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3.1% for 15-month GIC, TFSA, RRSP
February 18, 2019
10:06 pm
-bsv-
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Surprised that nobody is discussing this one:
https://www.hsbc.ca/1/2/personal/special/gic-offer

It looks like one of the best offers on the market, except I am missing something.

February 19, 2019
12:25 am
Loonie
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You can get 3.3% at Oaken if you can commit for an additional 3 months. And, unlike HSBC, Oaken has no transfer-out fee (at this time) for registered plans.

T&C here:
https://www.hsbc.ca/1/content/canada4/assets/pdf/15m_gic_new_money_offer_tc.pdf

Must be "new money".

February 19, 2019
5:52 am
hotmony
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hsbc is the top big bank currently

February 19, 2019
6:42 am
Top It Up
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what list are you referencing?

February 19, 2019
9:51 am
Doug
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hotmony said
hsbc is the top big bank currently  

I wouldn't call them a "big bank". They've lost their market share pole position as Canada's 7th largest bank. I think they're something like 8th or 9th now, behind Tangerine Bank in retail and small business deposits and behind Manulife Bank in mortgages.

Cheers,
Doug

February 19, 2019
6:27 pm
hotmony
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HSBC Canada is the seventh largest bank in Canada according to wiki and I believe this to be true they have a few hundred billion in assets compared to tangerine at around 60 or 70bill. Manulife bank is much smaller. All three owned by giants.

February 19, 2019
7:21 pm
Kidd
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https://www.relbanks.com/rankings/top-banks-in-canada

As of January 2018

National is 7
HSBC is 8

February 21, 2019
12:43 pm
Doug
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That Wikipedia article is notoriously and woefully out of date. (I'll try and find time to update it. sf-cool)

National Bank of Canada is usually 6th largest in terms of deposits and assets (i.e., loans, investments) owned, under management, or under care and administration.

Manulife Bank is usually 8th, but I'll give you that as HSBC does appear to be 8th on at least some metrics (not retail/SMB deposits and not in investments).

Cheers,
Doug

February 21, 2019
12:46 pm
Doug
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Kidd,

I see they're including Desjardins and going by "assets," which is an imperfect metric since it includes deposits and other securities banks and governments hold with that financial institution.

If including Desjardins, then you really have to include each of the other provincial credit union centrals, and HSBC would then be in the upper teens. Also, Tangerine Bank is larger than Laurentian and Canadian Western. 😉

Cheers,
Doug

March 1, 2019
9:02 am
desertrat
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HSBC are the 7th largest bank in the World so the GIC offer is pretty good. By comparison Canada’s largest bank is Royal Bank ranked 25th largest in the World

March 1, 2019
11:47 am
cgouimet
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-bsv- said
Surprised that nobody is discussing this one:
https://www.hsbc.ca/1/2/personal/special/gic-offer

It looks like one of the best offers on the market, except I am missing something.  

Why not support a Canadian Bank or Credit Union instead of foreign owned?

For example, Meridian Credit Union 18-month GIC at 3.25%.

March 1, 2019
11:50 am
cgouimet
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cgouimet said

Why not support a Canadian Bank or Credit Union instead of foreign owned?

For example, Meridian Credit Union 18-month GIC at 3.25%.  

Or Hubert Credit Union 12-month GIC at 3.10%.

Please write your comments in the forum.