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Meridian 3.75% 5-year GIC (new money only)
August 4, 2018
12:29 pm
Norman1
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Meridian is offering 3¾% on 5-year GIC's from new deposits to "Meridian Retail Members". Some of the fine print:

1) Offer is limited only to new deposits to Meridian. New deposits are defined as dollars not currently on deposit with Meridian or money that has been on deposit for 30 days or less from inception of the offer (March 12, 2018). Deposits that have been withdrawn and re-deposited within the Offer period are not eligible for the Offer.

GIC broker Fiscal Agents is showing a similar agent rate of 3½% on 5-year GIC's from Meridian CU, with a $10,000 minimum.

August 4, 2018
3:11 pm
Loonie
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Having a point of reference back in March is getting a bit ridiculous. They have not revised this date since the 3.5 offer. Are they planning on leaving it in place indefinitely?

I have an RIF GIC maturing there in Sept. I plan to cash in most or all of it before the end of the year. This has been my plan for some time. I will likely move the proceeds to another FI for another purpose, as has been my intention all along and they won't give me 3.75 for it even if I left it there.
If I invest in this new 3.75 GIC, it will be with money from another source, and it will be a greater amount than what I am cashing in from the RIF. Seems to me that this should be allowed but it sounds like it wouldn't be.
I'm going to have to have a chat with my "advisor" next week. If they can't accommodate me, I will make sure they know how unhappy I am with them. I imagine another FI will step up to match this rate with fewer conditions in due course.

August 4, 2018
5:20 pm
Nehpets
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Loonie said
I'm going to have to have a chat with my "advisor" next week.  

Loonie,

I would suggest discussing your problem with your Branch Manager. I found that at my Meridian Branch, the manager has some ability for accommodation to retain a valued client.

Stephen

August 4, 2018
7:57 pm
Loonie
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I agree, Stephen. I had this in mind, but she might be on vacation this time of year, so I will have to see how far I can get. My current "adviser" is smarter than the last one, who left, so that's a plus.

The non-promo non-broker five year rate is only 2.6%.sf-frown

August 18, 2018
6:59 am
Koogie
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Not available to small business clients either.
Top rate on offer is 3.18%

Said to them, no thanks. Can get way higher from other DICO institutions. Hell, can get higher than that from a handful of CDIC institutions.

January 5, 2019
4:33 pm
gicjunkie
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According to others on this site and confirmed by my Meridan contact, the 3.75% rate for 5 years will be ending Monday, January 7. Don't know if there is any replacement special coming up.

January 6, 2019
11:52 am
Saver-Mom
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CSR on phone today denied that it is ending tomorrow.

If it ends, there is still DUCA.

January 6, 2019
12:03 pm
gicjunkie
Ontario
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Saver-Mom said
CSR on phone today denied that it is ending tomorrow.

If it ends, there is still DUCA.  

FYI : Call centre reps, working during non regular business hours, have no way to verify future event details available to branch and head office employees. They know what's happening now, but not what's going to happen tomorrow. Numerous reliable sources say the rate ends tomorrow, but we shall see.

One other thought: I do know that some FIs will match rates, especially if the investment is large enough.

January 6, 2019
2:31 pm
Loonie
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If someone tells you the offer will still be valid after Monday (or even on Monday), make sure you get it in chat or email and save it so you can hold them to it. - or at least try to - when the rate goes down. Verbal reports, reassurances, or speculation are not worth much.
I have it by email that the five year rate deal at Meridian is ending Monday, FWIW - not that I'd want to hold them to that! lol

January 7, 2019
9:24 pm
Loonie
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This offer has ended. The posted five year rate is now 2.6%

DUCA still has 3.75%.

January 8, 2019
12:32 am
Canadianbull
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Loonie said
This offer has ended. The posted five year rate is now 2.6%

DUCA still has 3.75%.  

DUCA is for ON only right?

January 8, 2019
6:23 am
gicjunkie
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Canadianbull said

DUCA is for ON only right?  

Yes.

FYI: If you don't want to wait for a reply for this kind of question on this website, the information is usually available on the CU's membership application page.

https://join.duca.com/

January 8, 2019
12:51 pm
semi-retired
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Told a buddy about the promo rate.Went in yesterday afternoon & he got written confirmation that he could go in next Sat. & fill out the paperwork for the 5 yr/3.75%.He will be a new client & it will be new money.

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