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USD GIC
June 13, 2017
9:04 am
davidgeorge
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I know Tang offers USD GIC. Are there any better GIC rates from other FIs? Thanks.

June 13, 2017
10:53 am
Nehpets
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RateHub can give you some suggestions, but Hubert is paying 0.75% on a USD savings account.

For USD GIC's, State Bank of India pays 0.75% and ICICI & TD pay 0.65%. HSBC doesn't advertise their rate on the website, they want you to call or come in.

USD GIC's are NOT CDIC insured

June 13, 2017
11:22 am
davidgeorge
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Thanks. USD savings accounts are not CDIC insured either, right?

June 13, 2017
11:37 am
Cranston
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I think you will find that CDIC only covers Canadian funds. And does not cover GICs over 5 years.

You may find that some credit unions insure some foreign funds. US for sure.....but check first.

June 13, 2017
11:55 am
davidgeorge
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Thanks, I did quick research, and you are right. CDIC only covers Canadian funds. USD in Hubert is insured by the Deposit Guarantee Corporation of Manitoba. Tang offers 2% for 5 year GIC, 1.75% 4 year and 1.25& 3 year. How safe is Tang? I thought Tang should be very safe since it is part of Scotiabank. As long as Scotiabank is alive, Tang won't go under. Am I right?

June 14, 2017
7:48 am
Norman1
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Tangerine Bank is not a division or a department of The Bank of Nova Scotia.

Tangerine Bank is still a separate bank that is now owned by The Bank of Nova Scotia. It was named ING Bank of Canada while it was owned by ING Groep in the Netherlands.

I never found any statement that any deposits with Tangerine Bank were guaranteed or backed by its current owner, The Bank of Nova Scotia. Without that statement, there is no legal obligation for The Bank of Nova Scotia to honour any Tangerine Bank deposits in the unlikely event Tangerine Bank is not be able to.

June 15, 2017
5:01 am
davidgeorge
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Thanks for the information.

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