Other hard to find CDIC names available Community, First Nations, League, Peace & Sun | GIC discussions | Discussion forum

Bud said
For those who want additional coverage

Thru Monarch:
Community Trust around .9-1.2%
First Nations Bank around 1-1.4%
League Savings 1.55-1.85%
Peace Hills Trust 1.45-1.85%

Thru GIC W.:
Sun Life Financial (Trust Inc. assuming) 1.35-1.6%

https://www.cdic.ca/your-coverage/list-of-member-institutions/#CC  

Community Trust was just purchased last year by Questrade Financial Group, Inc., and Questrade, Inc., has separately applied to OSFI and the Minister of Finance to incorporate Quest Bank as a separate Schedule I chartered bank.

First Nations Bank of Canada used to be majority owned by Toronto-Dominion Bank, but it has since become owned by various First Nation governments and businesses in western Canada.

League Savings & Mortgage Company is a subsidiary of provincially-regulated Credit Union Atlantic, the atlantic credit union cooperative that operates regionally and is also the back-office service provider to the same.

Peace Hills Trust Company is owned by a First Nation tribe in Alberta, which is pretty neat. They have a physical retail branch where I live, in the shopping centre where Winners, HomeSense, Dollar Tree, Bulk Barn, H&R Block, and others are.

Sun Life Financial Trust, Inc., is a federally-regulated trust company, and does issue GICs through the brokerage channel. Note that Sun Life Assurance Company of Canada separately issues GICs through its insurance company, which are insured by Assuris on terms very similar to CDIC (http://www.assuris.ca/). There are legal differences between insurance and bank GICs, notably around term lengths, redemption provisions, and creditor protection.

Cheers,
Doug

Doug said

First Nations Bank of Canada used to be majority owned by Toronto-Dominion Bank, but it has since become owned by various First Nation governments and businesses in western Canada.

  

Anyone have experience with them, it appears difficult to open an account with First Nations Bank of Canada.

Good research, Doug. Some of us like to know who we are dealing with - even potentially.

I’m interested in their Interac online service. I use this service with RBC, but I want to flush them, there too expensive, and an elder’s chequing account with First Nations Bank of Canada would fill the bill. Now, how to become a member when I’m not even close to a branch, I don’t know, but I will soon find out. My blood brother has Indian status, I don’t want to go thru the paper work, but it does fit in well.

Thanks Norman1 !