Parama 1-yr GIC 2% special (Ontario) | GIC discussions | Discussion forum

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Parama 1-yr GIC 2% special (Ontario)
January 31, 2022
1:40 pm
Forum Posts: 1155
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline 2% 1y term for new deposit

January 31, 2022
2:14 pm
Forum Posts: 927
Member Since:
September 7, 2018
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hwyc said 2% 1y term for new deposit  

Never heard of Parama. Does anyone have any feedback re dealing with them?
I did not see any mention of "me to me" transfers on their site - is their online banking efficient and not require manual intervention by an agent for transfers in and out.

January 31, 2022
3:02 pm
Forum Posts: 6606
Member Since:
April 6, 2013
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Parama CU seems to be a traditional bricks-and-mortar branch credit union.

According to the offer fine print, an in-person visit is needed:

… To buy a Parama GIC you must be or become a member. Becoming a new member requires a visit in person to one of our west end Toronto branches. Please call for an appointment.

I don't think customer automated fund transfers (CAFT) are offered to personal banking members. I suspect one will have to open a Parama chequing account and initiate the push and pulls from the other financial institution.

One of their marketing people showed up here in 2019:

Parama Credit Union
Parama Credit Union - 3% for 6-month GIC

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