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Parama Credit Union (Toronto) 1 yr. GIC Promo
January 29, 2024
2:58 pm
GR
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With all GIC interest rates dropping, it seems that the highest 1 yr. GIC rate today, through GIC brokers or direct business, is directly with Parama Credit Union (for Toronto area) at 5.70% p.a. for new money.

https://www.parama.ca/

Is anyone aware of any other financial institution(s) paying 5.70% or higher for 1 yr. GICs?

January 29, 2024
7:13 pm
canadian.100
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Parama through GIC brokers is 5.6% for 1 year minimum 50K.
Buying directly from Parama the rate seems to be 5.7% but you would need to pay the $40 “membership” share.

January 29, 2024
7:49 pm
Loonie
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I'm not aware of anything as good or better.

January 29, 2024
10:48 pm
peterwb
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The best I received this past week was 5.75% over one year at Duca Credit Union. They have the flexibility at my local Duca branch to request "special deals". My deal has me purchasing a one year GIC that is only locked for 3 months. If I leave my money in the GIC for the full one year I receive 5.75%. If I withdraw any amounts after 3 months and before one year, the money withdrawn will have earned interest at a reduced rate of 5.25%. For my financial needs this is the best deal I could receive.

I also think there is a chance that over the next few months we may see some 6% offers. Yes the bond rates are falling but all of the other key financial stats point to a continued increase in inflation and interest rates maintaining at the high levels. Perhaps only some banks and the government want us to believe rates will be following. Just my opinion but I doubt this very much.

January 30, 2024
4:49 pm
julio
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Parama's rate are supposedly coming down. Upon calling them today for the 1Y@5.70% on new money, they agreed to hold the rate for two days, not longer. That's why it needs a drive to the branch to get instant approval of a new member for this timeframe.

January 31, 2024
2:48 am
RetirEd
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With widespread speculation that rates will fall, there's some motivation for financial institutions to try to lure cash into short-term or demand accounts rather than letting it lock in for longer terms. Personally, I've split my terms both to maintain long-term higher rates and to balance my laddering.

RetirEd

January 31, 2024
9:08 am
here2day2
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Loonie said
I'm not aware of anything as good or better.  

Italian Canadian Savings is offering 6% on a 1 year term at the branch in Etobicoke.

January 31, 2024
9:43 am
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Parama's rate dropped to 5.4% for 1 yr. GIC.

January 31, 2024
1:39 pm
canadian.100
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here2day2 said

Italian Canadian Savings is offering 6% on a 1 year term at the branch in Etobicoke.  

Interesting - 6% is certainly well above the general range of GIC rates today. Was there a large minimum to get the 6%? eg $250K?

January 31, 2024
2:18 pm
Loonie
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I couldn't find this on icsavings site, which shows 5%. Maybe a branch promo?

January 31, 2024
3:40 pm
savemoresaveoften
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here2day2 said

Italian Canadian Savings is offering 6% on a 1 year term at the branch in Etobicoke.  

What’s the catch ? Sounds too good to be true.

January 31, 2024
3:42 pm
julio
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Canadian.100: Thank you. Better then 5.70
Loonie: yes, 416-251-4007 on 5300 Dundas St. W. Etobicoke. ON.

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