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Monarch Wealth Corp - Deposit Broker
August 15, 2021
11:04 am
gicjunkie
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Interesting GIC rates for 3 (2.50%) and 4 (2.60%) years.

https://www.monarchwealth.ca/clients#gic

Located in Mississauga
Regular RRIF RSP TFSA
1 Year 1.32% 0.95% 1.20% 0.95%
2 Year 1.65% 1.50% 1.60% 1.31%
3 Year 2.50% 2.50% 2.50% 2.50%
4 Year 2.60% 2.60% 2.60% 2.60%
5 Year 2.30% 2.25% 2.25% 2.25%

August 15, 2021
4:24 pm
GR
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Their office is in Mississauga, but their courier picks up in the GTA. Their minimum investment is not as high as other GIC agent(s) mentioned in this forum.

August 15, 2021
8:34 pm
Bud
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Who name offering 3yr 2.5%

August 16, 2021
5:42 am
savemoresaveoften
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I like to know too and if the check is written to the issue direct instead of to the GIC broker.
And my other concern is with GIC broker, at maturity, is it a pain to arrange to get the money back ? I have only got GIC thru online banking like EQ or CUs direct, and those are simple and straight forward.

August 16, 2021
6:15 am
GR
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I believe the 3 & 4 yr. rates shown above are with Equity Credit Union, through the agent only. Sometimes, promo rates listed by GIC agents don't last long.
Cheques are payable directly to the financial institution.
At maturity, the agent receives post-dated cheque(s) from the financial institution, payable to the client, and the client has the choice of re-investing through the agent or receiving the post-dated cheque(s) by mail. Very convenient.
My experience with Monarch Wealth has been positive.

August 16, 2021
8:28 am
Bud
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Deanna@Monarch and Klaudia@GicW are seamless np. Cheque written to urself or FI. At maturity pick up timely. They facilitate.

August 16, 2021
9:28 am
cristunity
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Thanks Gicjunkie.
That 3-year @2.5 rate looks really good to me. GIC rates will start going up when mortgage rates start going up, and I don't see that happening until late next year into 2023.
I've never dealt with Monarch but will reach out to them and see.

August 16, 2021
9:48 am
Loonie
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I used to deal with Monarch many years ago (at least 20) and didn't have any problems with them then.

August 17, 2021
8:49 am
Koogie
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I have found that for GICs or term deposits bought through brokers the remittance form at maturity varies .

Sometimes it is as outlined above. Other times I have received post dated cheques directly from the institutions through the mail. Either way, you can communicate with the broker a few weeks before maturity to request your preference (if available).

Agree that Klaudia @ GICW is great. I have dealt with her and her predecessor (sorry, can't recall the ladies name) for many years. Always good service.

Thanks for the tip on Monarch. GICJUNKIE always delivers...

August 17, 2021
12:59 pm
gicjunkie
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Monarch and GIC Wealth have the same 3 and 4 year rates, but GIC Wealth has a better 5 year rate @ 2.45%. The 3 and 4 year rates seem to me to be the best choices right now given that rates will tend to increase, hopefully in the shorter term.

I have often dealt with GIC Wealth and also found Klaudia and Kevin (one of the partners) to be quite accomodating. I haven't used Monarch yet, but who knows what the future may bring?

Thanks for the compliment, Koogie. Always aiming to please.

August 17, 2021
1:32 pm
cristunity
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gicjunkie said
Monarch and GIC Wealth have the same 3 and 4 year rates, but GIC Wealth has a better 5 year rate @ 2.45%. The 3 and 4 year rates seem to me to be the best choices right now given that rates will tend to increase, hopefully in the shorter term.
 

I'm pleasantly surprised at the 3-year rate, and will probably do something there. I'm betting that in 3 years we'll be seeing 3%-4% rates. If that happens, then losing .1% for the next 3 years will be significantly offset by the gains in the 4th year when my money becomes a free agent again.

