Scrivens Ottawa GIC Rates | GIC discussions | Discussion forum

So the GICs are actually issued by Scrivens ? Not familiar with the name but website says they are basically an insurance company or a broker ? A little confused who they are/do.

And why such a big diff non registered vs registered account ??

Norman1 said
Scrivens is not a GIC issuer.

Scrivens is an insurance broker that also does deposit brokerage.  

Thanks. Wonder who they have that pays 5.9% for 1y GIC, but only 5.5% if registered account. 5.9% is way higher than rest of world and almost in the "too good to be true" category right now

Would love to know who the issuer is. They don't reveal on their website as other brokers do. I'll try reaching out.

Rapport Credit Union Peterborough is the 5.9% for 1 and 2 years as per my agent at Scrivens.It might not last long.

The 5.9% rate was a very short promotion from one institution, we're sorry that it was not longer than two days.

Our current rates are;
1yr 5.58%
2yr 5.57%
3yr 5.59%
5yr 5.64%

https://www.scrivens.ca/investment-rates

Happy to answer any of your questions.
Merry Christmas and Happy New Year

Delighted to see a poster from Scrivens.

savemoresaveoften said
Not a fan of these types of 1 day promo by a very small name and thru brokers only.

Maybe they meant 5.6% and a typo became 5.9% 🙂 

They are called "flash sales". It is one of the reasons smaller financial institutions work with deposit brokers.

A financial institution offers a market leading rate to raise a targeted amount of deposits. The leading rate is yanked at the end of the business day when the target is reached.

Roy Evans said
The 5.9% rate was a very short promotion from one institution, we're sorry that it was not longer than two days.

So, how was anyone supposed to take advantage of the promotion? There would not even be any chance for mail to arrive.

Were interested parties supposed to have money sitting in a chequing account, write a cheque, and then walk it over to a Scrivens office?
Does Scrivens somehow accept eFT, for overnight transfers?

It was a good rate and I'm trying to figure out how I might participate, if another appears in the future.

No-one wants to pay more than needed. Pricing is not an exact science. If Scrivens and Rapport Credit Union believed paying only an extra 15 bps would attract the targeted amount of deposits in the desired timeframe, then they would have only offered an extra 15 bps.

It is an educated guess. The rate offered will be yanked at the end of the day once the amount of deposits reaches or overshoots the target.

Deposit brokers I've dealt with have cautioned me that the rates I'm quoted are only good for the day. If I like the rate, then I need to act that day. Next day, new rate sheets are issued and that rate from yesterday may no longer be offered by that GIC issuer. Any haters need to deal with their emotional issue.

Yes, the GIC buyers are expected to have money in a chequing account and deliver the cheque to the deposit broker that day. Alternatively, the buyers could have a GIC through the same deposit broker that will mature that day.

No 30-day rate hold because the GIC issuer could want the funds that week and not next month.

Yes. I needed to drop by, not only to the deliver the cheque, but to also sign the required account opening forms.