GIC Special Rates -Limited Time | Luminus Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
GIC Special Rates -Limited Time
July 28, 2018
1:05 pm
Loonie
Member
Members
Forum Posts: 5088
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

as of July 12:

6 Month fixed GIC 2.50%
1 Year fixed GIC 2.65%
18 Month fixed GIC 2.75%
3 Year fixed GIC 3.10%

July 28, 2018
1:24 pm
Kidd
Member
Members
Forum Posts: 371
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline
July 28, 2018
1:28 pm
Loonie
Member
Members
Forum Posts: 5088
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Kidd said
https://www.luminusfinancial.com/Personal/Rates/

Looks good.  

Read their Fees page before you sign up, if you're new to Luminus.
Best for local people in Toronto.
Read previous threads on Luminus first.

May 16, 2019
4:35 pm
LeBronBMT
Member
Members
Forum Posts: 4
Member Since:
March 4, 2019
sp_UserOfflineSmall Offline

Loonie said

Read their Fees page before you sign up, if you're new to Luminus.
Best for local people in Toronto.
Read previous threads on Luminus first.  

Why is Luminus better for people in Toronto? It seems they have fees regardless of in-branch or online service.

May 16, 2019
8:32 pm
Loonie
Member
Members
Forum Posts: 5088
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

If you live locally, you can go in person and get a bank draft for a relatively small fee in order to remove your money. I think it was about $7. Then you can walk it over to another bank and deposit it there.
When we belonged to it at least, everything else was more expensive and they had no me-to-me provisions or linking to external accounts. I don't know if this has chanted since then as I don't follow them any more. We closed the account due to incompetence..

May 16, 2019
9:10 pm
gicjunkie
Ontario
Member
Members
Forum Posts: 275
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

I am a bit confused by the "expensive" comment and the issue of the lack of me-to-me transfers. They do have an annoying annual fee of $9.99 to pay for some kind of accounting programme that they participate in. That I understand. They also have free chequing accounts, for which the customer must pay for cheques, as is the case in most banks. They have a schedule on line for these costs. (examples are 100 cheques for $20.00 and 24 for $12.00) So, if you invest in one of their GICs, (they still have the 5 year escalator, averaging out at 3.50% annually and the regular 5 year rate of 3.25%), throw the interest into the chequing account and write a cheque to remove it. Why do you have to go in to get a draft?

As far as incompetence goes, unfortunately, I am finding that problem in many FIs and, when I do, I let them hear about it. You have to carefully pay attention to every detail of your transactions with all of these banks and credit unions. Keep track of what your agreements (eg. GICs) say in the contracts, the timing and frequency of interest payments and where the interest goes. No matter how precise you are with your instructions, you can count on someone screwing up somewhere. And it likely will not be in your favor. Pay attention to the details.

May 16, 2019
10:30 pm
Loonie
Member
Members
Forum Posts: 5088
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

On withdrawals:
If you don't really have any use for a chequing account and don't want to pay for cheques, and only make occasional withdrawals (e.g when GICs mature), then the fee for the cheques is a fee you don't want to pay, nor should you have to, just to get at your own money, as there are many other FIs that make it free and easy to transfer.
If I am a new member and just bought one GIC, I may not want to pay for cheques until I see how I like this new FI. However, I see that you can buy four cheques for $8 at Luminus, so it could be worse. That plus he annual fee adds up to at least $18, but a five year GIC will cost you $58. Some may find that acceptable if the rate is good, but they will charge you that even if the rate is mediocre. For a one-off GIC, the draft is cheaper, and avoids the clutter of cheques and an account you don't want. My caution is simply that people need to be aware of the situation before they sign up.

On incompetence:
I quite agree that you can find instances of this in pretty well any FI, and you probably will sooner or later. However, some issues are more egregious than others and create greater risks, head scratching, and concern.
It's certainly true that you have to watch the paper work and so on carefully, but what do you do when they refuse to give you the paper work? - which was essentially spouse's experience at Luminus. They said that since it was the end of their business day by the time they had done all their paper work, and they wanted to go home, they would not provide the paper work that day and would send it instead by post. That mail never came. When spouse inquired about it, after various delays, bewilderment, and follow-up calls from our end, they concluded that the info had gone out for microfilming and nobody knew when it would be back and they had no access to it in the interim. It took many many months to get that info. By my standards, that was beyond the limits of acceptable error. It caused a lot of worry because we had no documentation of terms and they would not / could not provide them. Thus, we have severred that relationship because the incompetence was systemic and nobody there seemed to be concerned about it. To be honest, I've had better service at HSBC, where staff had a lot of trouble resolving a problem and would not go home until they'd fixed it even though the doors were locked.

Online-only FIs are potentially much worse because, by their studious use of the telephone, they control your ability to get through to anyone who might be able to solve a problem in a timely fashion.
I am currently experiencing this with motusbank (see motus thread). In this case the essential documents have been sent by them to an unknown person in another city and it is not known what has happened to them and nobody above a CSR will talk to me, no matter how insistent I may be.