August 18, 2021
9:34 am
savemoresaveoften
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GR said
I believe the 3 & 4 yr. rates shown above are with Equity Credit Union, through the agent only. Sometimes, promo rates listed by GIC agents don't last long.
Cheques are payable directly to the financial institution.
At maturity, the agent receives post-dated cheque(s) from the financial institution, payable to the client, and the client has the choice of re-investing through the agent or receiving the post-dated cheque(s) by mail. Very convenient.
My experience with Monarch Wealth has been positive.  

Has anyone dealt with equity credit union and if they r reliable in terms of services and reputation ?

August 18, 2021
12:45 pm
gicjunkie
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savemoresaveoften said
Has anyone dealt with equity credit union and if they r reliable in terms of services and reputation ?  

I have dealt with them and they have offered good service. Having said that, your broker will be your contact person and advocator in this situation should you have any questions or issues. Make sure you use a broker with a good track record. I, personally, have been happy with GIC Wealth for many years.

August 18, 2021
2:22 pm
savemoresaveoften
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gicjunkie said

I have dealt with them and they have offered good service. Having said that, your broker will be your contact person and advocator in this situation should you have any questions or issues. Make sure you use a broker with a good track record. I, personally, have been happy with GIC Wealth for many years.  

Thanks for the update. I have reached out to Kevin / Klaudia at GIC Wealth to get the process going.

September 27, 2021
12:43 pm
gicjunkie
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Some rate changes. Note the 5 year 2.55%.

TERM OPEN RRIF RRSP TFSA
1 Year 1.45% 1.10% 1.30% 1.10%
2 Year 1.75% 1.60% 1.65% 1.45%
3 Year 2.50% 2.50% 2.50% 2.50%
4 Year 2.60% 2.60% 2.60% 2.60%
5 Year 2.55% 2.30% 2.30% 2.30%

Telephone: 416.640.2285
Toll Free: 1.800.252.9991

Some other brokers also offer the 2.55% for 5 years.
I don't know the name of the FI.

September 27, 2021
1:10 pm
Loonie
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Thanks.

There is significant discrimination against registered plans except for 3 and 4 year terms which suggest the other terms are from different FI(s).
Note especially the discrimination against seniors in the RIF rates vs RSP at 1 and 2 year levels.
This is not new, unfortunately, but this list shows it very plainly.

September 27, 2021
4:19 pm
HermanH
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gicjunkie said
TERM OPEN RRIF RRSP TFSA
1 Year 1.45% 1.10% 1.30% 1.10%
2 Year 1.75% 1.60% 1.65% 1.45%
3 Year 2.50% 2.50% 2.50% 2.50%
4 Year 2.60% 2.60% 2.60% 2.60%
5 Year 2.55% 2.30% 2.30% 2.30%

How odd to see that four-year is the highest rate.

September 27, 2021
5:35 pm
Loonie
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HermanH said

gicjunkie said
TERM OPEN RRIF RRSP TFSA
1 Year 1.45% 1.10% 1.30% 1.10%
2 Year 1.75% 1.60% 1.65% 1.45%
3 Year 2.50% 2.50% 2.50% 2.50%
4 Year 2.60% 2.60% 2.60% 2.60%
5 Year 2.55% 2.30% 2.30% 2.30%

How odd to see that four-year is the highest rate.  

It's been the same way at GICWealth for weeks now. It may be the same FI that is offering it.

September 28, 2021
4:49 am
savemoresaveoften
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Loonie said

It's been the same way at GICWealth for weeks now. It may be the same FI that is offering it.  

Slightly off topic but anyone uses more than 1 gic broker. It seems they have very similar rates or some times a particular broker can get ‘exclusive’ rates ??

September 28, 2021
8:04 am
Loonie
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From what I have learned from talking to brokers, it seems they each negotiate with a given FI, but they also sometimes "cooperate" with each other with reference to raising the funds needed by a particular FI. I have no details about how this works, but perhaps the FI in question approaches more than one broker and explains what they need and the brokers go from there. They each have their own customers and may have a realistic sense of whether they can meet that need on their own within a given time frame or whether they would be better off to cooperate with another broker.

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