
hwyc
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Checked today - 1 yr to 2-1/2 yrs 6.05% ($25k+)

November 15, 2023
8:57 am
Rail Baron
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hwyc said
Checked today - 1 yr to 2-1/2 yrs 6.05% ($25k+)  

On Q Trade a 1 year GIC from MCAN is posted at 5.65%. Is it common for brokers to offer lower rates than those available directly from the FI? I thought there were restrictions in the brokerage agreements that restricted the FI from selling GICs at higher rates than the broker?

November 15, 2023
9:14 am
NorthernRaven
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Both MCAN and Haventree Bank seem to be putting quite high-end GIC rates into the GIC/deposit broker channel that they aren't showing on their direct sites or putting into the channel that securities dealers like QTrade use. Presumably they can control the quota and size of deposits with the GIC brokers more easily.

TDDI doesn't distribute GICs from either of those, so I can't check the rates, but here's a list from a deposit broker in Alberta, you can see the MCAN/Haventree rates and minimums there.

I normally buy GICs direct, but I actually signed on with GICdirect and their local agent to pick up some of the 5-year rates at Haventree, which were enough higher (5.85%, 50-60 basis points higher than any of my usual suspects) to make the extra hassle worthwhile.

November 15, 2023
12:21 pm
TINAisOver
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MCAN Mortgage Corporation revised their rates down since yesterday

https://mcanfinancial.com/wp-content/uploads/2023/11/MCAN-Wealth-rates-effective-11152023.pdf

Mcan-rates-Nov-15-2023.png

Trader first, Saver second

November 15, 2023
2:36 pm
hwyc
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These guys really can change daily ... already a new version posted for Nov 16. Two years dropped quite a bit !!!

... is the volatility necessary? It's a GIC afterall
… looks like the GIC Client Sign In is only a placeholder on their site.

November 17, 2023
3:00 pm
TINAisOver
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MCAN can't wait to revise rates!

Here are current rates ENDING today and posting new rates effective Monday, Nov. 20th .

The 6% rates are dropping like a knife. Brokerage GIC rates are also tumbling . We don't know if this is a dip like what happened around twelve months ago or if there will be another 15 years before we see these rates again. This is not the time to sit on the fence. Too much ladder talk and not enough action . A bird in your hand is better than two in the bush.

https://mcanfinancial.com/wp-content/uploads/2023/11/MCAN-Wealth-Rates-effective-11172023.pdf
MCAN-Rates-Nov-17-2023.png

Effective Nov. 20th
https://mcanfinancial.com/wp-content/uploads/2023/11/MCAN-Wealth-Rates-effective-11202023.pdf

MCAN-Rates-Nov-20-2023.png

Trader first, Saver second

November 17, 2023
5:33 pm
NorthernRaven
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I noticed MCAN completely collapsed their way-above-market long rates in the broker channel, the 5-year used to be 5.7%+, now its below 4.7%. Looks like Haventree is still up there, but presumably will head down soon as well.

November 17, 2023
10:52 pm
Loonie
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real estate is flat right now according to media reports, so we have to expect this kind of rate drop

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