Cashable 1 yr GIC 2.5% | Meridian Credit Union | 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
Cashable 1 yr GIC 2.5%
September 30, 2019
3:07 pm
Nehpets
Ontario
Member
Members
Forum Posts: 546
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

From Meridian email received today with additional info from Meridian website

One year cashable GIC earns UP TO 2.5%

Rates
(If cashed out between 0-91 days: 0.00%)
If cashed out between 91-180 days: 1.40%
If cashed out between 181-364 days: 2.00%
At maturity (1 year): 2.50%

Minimum investment
$100

Accessing your cash
You can access your cash anytime, with no penalty

Interest
Interest is paid at maturity, or when the GIC is cashed out.

You earn more interest the longer you keep your money invested – up to 2.50%.

​If you withdraw funds within the first 90 days, no interest is paid.

Stephen

September 30, 2019
6:40 pm
Loonie
Member
Members
Forum Posts: 5464
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I think this should best be regarded as a straight one year GIC at 2.5%.

You can do better at Oaken for cashable unless your CDIC coverage is maxed already:
One year, cashable after 30 days is currently 2.3%;
one year cashable after 90 days is 2.35%;
180+ days term, 2.45%;
250+ days, 2.5%.

It's a bit disingenuous of Meridian to say there is "no penalty' for cashing early. Of course, there is a penalty, quite a significant one!

October 11, 2019
8:57 pm
maxb
Member
Members
Forum Posts: 7
Member Since:
September 24, 2018
sp_UserOfflineSmall Offline

Money was already at Meridian, so I just renewed at 2.5%
99% chance that I wont need the money, so moving it around is of no use.

Please write your comments in the forum.