Who among us has not been left hanging on hold for unacceptably long periods, not knowing if we are going to ever get to someone helpful or be summarily disconnected? I consider this "normal" incompetence.
The problem of lack of access to anyone with authority is being extended to bricks-and-mortar banks.
I note that when my TD branch amalgamated and was extensively renovated recently, my ability to wander past the branch manager's office was removed. He or she (who knows who it is?) is now hidden somewhere behind barriers. At one time, I used to always know the branch manager's name. It made me feel more confident to know I had his business card and could contact him, although I only had to do it once. Not now.
From what little I have read of management literature, the manager who has himself shut away is likely to be the least effective, but they have systematized that at TD (and perhaps others). Not so at my Meridian branch though. I know where the manager's office is at Meridian (close to the entrance and first-contact employees), she recognizes me even if she doesn't know my name, I have her telephone extension number, her door is usually open, and she answers her email and calls in a timely fashion. She can easily monitor branch traffic, and I can easily poke my nose in if necessary, although have not done so.

May 17, 2019
7:37 am
gicjunkie
Ontario
Member
Members
Forum Posts: 275
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

I too have cut relationships with incompetent/service unfriendly FIs. ICICI Bank and Laurentian Bank come to mind. Unfortunately, it's difficult to find really good service these days. My TD bank manager does know me and my wife and is reasonably accessible. Our Meridian and Comtech branch people are similarly friendly and helpful. Problem is that when you have enough money to have to spread it around due to CDIC and DICO rules, you "experiment" somewhat with new institutions. Some turn out well. Some not so much.

May 17, 2019
8:42 am
Loonie
Member
Members
Forum Posts: 5088
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I agree, especially with your concluding statement of the issues facing some of us GIC investors..

I figure they all have some issues. I dump the ones that do something that scares me or that have recurring problems that really annoy or inconvenience me.

May 17, 2019
9:16 am
hotmony
Member
Members
Forum Posts: 436
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

I cut none if rate is good ill put up with or be understanding. With experience dealing with different FIs u learn where things could be troublesome and actions to avoid. Once in a while u get bite

May 17, 2019
9:51 am
gicjunkie
Ontario
Member
Members
Forum Posts: 275
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

hotmony said
I cut none if rate is good ill put up with or be understanding. With experience dealing with different FIs u learn where things could be troublesome and actions to avoid. Once in a while u get bite  

If the issues aren't too serious, the best rate will often dictate where our money goes. Everyone draws their own line at a different place wrt tolerance of problems. As for the Luminus fees, sometimes the rewards of the higher GIC rates are worth a lot more than the cost of the annoying fees.

May 17, 2019
11:42 am
canadian.100
Member
Members
Forum Posts: 86
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

gicjunkie said

If the issues aren't too serious, the best rate will often dictate where our money goes. Everyone draws their own line at a different place wrt tolerance of problems. As for the Luminus fees, sometimes the rewards of the higher GIC rates are worth a lot more than the cost of the annoying fees.  

That is correct. Luminus has had some higher GIC and HISA rates so even the 9.99 annual fee is worthwhile. Another "secret" - if you link your Luminus HISA at your external acct e.g. EQ, Tang, Simplii, Manulife etc. you can "pull" the money out of Luminus and avoid the 7.00 fee for them to transfer out or the cost and use of a cheque to withdraw the funds. Am sure others have figured that one out.

May 21, 2019
12:34 pm
gicjunkie
Ontario
Member
Members
Forum Posts: 275
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

Hi Peter.

I am a bit surprised that you have not listed the Luminus escalator 5 year GIC promo special of 3.50%. I know some people on this site don't like Luminus for various reasons, but it's still one of the best rates available.

May 22, 2019
9:23 am
Peter
Admin
Forum Posts: 1000
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

gicjunkie said
Hi Peter.

I am a bit surprised that you have not listed the Luminus escalator 5 year GIC promo special of 3.50%. I know some people on this site don't like Luminus for various reasons, but it's still one of the best rates available.  

Hi gicjunkie -- that wasn't omitted on purpose. Are you referring to this? https://www.highinterestsavings.ca/forum/gic/luminus-financial-3-60-gic-offer/#p40389

If so, can you create a separate thread describing it, with a link to the promo? Then I can refer to that new thread.

May 22, 2019
12:07 pm
gicjunkie
Ontario
Member
Members
Forum Posts: 275
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

Peter said

Hi gicjunkie -- that wasn't omitted on purpose. Are you referring to this? https://www.highinterestsavings.ca/forum/gic/luminus-financial-3-60-gic-offer/#p40389

If so, can you create a separate thread describing it, with a link to the promo? Then I can refer to that new thread.  

Okay, done.

June 12, 2019
8:54 am
hotmony
Member
Members
Forum Posts: 436
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Re: 6mth@2.85%

A request might get existing savings with new funds added the deal

Please write your comments in the forum.