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2020 GIC rates
October 27, 2019
2:29 pm
Canadianbull
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I wonder if they will offer above 3.75% in early 2020.

October 27, 2019
4:08 pm
Bud
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What makes u think that

October 27, 2019
4:59 pm
Canadianbull
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Bud said
What makes u think that  

It was done in 2019.

October 27, 2019
5:01 pm
savemoresaveoften
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Canadianbull said
I wonder if they will offer above 3.75% in early 2020.  

zero chance

October 27, 2019
6:24 pm
Bud
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Interest rates could turn up

October 27, 2019
10:13 pm
Canadianbull
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savemoresaveoften said

zero chance  

Only time will tell

October 28, 2019
8:24 am
Bud
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Remember theres been no rate cut since its all in the yield curve and its been slowly reversing. Im sensing an upside bias

October 29, 2019
5:30 am
savemoresaveoften
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Canadianbull said

Only time will tell  

unless u think BoC will raise rate in the next 6 months.

There will always be some kind of RRSP season GIC promotion rate in early 2020, but given where 5y bond yields and where 5y mortgage rates are, dont think anyone will offer 5y GIC at 3.75%. If a FI does offer 3.75%, maybe they need the funding to shore up the capital (like what Home Capital did....)

October 29, 2019
9:15 am
Bud
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jawboning

@realDonaldTrump
“Over in Europe and Japan they have NEGATIVE RATES. They get paid to borrow money. Don’t we have to follow our competitors?” Yes we do. The Fed doesn’t have a clue! We have unlimited potential, only held back by the Federal Reserve. But we are winning anyway!"

December 27, 2019
12:30 pm
krwilson
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Received this in an email today if any one may be interested.

"The following GIC rate will be changing:
18 Month Non-redeemable GIC

CURRENT RATE: 2.40%
NEW RATE: 2.55%
As of Jan 2, 2020"

December 27, 2019
4:40 pm
3oakwest
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Who is this offering from?
Thanks

December 27, 2019
4:58 pm
Doug
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3oakwest said
Who is this offering from?
Thanks  

Suspect Meridian Credit Union. krwilson is pretty "on the ball" with which thread he posts updates to GIC rates to.

T&C worded exactly like this webpage, which displays the current rate. Existing Meridian members subscribed to Rate Scoop e-mail newsletters get advance notice of rate changes. So, in January 2020, it'll be 2.55% for 18 months.

Cheers,
Doug

December 27, 2019
7:42 pm
Loonie
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Yes, it's a "Rate Scoop" from Meridian. Not very impressive though.

December 28, 2019
5:43 am
krwilson
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3oakwest said
Who is this offering from?
Thanks  

Yes, it is from Meridian. Thanks for the compliment Doug.

December 28, 2019
5:51 am
3oakwest
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To get this "Rate Scoop" one must be signed up with an email address (not the one in your profile).

I just called Meridian and they set it up for me.

Thanks everyone for the information.

December 28, 2019
7:04 am
canadian.100
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Loonie said
Yes, it's a "Rate Scoop" from Meridian. Not very impressive though.  

Agree "not impressive" - but that fits with my image of Meridian.

December 29, 2019
4:05 pm
pooreva
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Canadianbull said
I wonder if they will offer above 3.75% in early 2020.  

Ha, ha, ha...Too much beer or you are high on marijuana since Christmas????
More like 0.75%...

December 30, 2019
6:34 am
Koogie
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I bought two GICs at Meridian in 2019.
3.45% in March
2.95% in November

For 2019 those are fairly competitive rates and I wouldn't dismiss them as unworthy of consideration.

December 30, 2019
7:27 am
Loonie
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Agreed, Koogie.
In my opinion, they seem to be carrying too much overhead and that may be limiting their ability to offer better rates right now. Opening up a useless bank must have cost many millions of (our) dollars. And then they spent over 30 million sponsoring a couple of prominent entertainment venues in Toronto recently.
I can't think of any good excuse for a dysfunctional bank. It clearly wasn't ready to launch and its market is ill-defined.
I can see that the entertainment sponsorships have promotional value if growth is your primary goal, which seems to be the case for Meridian. Unfortunately, their growth is not necessarily mine.
However, like all financial institutions, when they need our money badly enough, they will pay more for it. One has to be patient.

January 16, 2020
8:47 am
GR
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While 1 year GICs purchased directly from Meridian are @ 2.25% p.a., you can buy a Meridian 1 year GIC from an agent at 2.53% p.a. (e.g. Fiscal Agents $10k).

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