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Parama Credit Union (Toronto) 1 yr. GIC Promos
December 1, 2022
1:55 pm
GR
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Promos for new money for new and existing members:

1 yr. locked in GIC 5.20%
1 yr. cashable after 60 days GIC 4.50%

https://parama.ca/SPECIAL_GIC_OFFER

December 1, 2022
3:57 pm
Loonie
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Thanks, GR.
If anyone finds out more about the cashable GIC, please post. Is there any penalty for cashing after 60 days, or would you get interest-to-date?
I'm looking for something that would run about nine months.

May 3, 2023
2:31 pm
hwyc
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Wow, this offer still valid after 5 months! These rates are very good for the time being. Many already fell below the 5% mark by a margin!

May 3, 2023
7:04 pm
COIN
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hwyc said
Wow, this offer still valid after 5 months! These rates are very good for the time being. Many already fell below the 5% mark by a margin!  

Does the fact they are still offering north of 5% mean they are having trouble attracting deposits? Is there something we don't know?

May 4, 2023
12:20 am
HermanH
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You may be right about the difficulty in attracting deposits. Personally, I locked in after the big dip in Feb. There was no way to know that it was a false plateau. I could have waited and gotten a bit more, now. I wonder how many others did the same and now have no funds available for Parama or other promos.

May 4, 2023
6:17 am
Nehpets
Ontario
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COIN said
Does the fact they are still offering north of 5% mean they are having trouble attracting deposits? Is there something we don't know?  

We know that Parama requires an in-person visit in order to become a member, so that restriction limits their scope of potential member / investors.

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. SOURCE

Stephen

May 4, 2023
8:10 am
AltaRed
BC Interior
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It is a relatively small (~$510M in assets) culturally oriented (Lithuanian) CU, number 74 in the top 100 CUs in Canada. I doubt it will be a significant attraction to the broader Ontario public. Niche CUs tend to serve their demographic well but don't have broad appeal.

May 4, 2023
8:12 am
Norman1
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It is more likely to be a long-running promotion.

If they really seriously needed the money, Parama would include existing deposits in the offer. The offer is only for new money from elsewhere. Funds in a GIC already with them that is maturing now doesn't qualify for the offer.

The regular rate for their one-year GIC is 4.85% and for their one-year cashable GIC is 4%. The offer is essentially a 0.35% new-money bonus on the one-year GIC and 0.50% new-money bonus on the one-year cashable GIC.

May 4, 2023
10:08 am
COIN
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Norman1 said
It is more likely to be a long-running promotion.

If they really seriously needed the money, Parama would include existing deposits in the offer. The offer is only for new money from elsewhere. Funds in a GIC already with them that is maturing now doesn't qualify for the offer.

The regular rate for their one-year GIC is 4.85% and for their one-year cashable GIC is 4%. The offer is essentially a 0.35% new-money bonus on the one-year GIC and 0.50% new-money bonus on the one-year cashable GIC.  

Existing clients bringing in new money qualifies? Or, is it only new clients bringing in, obviously, new money?

May 4, 2023
2:16 pm
GR
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The promo is available to both existing and new members, for new money.

If you ask a manager, you might get an exception in order to join by mail rather than in person.

Joey will sometimes offer a rate a little higher than the promo or posted rate.

If you are a senior, always ask any FI if they have preferred GIC rates for seniors.

May 5, 2023
5:56 am
Norman1
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Only the money needs to be new:

  • This special offer is for new deposits only.
  • The offer is available in branch or by virtual meeting/phone to new and existing Members. Learn about Membership here, or give us a call. Transfers and deposits to new registered plans require original signatures. A deposit into an existing plan does not require an original signature and may be done by virtual meeting/phone.

July 14, 2023
8:12 am
GR
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1 yr. GIC promo rates have increased to 5.50% for non-redeemable and 4.70% for cashable after 60 days. Promos are for new deposits for existing and new members.

Please write your comments in the forum.