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Implicity Offering RSP & RIF
January 4, 2016
1:40 pm
bb123
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I just noticed on Implicity's home page that they now offer Registered Retirement Savings plans. Strange that they wouldn't have made an announcement of some sort.

They seem to be offering the same rates as the non-registered products which are quite competitive. sf-cool

January 4, 2016
1:49 pm
bb123
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Savings - 1.75%

GIC Rates
1 year 2.00%
2 year 2.10%
3 year 2.20%
4 year 2.35%
5 year 2.50%
6 year 2.55%

I think what I'll do is move my various maturing RRSP's into my RSP Savings account and then do one transfer to them so that I only have to pay one fee.

Their Transfer out fee appears to be $50 if I ever find the need to move my money out. But what I like about Implicity is they don't play games. They always have top of market rates without playing the game of offering a teaser rate and then paying a much lower rate after the special expires. This is very important given the cost to move them in and out of FI's.

January 4, 2016
2:30 pm
kanaka
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bb123 said

I just noticed on Implicity's home page that they now offer Registered Retirement Savings plans. Strange that they wouldn't have made an announcement of some sort.

They seem to be offering the same rates as the non-registered products which are quite competitive. sf-cool

Just got the email minutes ago.

I just wonder why Oaken can't get there act together as they offer GICs for RRIF and RRSP but no associated savings account which is a must for DIY investors.

January 4, 2016
11:14 pm
Loonie
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Have you asked Oaken about this? Maybe they don't want to make it easy for you to sit on the fence waiting for a better rate somewhere.

January 5, 2016
8:25 am
kanaka
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Loonie said

Have you asked Oaken about this? Maybe they don't want to make it easy for you to sit on the fence waiting for a better rate somewhere.

Yup....I explained to them the need to have associated savings accounts and the response was "I guess we can't help" and that was after speaking to them at the Zoomer show telling me they were in the works. They are making it too hard to deal with them to self manage RRSP and RRIF funds.

January 5, 2016
9:33 am
kanaka
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kanaka said

Loonie said

Have you asked Oaken about this? Maybe they don't want to make it easy for you to sit on the fence waiting for a better rate somewhere.

Yup....I explained to them the need to have associated savings accounts and the response was "I guess we can't help" and that was after speaking to them at the Zoomer show telling me they were in the works. They are making it too hard to deal with them to self manage RRSP and RRIF funds.

Don't me wrong here....they are good to deal with for non-registered funds. I want to be able to control my withdrawals and find that hard or very inconvenient to do in between renewing from one GIC to another. It would make sense to have convenience in place vs facing a full transfer out.

January 5, 2016
11:46 pm
Loonie
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Yes, I agree.
It should be possible to line up the next registered GiC in advance, so that it gets transferred when it matures and you don't lose any interest, but I appreciate that one might be waiting for a better deal to surface.

January 6, 2016
11:11 am
kanaka
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Loonie said

Yes, I agree.
It should be possible to line up the next registered GiC in advance, so that it gets transferred when it matures and you don't lose any interest, but I appreciate that one might be waiting for a better deal to surface.

Yes, a no parking policy. And like I mentioned, especially for the older generation, lack of control could lead to full withdrawal or transfers out of Oaken (leaves them with the loss of GIC renewal). I should have been more astute before I moved funds there.....for me it is a learning curve.....

January 6, 2016
5:18 pm
Loonie
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I have one there too but doesn't mature for another 3.5 years. Perhaps, by then, they'll have a savings option - or consistently the best rates!

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