I just logged in and went to the "Change GIC Maturity Option" to have the proceeds go into my W1 HISA. After I hit the submit button it gave me the following message "Unsuccessful transaction If you require further assistance, please call 1.866.392.1088 or email our technical support at Help@wealthonebank.ca.". Maybe I can only request this change closer to the maturity date. Will have to investigate further.

Once your GIC is set up at W1BoC, you can go onto that GIC's summary page, and change the maturity instructions.

Cheers,

Dean

zgic said
I am little bit surprised how the market is still not panicking. Might be it takes a little while for it to digest.  

Perhaps be a bit more specific about 'from what'? And which market, i.e. equities (stock market)? If so, which one (US or ?). Or bond markets?

If stock market, then a 10 year look at the S&P500 price only (not including re-invested dividends) is here https://www.macrotrends.net/24.....aily-chart The 1Q25 correction (greater than 10% decline) was a result of the Trump win and his tariff policies, but it recovered quickly. Even the Iran war earlier this year didn't do much for long.

The biggest one was the 2022 bear (>20% drop) what went from top on Jan 3, 2022 and bottomed Oct 12, 2022, and recovered fully by end of 2023 (two years top-to-top not including dividends). That was a direct effect of the rapid steep increases in interest rates to fight inflation PLUS the Russian invasion of Ukraine that resulted in sanctions and disruptions in oil supplies (high prices).

Can we learn anything from them for the immediate future? Only that perhaps a correction (greater than 10%) might be on its way due to high oil and nat gas prices impacting consumer spend and squeezing corporate earnings. That isn't a panic any more than any previous blips were a panic. Probably minimal impact until investors get to see the results of the mid-terms in about 6-7 weeks.

zgic said

I have never done a GIC for more than 2 years. And currently it looks like being short is the right thing to do.
I did a 2 year GIC just 1 week back at 3.82% and today I can get a 2 year GIC for 4.06%.
I am little bit surprised how the market is still not panicking. Might be it takes a little while for it to digest.  

Panicking? Why should there be a panic? When investors stick to a plan, stay the course and not "panic" things ultimately do just fine. Day to day gyrations should be ignored.

AltaRed said
What I said was ~5 year terms (meaning approximately 5 years). I have bought at lesser terms as well but anything below 2-3 years likely wouldn't make sense with the commission and Bid/Ask spread. I felt the higher yield at ~5 years was a reasonable trade off for the likely ~5 year commitment and potential exposure to interest rates.

I am not so sure that would be what I would do today due to more 'volatility' in the bond yield curve, due primarily I believe to the absurdity and unpredictability of the nut job in the White House these days. I would likely be going shorter rather than longer albeit the bond yield curve is steepening making longer term bonds more attractive again just because of the antics of the White House.

FWIW, I never purchased a bond with a likely intention of needing to sell it before maturity due to being at the mercy of the dealer's Ask spread and thankfully never had to do that.

FWIW2, I was a buyer of BBB/BBB+ credit rated corporate bonds from the likes of 'cash flow predictable' firms like pipeline and utility companies, least likely to go insolvent in that credit rated space. Going 'long' in that credit rated space gets more uncomfortable.  

I have never done a GIC for more than 2 years. And currently it looks like being short is the right thing to do.
I did a 2 year GIC just 1 week back at 3.82% and today I can get a 2 year GIC for 4.06%.
I am little bit surprised how the market is still not panicking. Might be it takes a little while for it to digest.

$1,000 minimum for Equitable Bank GIC's. $5,000 minimum for Concentra Bank ones.

Equitable Bank family longer-term GIC rates are better there than via EQ Bank, Equitable Bank's digital channel.

Concentra rates should be the same as Equitable Bank rates through Scotia iTrade, given Equitable owns Concentra now.

Norman1 said
I suspect there aren't many Concentra Bank GIC's issued through that channel.

I never saw a credit union offer GIC's of another issuer. A credit union would more likely issue its own 5-year GIC at maybe 3.5% to the member and then quietly put the money into a Concentra Bank 5-year 4.34% GIC in its own name!  

Isn't there part of a slogan that goes, " ... and bank the rest " ?

I never saw a credit union offer GIC's of another issuer. A credit union would more likely issue its own 5-year GIC at maybe 3.5% to the member and then quietly put the money into a Concentra Bank 5-year 4.34% GIC in its own name!

Concentra Bank GIC long term

Non-redeemable GICs purchased directly from Concentra Bank, without the assistance of one of our referring agents, are no longer available. …

GICs, acquired with the assistance of one of our referring credit union agents, will continue to maturity and the financial terms honoured. If your Concentra Bank GIC is set to automatically renew, it will be done at the following rates:
…

Concentra Bank no longer offers retail deposits directly. They closed their digital channel Wyth Financial in 2023.