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Email this10:29 am
September 7, 2018
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GR said
MCAN interest rates for GICs purchased via BROKERS have plummeted today, now ranging between 1.90% and 2.00%, instead of ranging from 3.49% to 3.61%!!
GICs purchased direct from MCAN appear to be unchanged so far, ranging from 3.65% to 3.95%.
GICs purchased directly from MCAN have also plummeted today.
Rates of 1.90% to 2.0% are the very lowest compared to all other issuers even the big banks - must be some issue why they would be at the bottom, so much below the market.
10:44 am
January 12, 2019
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canadian.100 said
GICs purchased directly from MCAN have also plummeted today.
Rates of 1.90% to 2.0% are the very lowest compared to all other issuers even the big banks - must be some issue why they would be at the bottom, so much below the market.
Hmmm ... Not according to their website ➡️ https://mcanfinancial.com/our-businesses/mcan-wealth/gicrates/
What am I missing ❓
- Dean
" Live Long, Healthy ... And Prosper! "
11:36 am
September 7, 2018
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Dean said
canadian.100 said
GICs purchased directly from MCAN have also plummeted today.
Rates of 1.90% to 2.0% are the very lowest compared to all other issuers even the big banks - must be some issue why they would be at the bottom, so much below the market.Hmmm ... Not according to their website ➡️ https://mcanfinancial.com/our-businesses/mcan-wealth/gicrates/
What am I missing ❓
Dean
https://mcanfinancial.com/wp-content/uploads/2025/11/MCAN-Client-Name-Rates-Effective-11192025.pdf
12:30 pm
September 15, 2017
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The chart with lower rates is probably for broker/agent business and the other chart with much higher rates is probably for direct business.
12:33 pm
November 3, 2022
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Now that we have the "what" in focus for MCAN's rollback of GIC rates, the question that I put to sages on this site is "Why"?
1:35 pm
January 12, 2019
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canadian.100 said
https://mcanfinancial.com/wp-content/uploads/2025/11/MCAN-Client-Name-Rates-Effective-11192025.pdf
.
According to MCAN's website, those ⬆️ are their 'Broker' Rates, as of today.
But why would they be ... So Low ⁉️
-
Dean
" Live Long, Healthy ... And Prosper! "
2:40 pm
April 6, 2013
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Dean said
According to MCAN's website, those ⬆️ are their 'Broker' Rates, as of today.
But why would they be ... So Low ⁉️
That's likely because MCAN is in a lull in business and doesn't have many loans at the moment to finance with any money from those GIC's.
GiC issuers never say no to funds. They will lower their rates until the inflow of deposits drops to match the outflow from loans.
10:12 am
January 12, 2019
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.
Interesting ⬆️, and most likely.
Also Interesting ... in spite of their recent Much Lower rates to to their Brokers, their rates to their Direct customers Have Not Changed❗
- Dean
" Live Long, Healthy ... And Prosper! "
10:39 am
April 6, 2013
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MCAN Wealth's direct-to-client channel likely is not attracting a lot of extra deposits. That inflow would drop to zero should they lower the rates there to their current client-name deposit broker rates.
5 year MCAN GIC at 1.95% with $5,000 minimum isn't going to work right now in an online channel. Won't even work right now in a branch channel. RBC Royal Bank is offering 5-year GIC's at 3% right now! They're 3.1% through RBC online banking, if one is targeted.
12:31 pm
November 7, 2014
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Dean said
.
Interesting ⬆️, and most likely.Also Interesting ... in spite of their recent Much Lower rates to to their Brokers, their rates to their Direct customers Have Not Changed❗
Dean
Sorry Dean, but you are referencing a web page that has not been updated since October 29! FSG (https://www.financialservicesgroup.net/gic-rate-sheet) and Cannex ( https://www.cannex.com/public/term02e.html) are showing much lower current rates. The MCAN website seems to be a bit problematic. Has anyone actually gotten these higher rates or is someone at MCAN asleep at the switch?
12:59 pm
January 12, 2019
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.
Gicjunkie ⬆️ ... That's because MCAN's Rates (Direct to their Clients/Customers) haven't changed since June 3rd, '25.
➡️ .
It looks like those other sources you linked are only showing MCAN's 'Broker' rates ... which are Much Lower than their Client rates, right now.
- Dean
" Live Long, Healthy ... And Prosper! "
9:59 am
November 7, 2014
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I get what you're saying but, again I ask, has anyone actually gotten the higher rates advertised on the website or, at least, called to verify the rates? Or, is it the case that the site hasn't been updated? We all know that there are a lot of older websites out there with old, expired info. A good site will have the current date on it, not just a date showing the last change.
11:41 am
September 28, 2023
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Late last month and early this month I got those rates on a few GIC's with them while emptying Motive account. I just logged in and they are showing those rates when I went to first step of opening a new GIC (though I didn't follow through and purchase).
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