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Weyburn Credit Union 3.35%, 54mth. GIC
January 6, 2020
5:42 pm
Nelson
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Found this special rate on the Weyburn Credit Union website. This is a Saskatchewan-based credit union, deposits are fully guaranteed by CUDGC. Spoke to their contact centre manager, rate is still available. Non-redeemable term deposit.

January 6, 2020
6:30 pm
Bruford
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They do not tell you this in advance, but after you apply, this is the response.

Thank you for applying for a membership with Weyburn Credit Union! You will receive a confirmation email shortly. We'll contact you on the next business day to discuss next steps. Please note that you will have to visit a branch to provide supporting documentation and finalize your application.

January 6, 2020
9:08 pm
Canadianbull
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It is a special rate. Has anyone dealt with Weyburn Credit Union?

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January 6, 2020
10:57 pm
Loonie
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Before setting out for Weyburn (1.25 hrs SE of Regina), you should check whether non-residents are accepted as members. I don't know what the rules are in SK.

Good catch, Nelson! sf-cool
Welcome to the forum!

January 7, 2020
7:56 am
Bud
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Apparently they accept out of province but you have to go thru ur local unrelated cu who will verify ur identity. Weyburn will send the documents to them then u go into ur local branch to sign. Sask deposit insurance corporation is set up similar to manitoba.

Has anyone tried a cumbersome deal like this?

January 7, 2020
8:31 am
Doug
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Bud said
Apparently they accept out of province but you have to go thru ur local unrelated cu who will verify ur identity. Weyburn will send the documents to them then u go into ur local branch to sign. Sask deposit insurance corporation is set up similar to manitoba.

Has anyone tried a cumbersome deal like this?  

Interesting. Saskatchewan does permit out of province residents, but only Innovation Credit Union accepts OOP residents digitally. Conexus and Cornerstone do as well, but require finalization in branch.

Indeed, FINTRAC KYC regulations do permit financial institutions to use intermediaries and agents to verify identity in non-face-to-face situations, so it's definitely possible. Rarely do credit unions use this method, much to my chagrin. The challenge, really, is finding a willing credit union with which you deal to spare the 30 minutes needed to verify your identity and fax or scan & e-mail the documents to Weyburn Credit Union. They're often not interested in such matters if there's nothing in it for them.

Is it worth it for a 3.35% GIC? Personally, I'd say no. I'd just go with Peoples 3% GIC and an LBC Digital HISA. Shorter duration, yes, but much less hassle.

Cheers,
Doug

January 7, 2020
4:38 pm
Loonie
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The best competing rates on our chart are at Oaken (2.8 or 2.9, depending on whether you compare to 4 or 5 years).That's a difference of about 50 bps.

Whether this is worth your while will depend largely on how much you deposit. If you put in 100k, it's worth about $2,345 compared to Oaken 5 yr. You could make a trip to SK from most places in Canada and still be well ahead, if you have the time, but, personally, I won't do it in winter. I have my limits!

I wouldn't have the nerve to ask any of my local credit unions to do this work for me.sf-embarassed

January 7, 2020
4:53 pm
Bud
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Doug said

Is it worth it for a 3.35% GIC?   

Ya for some

January 7, 2020
6:35 pm
Doug
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Loonie said
The best competing rates on our chart are at Oaken (2.8 or 2.9, depending on whether you compare to 4 or 5 years).That's a difference of about 50 bps.

Whether this is worth your while will depend largely on how much you deposit. If you put in 100k, it's worth about $2,345 compared to Oaken 5 yr. You could make a trip to SK from most places in Canada and still be well ahead, if you have the time, but, personally, I won't do it in winter. I have my limits!

I wouldn't have the nerve to ask any of my local credit unions to do this work for me.sf-embarassed  

True. It's a bit more difficult in western Canada, though. Some companies are operating inter-city bus routes within Alberta and British Columbia, but there's only one company operating an inter-city bus route from Saskatchewan to B.C. and it's direct from Regina-Calgary-Vancouver. So, one would need to probably book a bus trip to Vancouver (~$60) and then a separate trip to Saskatchewan. It'd be much cheaper than flying, to be sure, but I agree...not in the winter time! sf-cool

I had to look Weyburn up, I figured southeast so was half right. It's actually further south than I'd imagined; nearest larger city would be Estevan, which is on the Saskatchewan/North Dakota border. Too bad it wasn't in Prince Albert—at least then I could save on accommodations and stay with my maternal grandma and step grandpa!

Cheers,
Doug

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