PACE credit union 3.01% for 5 year GIC | GIC discussions | Discussion forum

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PACE credit union 3.01% for 5 year GIC
July 23, 2015
6:22 am
Brimleychen
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July 23, 2015
8:24 am
Loonie
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This rate is not listed on their chart. The ad says you have to go into a branch, minimum $5000 new money. "Some restrictions may apply."

They're not making it easy! Why not just lay it all out on the website?

If anyone goes in to see about it, please let us know the details.

July 23, 2015
9:02 am
James
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I just spoke with customer service about this offer. A few more things that might be of interest in addition to what has already been said:

1. It is TFSA or RRSP eligible.
2. There is no early redemption rate (you get 0% if you redeem early).
3. You need to pay for 1 share in Pace in order to join (not an insignificant cost, but you get it back when you close your account).
4. According to the representative I spoke with, there are currently no RRSP or TFSA transfer fees (in or out of the institution).
5. You need to bring SIN and photo ID with you to sign up.

Source: Alex from Pace CU

July 23, 2015
9:53 am
Jon
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From here, it say they charge $50 service fee for register account balance transfer to another institution and $100 if account open less then 6 month.

July 23, 2015
10:05 am
Jon
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One more thing. they seems to offer 4.5% for 5 years GIC in the so call "Accel-a-rate Term"

link

July 23, 2015
10:10 am
Brimleychen
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James said

I just spoke with customer service about this offer. A few more things that might be of interest in addition to what has already been said:
...
3. You need to pay for 1 share in Pace in order to join (not an insignificant cost, but you get it back when you close your account).
...

Source: Alex from Pace CU

I was told the share membership is $175 per person. If joint account, then each individual needs pay for the share.

July 23, 2015
12:27 pm
Loonie
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Jon said

One more thing. they seems to offer 4.5% for 5 years GIC in the so call "Accel-a-rate Term"

link

I believe that's a graduated rate, starting at 1% in the 1st year and rising to 4.5% in the final year, averages 2.3% over plus compounding. It says "Year 1" etc, not "1 year", and that is the key.

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