Meridian's GIC rates dropping Feb 7/23 | Meridian Credit Union | Discussion forum

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Meridian's GIC rates dropping Feb 7/23
February 3, 2023
7:49 pm
sothisistheinternet
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1 Year Cashable GIC 1
Current Rate: 4.60%
New Rate: 4.50%

18 Month Non-Redeemable GIC
Current Rate: 5.25%
New Rate: 5.00%

2 Year Non-Redeemable GIC
Current Rate: 4.90%
New Rate: 4.75%

3 Year Non-Redeemable GIC
Current Rate: 4.80%
New Rate: 4.70%

5 Year Non-Redeemable GIC
Current Rate: 4.85%
New Rate: 4.70%

3 Year Escalator GIC 2
Current Rate: 4.80%
New Rate: 4.70%

5 Year Escalator GIC 2
Current Avg Yield 4.85%
New Avg Yield 4.70%

3 Year Raise the Rate: GIC 3
Current Rate: 4.55%
New Rate: 4.45%

5 Year Raise the Rate: GIC 3
Current Rate: 4.60%
New Rate: 4.45%

RESP Savings Account
Current Rate: 4.60%
New Rate: 4.45%

See: https://www.meridiancu.ca/offers/upcoming-rate-change

February 4, 2023
6:49 am
COIN
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Was talking to a member of one of the Big 5 recently. He said the loan demand is simply not there. Consequently, they have more deposits than they can lend out. Hence, rates on deposits are not higher.

February 4, 2023
7:02 am
sothisistheinternet
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COIN said
Was talking to a member of one of the Big 5 recently. He said the loan demand is simply not there. Consequently, they have more deposits than they can lend out. Hence, rates on deposits are not higher.  

Yes, I have heard that as well. I also heard that banks and credit unions have much more cash on hand than they anticipated a few years ago, because many people with mortgages are still hanging on to variable. So banks are getting all of this cash that is largely (or in some cases entirely) going towards interest. They are still going to get the principal down the road. But overall they are going to get much more cash than their forecasts predicted.

February 5, 2023
4:17 am
bigzim
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Talked with a representative on the phone on Friday and locked in the 18 month rate at 5.25%. He also extended the rate to me for 30 days which was great considering the drop coming and that I have monies maturing to be reinvested.

February 5, 2023
6:25 am
KamWest
Toronto
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I have to say I was mulling the 5.25% but decided to stay with the 4.85% flexible 1 year term at Hubert.

Weighing my decision was the fact that I don't think interest rates are done climbing and the 0.40% difference is not enough for me to gamble on.

I am waiting for a 6% return to lock in, that rate for me it is the sweet spot according to my budget calculations.

I'm keeping my fingers tightly crossed hoping we get to that point.

February 5, 2023
6:51 am
savemoresaveoften
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bigzim said
Talked with a representative on the phone on Friday and locked in the 18 month rate at 5.25%. He also extended the rate to me for 30 days which was great considering the drop coming and that I have monies maturing to be reinvested.  

On top they can release hold on funds and put it in the GIC right the way if you ask.

February 5, 2023
7:18 am
KamWest
Toronto
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savemoresaveoften said

On top they can release hold on funds and put it in the GIC right the way if you ask.  

I wish there was a like button, that post earned it.

February 6, 2023
7:37 am
savemoresaveoften
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Just put a rate hold for myself in case I need it for the 18mth.

Rep mentioned best is NOT to setup the GIC urself and call in for them to change the rate to reflect the rate hold. Reason being they will have to cancel the GIC and reissue a new one anyway.
So easiest is to call them once the funds are in the account, ask them to release the hold and put it into the respective GIC that you have a rate hold on. They will set up the new GIC.

February 6, 2023
9:42 am
smayer97
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bigzim said
Talked with a representative on the phone on Friday and locked in the 18 month rate at 5.25%. He also extended the rate to me for 30 days which was great considering the drop coming and that I have monies maturing to be reinvested.  

savemoresaveoften said
Just put a rate hold for myself in case I need it for the 18mth.

Rep mentioned best is NOT to setup the GIC urself and call in for them to change the rate to reflect the rate hold. Reason being they will have to cancel the GIC and reissue a new one anyway.
So easiest is to call them once the funds are in the account, ask them to release the hold and put it into the respective GIC that you have a rate hold on. They will set up the new GIC.  

Thanks for the tip... I called and got a 30-day hold on the 18-mon rate for both registered and non-registered accounts.

February 6, 2023
12:55 pm
GR
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I called the branch today and got a 45 day rate hold.

February 6, 2023
1:01 pm
Jim Sherat
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sothisistheinternet, I appreciate the "heads-up" on this. For some reason I'm not getting notifications like this anymore. My Settings seem ok ... I got a CSR looking into it now.

I was about to do 2023 TFSA contributions for wife and myself, but was planning to wait a couple more weeks to see if Meridian followed the recent BofC rate hike ... like they usually do ! Wasn't expecting the opposite reaction. Gaah!

Anyway, having just seen this thread, I got online and went for the 18mth @ 5.25%, so you made us an extra $50 approx. 🙂 thanks.

February 7, 2023
3:11 am
smayer97
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GR said
I called the branch today and got a 45 day rate hold.  

How did you manage that? Did you ask or they automatically offered that?

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